By Alois Vinga FINANCE Minister Mthuli Ncube Friday floated lucrative incentives for investors in the mining sector in a bid to boost output in the country’s major economic earner. Through various programmes taken to refocus the mining sector, Zimbabwe foresees a US$12 billion being injected into the economy by year 2023 in a development that will bolster
By Bulawayo Correspondent FINANCE Minister Mthuli Ncube has defended President Emmerson Mnangagwa’s repeated promulgation of statutory instruments (SIs) as a way of addressing multiple economic and political challenges facing the country. Last year, Mnangagwa’s administration promulgated a record 300 SIs, and in the process, violated laid down procedures on most of the subsidiary laws. This
By Alois Vinga FINANCE Minister Mthuli Ncube Thursday claimed Zimbabwe had recorded a whopping $9.8 billion budget surplus during the first quarter of 2021. However, presenting the Treasury quarterly bulletin, Ncube attributed deep economic reforms he has implemented to the enormous budget surplus. “On the fiscal front, a budget surplus of $9.8 billion was recorded
By Alois Vinga THE Zimbabwe Congress of Trade Unions (ZCTU) has slammed what it has described as greed by companies threatening to derail measures introduced recently by the government to enforce compliance with Reserve Bank of Zimbabwe (RBZ) official exchange rates. Last week, the government issued Statutory Instrument (SI) 127 of 2021, which set out
, By Matabeleland North Correspondent VICTORIA FALLS: Matabeleland North has been described as a province with vast resources but very little to show for it on the ground in terms of development and growth. Such is the story of Matabeleland North a province with gold, coal, untapped methane gas, timber, wildlife, fish, rich agricultural soils,
By Anna Chibamu THE Zimbabwe Chamber of Mines (ZCM) has attributed the decline in gold output in 2020 and the first quarter of this year to the havoc caused by the Covid-19 pandemic among other constraints. Giving oral evidence to the Mines and Mining Development Parliamentary Portfolio committee Monday, ZCM chief executive (CEO) Isaac Kwesu
By Alois Vinga FOREIGN currency deposits held across the banking sector have increased to $108 billion under clear signs the prevailing economic stability has contributed to the upturn. The latest Reserve Bank of Zimbabwe (RBZ) monthly economic report covering the period ended January 2021 shows a significant increase in US dollar deposits. “The foreign currency
By Staff Reporter GOVERNMENT is in the process of establishing a dry port in Marange area to decongest and make Forbes Border Post outside Mutare more efficient, Finance Minister Mthuli Ncube has said. The minister toured the eastern border city recently to meet various stakeholders involved in the establishment of the dry port facility. He
By Alois Vinga PRESIDENT Emmerson Mnangagwa Thursday issued new regulations outlining deterrent penalties to be imposed on all companies which are abusing the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction platform. The development comes after a visible trend of indiscipline by companies which access foreign currency from the auction at reasonable premiums but proceed
By Stephen Tsamba THE Confederation of Zimbabwe Retailers (CZR) has noted that although the country’s annual inflation significantly dropped between July 2020 and April 2021, the rate remains “very high” and not ideal for economic stability. This is contained in the CZR’s overview of the 2021 retail environment and contained in its input into the
Xinhua THE International Monetary Fund (IMF) will not provide financial support for Zimbabwe hit hard by the Covid-19 pandemic but will conduct a virtual staff mission next month, Director of the Communications Department Gerry Rice said Friday. The IMF is aware of the deteriorating economic and social situation in Zimbabwe, which has been exacerbated by
By Staff Reporter PRESIDENT Emmerson Mnangagwa has implored private companies to continue utilising the foreign currency auction system to access resources for recapitalisation, modernisation, and retooling their businesses. He said this while touring industries in the eastern border city of Mutare Wednesday. Mnangagwa, who was accompanied by ministers Sekai Nzenza (Industry), Oppah Muchinguri (Defence), Monica
By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Foreign Currency allotments Tuesday increased to US$43 million amid sustained productivity inclined priorities. An update released at the close of trading shows that a grand total of US$42.5 million was allotted to the combined main and small to medium enterprises auctions. The figure has significantly increased
Bloomberg ZIMBABWE needs a “broader reform and stabilisation agenda” to sustain an almost year-long effort by authorities to support the local currency and lower inflation, the International Monetary Fund said. The government should address pandemic-related health and social challenges, coordinate fiscal, foreign-exchange and monetary policies, and implement structural reforms aimed at improving the business climate
By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) Foreign Exchange Auction allotments this week reached US$42 million, becoming the highest amount to be disbursed on the platform amid sustained exchange rate stability on the platform. A trading update released at the close of business Tuesday shows that the main auction received US$36.5 million with priority
TimesLIVE THE busiest land border in Southern Africa will experience six weeks of delays as a result of an ongoing upgrade project. Beitbridge border post, which has about 25,000 people and 500 trucks passing through daily, has been closed to non-commercial traffic since January to stop the spread of Covid-19. The border post connects Zimbabwe
By James Muonwa, Mashonaland West Correspondent THE prime resort town of Kariba is inching towards exponential growth as evidenced by the huge demand for commercial and industrial stands in what is expected to spawn a property boom in the predominantly wildlife settlement. Speaking during Kariba Municipality’s strategic planning workshop Wednesday, acting town clerk Godfrey Magijani
Bloomberg ZIMBABWE plans to tax wildlife trade to generate revenue for the cash-strapped government. A proposal to amend the Parks and Wildlife Act suggests a 10% tax on wildlife trade including exports and donations, where the value of the animals shipped would be estimated. The government has accused private landowners of masking animal trades as
By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) has hailed local banks for maintaining high capitalisation thresholds, sound asset quality, and non-performing loans. Speaking during the 2021 Zimbabwe Finance Conference (ZFC) held virtually Wednesday, the central bank’s deputy director in Economic Research and Policy Division, Nebson Mupunga said on average, capitalisation levels are double the
By Alois Vinga THIS year’s annual Zimbabwe Finance Conference (ZFC) slated to take place Wednesday is set to urge Diasporans to channel their remittances towards long term developmental projects in their home country. The conference will be held virtually. Speaking to NewZimbabwe.com Tuesday, the Financial Markets Indaba managing director, Patrick Muzondo said the event will
