Economy

Economy

RBZ governor John Mangudya

US$ supplies: SA banks pull plug on ‘risky’ Zimbabwe

By Alois Vinga SOUTH African banks which have been the major sources of United States dollars for Zimbabwe since dollarisation 2009 have cut off supplies as they up the gear towards de-risking, Reserve Bank of Zimbabwe (RBZ) director, William Manimanzi has revealed. Speaking on the sidelines of a Zimbabwe Miners Federation breakfast meeting Tuesday, Manimanzi

Kariba Dam power generation cut in half as water levels dip

By Staff Reporter POWER generation at Kariba Dam has been reduced in half as water levels continue to fall, authorities confirmed Monday. The dam sits on the border between Zambia and Zimbabwe and supplies power to both countries. According to Reuters news agency, the two countries have agreed to cut power generation at the dam

Parliament crafting new company law

By Xinhua HARARE: Zimbabwe’s parliament will this week conduct public consultations countrywide on a bill that seeks to replace the outdated Companies Act passed in 1951. The new law, which will provide for the registration and operation of companies in Zimbabwe, will be called the Companies and Other Entities Act. The new law is part

John Mangudya

Interbank facility to be fully operational this week – RBZ

By Business Reporter RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya says the newly introduced interbank forex exchange market will be fully functional by end of this week as most financial institutions are still finalising their logistics. Speaking to NewZimbabwe.com Business Saturday, Mangudya said current delays in kick-starting the plan were only temporary. “Banks started

Zimbabwe’s bad politics killing business – Munyeza

NewZimbabwe.com Business Reporter, Alois Vinga (AV) recently caught up with businessman Shingi Munyeza (SM) for a one-on-one discussion on the country’s economy and his personal experiences as a successful businessman. Munyeza was chief executive with hotel chain, African Sun for 13 years before stepping down in 2015 to pursue personal interests. In some of his

John Mangudya

Mangudya pegs US$ at 1:2.50 for RTGS as black market rates stay at 1:4

By Business Reporter RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya Friday pegged the US: RTGS dollar exchange rate at 1:2,50 to allow financial institutions to start transacting through the newly launched interbank exchange facility. Briefing guests at a breakfast meeting in Harare Friday, Mangudya revealed that the apex bank has since started disbursing forex

Sifelani Jabangwe

CZI boss blames government for 9% import bill surge

By Alois Vinga CONFEDERATION of Zimbabwe Industries (CZI) president, Sifelani Jabangwe has blamed government’s policies for a recent 8,8 percent surge in imports adding that the current trend will not sustain local forex reserve stability and jobs creation. The latest Reserve Bank of Zimbabwe monthly economic review statement revealed that in the month of November

RBZ says exchange rate to strengthen as peg abandoned

By Bloomberg News THE government expects the exchange rate of what is in effect a new currency to strengthen from its current black market level when it starts trading. The political opposition isn’t so sure. On Wednesday, central bank Governor John Mangudya said the government will no longer insist that quasi-currencies known as bond notes

Finance minister Mthuli Ncube

Inflation Rate Is Being Misread – says Prof Ncube

By Bloomberg News FINANCE Minister Mthuli Ncube said the country’s inflation rate, which surged to the highest annual level since a hyperinflation blowout a decade ago, is being misread and the measure of monthly increases shows price growth is being reined in. While annual inflation accelerated to 56.9 percent in January from 5.4 percent in

Zambia and Zim to launch Batoka Gorge Power Plant ‘as soon as possible’

By Agencies ZAMBIA and Zimbabwe plan to launch construction of the Batoka Gorge Hydro Electric Power Station on the border between the two countries “as quickly as possible,” Zambian Foreign Minister Joseph Malanji told Sputnik on Wednesday. “This programme, I hope you realise, involves two countries, who are both keen and agreeable to make sure that it is put

Minister Mangaliso Ndlovu

Questions over industry’s capacity after US$230m receipts produced from US$1 billion support

By Alois Vinga INDUSTRY Minister Mangaliso Ndlovu has raised questions over local manufacturers’ capacity to fend for the nation after it has emerged that only US$230 receipts were produced from a total US$1 billion government export support to manufacturers last year. In an interview with NewZimbabwe.com Business on the sidelines of a Value Chains Identification

Oswell Binha (right)

CEOs urge economy dialogue between business and govt

By Matebeleland North Correspondent COMPANY executives who attended the 6th CEO Africa Round Table conference in Victoria Falls called for dialogue between business and government, saying this was key to addressing socio-economic and political problems affecting the country. Oswell Binha, who chairs the CEOs Africa Round Table, lamented that government has “always been unwilling to

Speaker Jacob Mudenda

MPs urged to scrutinise Zim’s trade agreements by the executive

By Alois Vinga SPEAKER of Parliament, Jacob Mudenda has urged his MPs to develop a habit of scrutinising trade agreements negotiated by the executive on the country’s behalf so that they could knowledgeably approve deals that will not burden generations to come. Mudenda made the remarks this week while addressing parliamentarians at a Harare function

Industry Minister Mangaliso Ndlovu

Zim shelves plans to join Continental Free Trade Area

By Alois Vinga GOVERNMENT has shelved plans to fully join the Africa Continental Free Trade Area (ACFTA) so that it could find space to stabilise local industry which is struggling to produce enough quality goods to compete outside. This was revealed by Industry and Commerce Ministry’s director of International Trade, Beatrice Mutetwa while addressing parliamentarians

Finance Minister Mthuli Ncube

Zim inflation rate surges to 57 percent

By Alois Vinga ZIMBABWE’S inflation rate has surged to a ten year record of 56.90 percent, according to figures released by the country’s statistics agency. Measured on a yearly basis against the Consumer Price Index, the monthly inflation rate is up from 42.09 percent recorded December 2018. According to a recent Zimbabwe National Statistics (ZIMSTATS)

Minister Mangaliso Ndlovu

Government failing to tap into sugar industry potential, says MP

By Alois Vinga CHIREDZI West legislator, Farai Musikavanhu has accused government of failing to tap into the vast economic potential offered by the country’s sugar industry which he says has remained a viable sector at a time the country was experiencing economic difficulties. Musikavanhu, who is a seasoned agronomist, was speaking during a Value Chain

Dr. Benedict Okey Oramah

Afreximbank says Ready To help Zimbabwe tackle fuel shortages

The African Export-Import Bank(Afreximbank) stands ready to provide all necessary support to aid Zimbabwe in tackling its fuel shortage. This was said by the president and chairman of the bank’s board of Directors Dr. Benedict Okey Oramah on the sidelines of the 32nd African Union summit on Sunday. “We have to operate within the country limits they have. We are always available to support

Mozambique NGOs call on Credit Suisse to write off debt

By AFP SEVERAL non-governmental organisations in Mozambique on Saturday called on Credit Suisse to write off debt their government contracted with the Swiss bank as part of a massive “hidden debt” scandal. In a letter addressed to Credit Suisse CEO Tidjane Thiam seen by AFP, 21 civil society groups said the scandal over allegedly illegal