Economy

Economy

RBZ Governor John Mangudya

Foreign Currency Deposits Sustain Upward Trend: RBZ

By Alois Vinga FOREIGN currency deposits continue to sustain an upward trend reaching $127.5 billion in May 2021 partly on the back of deep economic reforms which are restoring confidence in the banking sector. The latest Reserve Bank of Zimbabwe (RBZ) monthly economic review covering the month of May 2021 shows that foreign currency accounts

Finance Minister Mthuli Ncube

Seeking To Change Deadbeat Image, Zimbabwe Pays Debt

AFP AFTER 20 years of not paying its debts, Zimbabwe is taking steps to clean up its balance sheet and its image by making payments to major creditors. Even if admittedly token amounts, the government hopes they will build goodwill towards Zimbabwe. Finance Minister Mthuli Ncube announced during a video conference this month that Zimbabwe

Cybercrime: A Risk Factor That Can Jeopardise Africa’s Economy

By Staff Reporter CYBERCRIME is one of the top risk factors likely to jeopardise Africa’s economy especially at this time when the continent is transitioning to E-commerce under the Africa Continental Free Trade Area (AfCFTA). That’s according to panelists at a Book Talk hosted by the Economic Commission for Africa (ECA) last week. The “Book Talk”

SA Remains Zim’s Major Trading Partner As Imports Hit 47,1%

By Alois Vinga NEIGHBORING South Africa has remained Zimbabwe’s major trading partner after imports from the regional powerhouse reached a record 47,1 % last year, Zimbabwe Revenue Authority (ZIMRA) has reported. Speaking during an annual general meeting Thursday, ZIMRA acting commissioner general, Rameck Masaire said statistics at hand shows that neighboring South Africa is still

Businesses Fight Rule That Cuts Profits

Global Press Journal TOBACCO grower Shava Manomano fumes as he sits on a bale of yellow-gold leaves, watching buyers move along an auction floor in Harare, Zimbabwe’s capital. The buyers, wearing face masks, partially fill the cavernous, well-lit space. The aroma of tobacco bathes the room. Manomano sold his tobacco for United States dollars. But

ZIMRA Exceeds Revenue Target By 5.86% In 2020

By Kenneth Matimaire THE Zimbabwe Revenue Authority (ZIMRA) exceeded its 2020 annual net revenue target by 5.86% to collect a total of $181.96 billion against a projected $171.9 billion, according to its 4th Annual General Meeting (AGM) report. The 2020 annual net revenue collection further represent a growth rate of 74.5% compared to 2019 collections

RBZ Strengthens Auction System As Allotments Hit US$47m

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ ) Monetary Policy Committee (MPC) has put in place a raft of  measures aimed at strengthening the auction system at a time when weekly allotments reached US$46,5  million. In an update , RBZ governor, John Mangudya said  MPC resolved to sustain the current downward inflation trajectory and

Timber Sales Generate US$37,5m In 2020

By Kenneth Matimaire TIMBER production racked in up to US$37,5 million from both local and export sales in 2020, NewZimbabwe.com can reveal. Statistics gathered from the Timbers Producers Federation (TPF) indicated that a total of ZWL$1,1 billion (US$13,4m) was generated through local sales while US$18,1 million was realised in exports. Comprehensive comparative figures for the

Experts Hail Reforms As Foreign Currency Deposits Rise By 410%

By Alois Vinga ECONOMIC experts have hailed the government’s economic reforms as a key enabler for the current annual 410% foreign currency deposits upsurge amid calls to further tighten the policies for sustained benefits. This comes after the Reserve Bank of Zimbabwe (RBZ) monthly economic review for April 2021 confirmed there was remarkable growth in the

Commercial Cargo Volume Up 16% Despite Covid Challenges

By Kenneth Matimaire THE volume of commercial cargo into the country’s entry and exit points has improved by 15,9% during the first half of the year as compared to the same period last year. Statistics gathered from the Zimbabwe Revenue Authority (ZIMRA) which clears both locally bound and transit cargo indicated a total of 151

Finance Minister Mthuli Ncube

Zimbabwe Receives US$1b From IMF

By Alois Vinga ZIMBABWE this week received nearly US$1 billion from the International Monetary Fund (IMF) strengthening the country’s foreign currency position. In a joint statement, Finance Minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said the funds came through from IMF’s Special Drawing Rights (SDR) facility aimed at increasing liquidity

Mutare Debt Crisis Deepens

By Kenneth Matimaire THE City of Mutare’s debt crisis is fast spurning out of control as ratepayers arrears increased by 123,75% to ZWL$895 million in a short space of six months, NewZimbabwe.com can report In February, the city was owed ZWL$400 million in unpaid bills by residents, businesses and government. Mutare City spokesperson Spren Mutiwi

Tsitsi Zvakasikwa, a SPAR Zimbabwe supermarket employee, prepares an online order for a customer in Mutare, a city in eastern Zimbabwe.

Pandemic Jump-Starts Online Retail Sales

Global Press Journal MUTARE: Kenneth Mudzingwa has worked and studied in Turkey for five and a half years. To help his two siblings with groceries, the Zimbabwean citizen used a money transfer service that sometimes took days. But since last June, he has ordered toiletries, cooking oil, maize meal, milk, sugar and other basics via

Zimbabwe Reels From SA Violence

Eastern Africa As South Africa settles from the looting and violence following the jailing of former president, Jacob Zuma, and faces a slow recovery, neighbouring landlocked Zimbabwe is still counting losses. Zimbabwe relies on South Africa for most of its capital imports and its fragile economy was this week still facing serious disruptions with the

Rainbow Towers in Harare

Hotels Plead With Govt To Review Lockdown As Occupancy Drops To Zero

By Alois Vinga THE hospitality sector has pleaded with the government to review the current strict Covid-19 lockdown restrictions as room occupancy levels hit zero as the industry faces huge financial losses. Speaking to NewZimbabwe.com Saturday, Hospitality Association of Zimbabwe (HAZ) president, Clive Chinwada bemoaned the low business levels which have pushed the sector to

Industry Minister Sekai Nzenza

‘Forex Auction System Working Magic’: Gvt

By Alois Vinga THE Ministry of Industry and Commerce says the Reserve Bank of Zimbabwe’s (RBZ) foreign exchange auction system is working magic and as seen by the surge in locally manufactured products as well as an increase in industry capacity utilisation. Speaking to NewZimbabwe.com Business, Industry Ministry’s secretary Mavis Sibanda said the auction had prompted

New $50 Note Worth Just US$0.60

AFP ZIMBABWE’S central bank announced the introduction of a new 50-dollar note, the country’s highest denomination, worth only around $0.60 in US currency. Insufficient to pay even for a loaf of bread, the bill’s entry into circulation has revived memories of hyperinflation seen more than a decade ago in the southern African nation. As price growth

RBZ Governor John Mangudya

RBZ Introduces New $50 Note

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has introduced a new $50 banknote, which goes into circulation tomorrow (Wednesday). RBZ Governor John Mangudya confirmed the development in a statement Tuesday. “The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the ZW$50 banknote issued on 6 July 2021 through Statutory

Turkish Parliament Speaker Mustafa Şentop (R) with his Zimbabwean counterpart Jacob Mudenda

Turkey, Zim Look At Deepening Economic Ties

Daily Sabah Turkey and Zimbabwe should deepen their economic relations, Parliament Head Mustafa Şentop stated on Monday during a meeting with his Zimbabwean counterpart Jacob Francis Mudenda in the Turkish capital Ankara. “I think that we should make mutual efforts to deepen our bilateral economic relations in every field and diversify them with new cooperation