Economy

Economy

RBZ Mops Up $1,3 Billion Excess Cash In One Month

By Alois Vinga The Reserve Bank of Zimbabwe (RBZ) has mopped up a total $1,31 billion excess cash through Negotiable Certificates of Deposit (NCD) in a development that it claims will go a long way in strengthening exchange rate stability. Latest statistics from the central bank show that there was a significant increase in the

Foreign Currency Deposits Grow By US$59 Million

By Alois Vinga FOREIGN currency deposits have registered a US$59 million increase inside twelve months, indicating growing confidence in local banks by citizens, latest Reserve Bank of Zimbabwe (RBZ) statistics reveal. The central bank’s monthly economic review for September 2021 shows that foreign currency deposits have been registering an upward trend. “The foreign currency deposits

Finance Minister Mthuli Ncube

Govt Exploring New Value Addition Strategies: Mthuli

By Matabeleland North Correspondent VICTORIA FALLS: Finance Minister Mthuli Ncube says the government is exploring new strategies that promote value addition in different sectors of the economy. He said these strategies would help in revitalising the local industrial value chain. Ncube was speaking at the official opening of the Victoria Falls Stock Exchange (VFEX) and the

President Mnangagwa arriving at the VFEX

Caledonia Mining Lists On VFEX

By Matabeleland North Correspondent VICTORIA FALLS: Gold mining giant Caledonia Mining Corporation Thursday officially listed on the Victoria Falls Stock Exchange, making it the third company to list on the foreign currency denominated bourse since its opening last year. Caledonia, which operates Blanket mine, brings in more than 600 000 shares that are available for Zimbabweans. President

RBZ governor John Mangudya

RBZ Auction Disqualifies 547 “Dubious” Bids

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) foreign exchange auction Tuesday disqualified a total 547 suspicious bids as the authorities sniff out chancers who intend to acquire foreign currency for speculative purposes. A trading update released at the close of business shows on the Main Auction platform 236 bids were disqualified while 311 bids

Finance Minister Mthuli Ncube

Mthuli Ncube‘s Upper Middle Income Economy Targets A Pipedream: Expert

By Alois Vinga A TOP economic expert has warned targets set by Finance Minister Mthuli Ncube to establish an upper-middle income economy by 2030 are now highly unachievable after the failure to sustain a yearly growth trajectory. President Emmerson Mnangagwa’s administration plans to achieve Vision 2030 on the basis of implementing sound economic transformative policies. However,

Top Economist Says US Dollar Salaries A Pipe Dream

By Alois Vinga TOP economist, Vince Musewe has vehemently dismissed expectations workers bodies for US$ salary payments hinting such a move would be inconsistent with international best practices and instead called salary adjustments in tandem with inflationary pressures. Several workers bodies were highly anticipating a return to the US dollar denominated salary in the national

Finance Minister Mthuli Ncube before presenting 2022 budget in Parliament Thursday

Zimbabwe Doubles Spending As It Targets Growth Of 5.5% In 2022

Bloomberg ZIMBABWE aims to almost double spending next year to help shrug off the effects of the coronavirus pandemic and two consecutive years of economic contraction. Expenditure is projected to increase to 927.3 billion Zimbabwean dollars (R140 billion) from a revised Z$509 billion estimated in 2021, Finance Minister Mthuli Ncube said in his budget speech

EMCOZ president Demos Mbauya

Employers Hail Inflation Decline, Commit To Adjust Wages  

By Alois Vinga EMPLOYERS Confederation of Zimbabwe (EMCOZ) has hailed the government for implementing reforms that have significantly reduced annual inflationary rates amid calls to further tighten the policy measures for fuller benefits to cascade down to workers. Speaking to NewZimbabwe.com on the possibility of matching salaries with current inflationary rates, EMCOZ president Demos Mbauya

BCC Commits To Improving Ease Of Doing Business For SMEs

By Alois Vinga BULAWAYO City Council (BCC) has committed to improving the ease of doing business of SMEs and other informal sector players amid accelerated plans to formalise the sector in the country’s second largest city. The remarks come at a time when numerous efforts to formalise the informal sector have resisted due to the

Finance Minister Mthuli Ncube

Zim Govt’s Debt Unsustainable: IMF

Reuters WASHINGTON, United States: The International Monetary Fund (IMF) on Tuesday said it was precluded from providing financial support to Zimbabwe due to its “unsustainable debt and external arrears,” and any lending arrangement would require a clear path to a comprehensive restructuring of the African country’s external debt. Zimbabwe, which has suffered from bouts of

RBZ Governor John Mangudya

Zim Dollar Tumbles By 5.7%

By Alois Vinga THE Zimbabwean dollar weakened by 5.7 % on the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction swiftly closing the parallel market exchange rate gap. A trading update released at the close of trading Tuesday shows that the official exchange rate reached US$1:$105,69 up from US$1:$99,93 recorded last week signaling a 5,7%

RBZ Allotments Hit US$47 million Amid Surging Foreign Currency Receipts

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) foreign exchange auction this week allotted US$47 million with key economic productive needs receiving the huge chunk amid reports that the economy is this year set to receive record breaking foreign currency remittances. A trading update released at the close of business Tuesday shows that a grand

RBZ Governor John Mangudya

RBZ Decries Divided Politics, Social Media Abuse For Unstable Exchange Rates

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) has bemoaned polarisation and the negative impact of social media for derailing the central bank’s efforts to stabilise the exchange rate. Addressing senior army officers at the Rodgers Alfred Nikita Mangena Barracks, (formerly the Zimbabwe National Defense University) in Harare last Friday, the RBZ governor, John Mangudya said

ECA Executive Secretary Vera Songwe

UNECA Launches Investment Boosting Funding Facility

By Alois Vinga THE United Nations Economic Commission for Africa (UNECA) has launched a facility which will assist the continent with a liquidity structure to address specific Eurobond issuance needs. The LSF is expected to lower governments’ borrowing costs by increasing the demand for their sovereign bonds by making it possible for existing sovereign bondholders

Official Rate Slightly Weakens By 1,9 % On The RBZ Auction

By Alois Vinga THE official exchange rate recorded a slight decline of 1,9 % on the Reserve Bank of Zimbabwe (RBZ) foreign currency auction platform amid lucrative allotments to support the key productive sectors of the economy. A trading update released at the close of business Tuesday shows that the official exchange rate reached US$1:

President Mnangagwa

Mnangagwa To Wow Business Tycoons In UK

By Alois Vinga PRESIDENT Emmerson Mnangagwa will this week host potential business investors in Glasgow, Scotland in a bid to unlock foreign direct investment (FDI) for Zimbabwe. An invitation sent out to delegates by the event organisers confirms the event will be hosted Wednesday. Zimbabwe’s Ambassador to the United Kingdom, Christian Katsande also confirmed Mnangagwa

RBZ Governor John Mangudya

RBZ Sets Key Interest Rate At 60% To Halt Dollar Plunge

Bloomberg ZIMBABWE’S  central bank raised its benchmark interest rate to 60%, from 40%, as it attempts to stabilize a free-falling currency and rein in surging inflation. The decision comes 17 days after the central bank hinted it would implement a plan to curb speculative borrowing that’s fueled a decline in the value of the Zimbabwe dollar. The

RBZ Governor John Mangudya

RBZ Blocks Money Supply In Response To Parly’s Request

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) Monetary Policy Committee (MPC) has approved resolutions aimed at curbing broad money supply to stop parallel market exchange rate volatility. This is in response to issues raised by MPs during the recent pre-budget consultations. The measures come shortly after a crippling volatility in the parallel market exchange