Economy

Economy

CZI hails RBZ auction as Zimbabwe dollar depreciates by 12,4% 

By Alois Vinga CONFEDERATION of Zimbabwe Industries (CZI) has hailed the Reserve Bank of Zimbabwe (RBZ) for ensuring realistic stability as the Zimbabwe dollar depreciated by 12,4% on the auction platform, swiftly closing the gap between the parallel market rate. The remarks come a few weeks after the monetary authorities clashed with CZI on the direction to be taken

ZCTU fights repressive Labour Draft Bill

By Alois Vinga ZIMBABWE Congress of Trade Unions (ZCTU) has criticised clauses contained in the Labour Draft Bill over the failure to live up to international best practices on protection of workers’ rights. The Bill which seeks to align the Labour Act with the constitution and international labour standards duly ratified is set to be

DAVOS: Mnangagwa says future now depends on digital economy

By cgtn.com Developing countries should place more emphasis on science and technology education to better prepare the young generation for opportunities in the digital economy, according to Zimbabwe President Emmerson Mnangagwa. Mnangagwa made the comments in Davos, Switzerland, where he is attending the 2022 World Economic Forum. “The future of business, of development, wealth creation,

Govt effectively lets currency slide with interbank rate

By Bloomberg.com Interbank rate used widely to quote for goods and services Southern African country had temporarily banned bank lending Zimbabwe’s acceptance that most business will take place at a newly introduced interbank rate for the Zimbabwe dollar amounts to an effective devaluation of the local currency, a policy maker said. The Reserve Bank of Zimbabwe introduced

Government tenders to private companies fueling inflation, parliament told 

By Sharleen Mohammed  INDUSTRY has urged government to stop awarding of tenders involving huge amounts of money to private players, arguing this was the main driver of inflation and exchange rate disparities on the market. Giving oral evidence to Parliament’s committee on budget, finance, and economic development, on the prevailing situation at the auction system, Confederation of

Foreign purchases surge to 9,5% on the ZSE

By Alois Vinga THE proportion of foreign purchases on the Zimbabwe Stock Exchange (ZSE) rose to 9,5% signifying good returns on the local bourse as all the ten indices recorded growth, Reserve Bank of Zimbabwe (RBZ) latest data has reviewed. The report which covers the period of March 2022 says the proportion of foreign purchases

We’re Open For Business – Mnangagwa said. Then he shut Zimbabwe

By Antony Sguazzin, Ray Ndlovu, and Godfrey Marawanyika for Bloomberg.com President Emmerson Mnangagwa bans banks from lending money Local currency has plunged to a fraction of earlier value EMMERSON Mnangagwa has stymied Zimbabwe’s economy, five years after he declared the country “Open for business.” Flanked by his finance minister and central bank governor, the president

Zim businesses blast govt’s new capital controls

By Memory Mataranyika Fin24.com At the weekend, Zimbabwean President Emerson Mnangagwa announced new capital controls.  These include a halt to bank lending, and new taxes on foreign currency transactions. The Zimbabwe National Chamber of Commerce says the new measures bring big setbacks to the economy. The business sector in Zimbabwe has criticised new capital controls announced by

Companies risk it all to earn US dollars as Z$ slides

By Fin24.com Foreign currency earnings are replacing local currency income for Zimbabwean companies and banks. The Zimbabwean economy, increasingly mainstayed by remittances and blighted by a currency crisis that is driving up inflation, is rejecting the local dollars. Bankers are now anticipating an increase in foreign currency deposits while local foodstuff manufacturers are recording increased

First Capital hails inflation containment measures

By Alois Vinga LEADING financial services provider, First Capital Bank (FCB), has hailed current measures being implemented by monetary authorities to contain inflation against a background where the bank recorded a lucrative profit before tax. Presenting a trading update for the first quarter of 2022, FCA acting company secretary, Sarudzai Binha, said during the period,

RBZ allots US$28,6 million as MPS status quo is upheld

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) foreign exchange auction this week allotted a total US$28,6 million, as the Monetary Policy Committee (MPC) moved to uphold the already set Monetary Policy Statement (MPS) status quo. An update released at the close of trading Tuesday shows that on the Main Auction, a total 429

Businesses challenged to take advantage of COVID-19 opportunities

By Xinhua BULAWAYO: Vice President Constantino Chiwenga has called on the country’s business sector to take advantage of opportunities that are being presented by the COVID-19 pandemic to spur economic growth. He said the country’s priority was on moving the economy up the value chain and structural transformation, underpinned by the strengthening of already existing

UAE tycoon to invest US$1billion in Zim

By Alois Vinga PRESIDENT Emmerson Mnangagwa’s administration has approved the setup of US$1 billion worth projects by the United Arab Emirates (UAE) headquartered conglomerate, MULK Holdings F.Z.C in a development signifying a huge score following years of consistent reengagement efforts. Details of the lucrative deals are contained in a letter addressed to Mnangagwa dated April

RBZ foreign exchange liberalisation measures bear fruit

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) this week allotted US$30,3 million notable impact of recently announced  foreign currency liberalisation measures on the exchange rates market. A trading update released at the close of business Tuesday shows that on the  Main Auction , 417 bids were received out of which , raw materials

38% manufacturing firms expanded operations in 2021 – Report

By Alois Vinga ABOUT 38% of Zimbabwe’s manufacturing companies managed to expand their operations in 2021, a recent survey shows. The Zimbabwe Coalition on Debt and Development (ZIMCODD) survey report, titled NDS1 Abridged Civil Society Monitoring Mechanism indicates that policies being employed by the government have triggered a degree of the manufacturing sector growth. “The

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Foreign currency deposits continue to surge

By Alois Vinga FOREIGN currency deposits in local banks continue to increase in a development indicating growing confidence in the country’s banking sector, latest Reserve Bank of Zimbabwe (RBZ) data has reveals. Statistics from the central bank shows that, foreign currency deposits grew from an equivalent of ZW$103,7 billion, recorded in a comparative period in

Raw materials imports dominate Zim’s imports – Zimstat

By Alois Vinga RAW materials dominated Zimbabwe’s import list in the first three months of 2022, a development signifying a revival of the manufacturing sector, latest data from the Zimbabwe National Statistics Agency (ZIMSTAT) show. The Zimstat’s monthly summary of external trade statistics for the period of March 2022 shows that mineral fuels and mineral

As Food Prices Soar Diasporans Switch To Food Delivery Apps To Help Family At Home

By theguardian.com With the click of a button and a few phone calls from Wolverhampton, in England’s West Midlands, Sharonrose Manhiri ensures her grandmother in Zimbabwe’s Honde valley receives her groceries every month. Manhiri is one of an increasing number of Zimbabweans who have settled overseas taking advantage of a range of food-delivery apps and

RBZ Allots US$32,8 Million As CZI Backs Inflation-curbing Measures

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Tuesday allotted a total US$32,8 million through the Foreign Exchange Auction system as the Confederation of Zimbabwe Industry (CZI) threw its weight behind the central bank’s recently introduced inflation containment measures. A trading update released at the close of the weekly auction shows that 362 bids