Economy

Economy

Finance Minister Mthuli Ncube

Zimbabwe Business Leaders Sound Unfamiliar Note: Optimism

Bloomberg BUSINESS executives are sounding decidedly upbeat in Zimbabwe, a sea change from the pessimism they’ve expressed through two decades of economic mismanagement and institutional decay. The southern African nation is reaping the benefits of a commodities boom and good summer rains that are bolstering farm output. A series of reforms spearheaded by Finance Minister

Potraz DG Gift Machengete

POTRAZ Fumes Over Research Showing Zim Has Highest Data Costs

By Alois Vinga POSTAL and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has dismissed research findings done by an international research company, howmuch.net, that costs US$75 per 1 gigabyte were one of the highest in Africa. However, POTRAZ said the findings were outdated and unrealistic. In a statement, POTRAZ director general, Gift Machengete slammed the researchers

Report Businesses Rejecting $5 Notes – RBZ

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) says it has taken steps to investigate and bring to account saboteurs who are influencing the charade leading to the non-acceptance of $5 notes in the economy. In a recent update, RBZ governor John Mangudya said the central bank was currently working on the issue of traders

Family Monthly Basket Shoots To $25 935

By Alois Vinga THE monthly cost of living for an ordinary family of five rose again this February to record $25 935, the Zimbabwe National Statistics Agency (ZIMSTAT) has reported. The agency Thursday reported the Food Poverty Line (FPL) for one person in February 2021 was $3 934 while the Total Consumption Poverty Line (TCPL)

GMAZ chair Tafadzwa Musara

Millers Hail RBZ’s High Auction’s Productivity Allotments

By Alois Vinga GRAIN Millers Association of Zimbabwe (GMAZ) has hailed the Reserve Bank of Zimbabwe (RBZ) recently announced Monetary Policy Statement (MPS) for taking a direction which contributes towards staple food pricing stability in the long term. Last week, RBZ delivered an MPS under the theme; “Staying on course in fostering price and financial

Cigarette Cartels In Zim Are A Tax Threat In SA

IOL JOHANNESBURG: A recently released report on powerful cartels in Zimbabwe has exposed how cigarette companies are illegally infiltrating the South African market, while dodging the local taxman at the same time. In a report published by the Maverick Citizen, the report titled Report on Cartel Power Dynamics in Zimbabwe, which is authored by anonymous

RBZ governor John Mangudya

RBZ Projects Minus 10 % Inflation Rate By Year End

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has predicted a below 10 % inflation rate by year end on the back of sustained economic stability coupled with strict management policies. Presenting the Monetary Policy Statement (MPS) Thursday, central bank governor, John Mangudya highlighted the current inflation rise was triggered by external factors. He

Trust Chikohora

Govt Urged To Harness Diaspora Community Into Economic Drivers 

By Staff Reporter  THE government needs to put in place an enabling environment for the Diaspora community for it to be a major economic driver. This call was made by CODE president Trust Chikohora. An economist by profession, the politician said the government must put in place favourable policies, which attract the over three million

Finance Minister Mthuli Ncube

Zimbabwe Took US$1.4b From Afreximbank

MENAFN THE Reserve Bank of Zimbabwe (RBZ) has taken a total of USS1.4 billion from African Export-Import Bank (Afreximbank) between December 2017 and December 2019 with the government acting as sponsor, Finance Minister Mthuli Ncube has revealed. In general notices released through the Government Gazette Saturday, February 13, Ncube stated that the first loan accord

Horticulture Sector Suffers US$9.3 million Revenue Decline

By Alois Vinga THE horticulture sector endured a US$9.3 million revenue decline last year due to strict Covid-19 lockdown regulations, trade facilitator Zimtrade has reported. The fall in revenue was further worsened by the lack of relevant diversification, among other causes. Latest trade statistics revealed by Zimtrade show the horticulture sector incurred deep losses. “Despite

SA President Cyril Ramaphosa

Ramaphosa Eyes R200b Economic Revival Plan

TimesLIVE PRESIDENT Cyril Ramaphosa says the measures the government is putting in place to revive the economy are expected to return around R200bn to the country’s annual output. “If we achieve our target, we will significantly expand our productive economy, potentially returning more than R200bn to the country’s annual output,” he said. Ramaphosa was delivering

RBZ Governor John Mangudya

RBZ Auction Allotments Increases To US$35m

By Alois Vinga THE RESERVE Bank of Zimbabwe (RBZ) has managed to sustain foreign currency supplies allotting a total US$34.6 million this week. Since the auction kicked off this year, amounts allotted have been much higher compared to last year’s figures. The central bank has been allotting amounts hovering around US$35 million signifying increasing confidence

Finance Minister Mthuli Ncube

Covid-19: US$500b Needed To Jump Start African Economies

By Business Reporter AFRICAN ministers for finance have unanimously agreed that at least US$500 billion will be required to jump start their economies battered by the Covid-19 pandemic. This came out during a recent virtual meeting for the ministers, which was convened by the United Nations Economic Commission for Africa (UNECA) and the International Monetary

Economists Bemoan Zim’s Profiteering Indiscipline

By Alois Vinga TWO top economists have bemoaned the high level of indiscipline manifesting through unjustified price hikes which go far beyond input costs. The two added moral suasion for national good is the only way forward in addressing this long-term problem. The comments come when prices of most basic commodities have risen astronomical due

Vic Falls Border Still Open To Importers, Traders – Zambia Authorities

By Staff Reporter ZAMBIA’S revenue authority has moved to clarify the neighbouring country’s new import and export policy which sees the Victoria Falls border post still open to non-commercial cargo, vehicles below 16 tons, hawkers, individual traders and tourists. In a statement Monday, Zambia Revenue Authority Corporate Communications Manager Topsy Sikalinda said Zambians and Zimbabweans

Zambia president Edgar Lungu

Zambia Ban On Car, Grocery Exports Via Vic Falls Border

By Matabeleland North correspondent Victoria Falls: Zambia’s Revenue Authority (ZRA) has announced it will ban exportation of a cocktail of goods including vehicles, household items and groceries through Victoria Falls Border starting on 1 March. The decision by the neighbouring country is expected to hit hard especially on Victoria Falls residents who before the lockdown

Denford Mutashu

Lockdown: Retailers Group Appeals For Increase In Business Hours

By Alois Vinga THE Confederation of Zimbabwe Retailers (CZR) has urged President Emmerson Mnangagwa to intervene and save businesses in the wake of tough Covid-19 lockdown measures on companies. In an update Thursday, CZR president Denford Mutashu bemoaned that local businesses and the general public bore the brunt of the pandemic in an environment where