Economy

Economy

Finance Minister Mthuli Ncube

No Financial Support For Zim As IMF Conducts Staff Mission

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

President Mnangagwa addressing the Mutare business community Wednesday

Utilise Foreign Currency Auction For Resource Recapitalisation – ED

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

RBZ Governor John Mangudya

RBZ Auction Allotments Increase To US$43m

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

Finance Minister Mthuli Ncube

IMF Calls For Major Reforms To Turn Zimbabwe’s Economy Around

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

Upgrades to the Beitbridge Border Post are expected to cause significant delays for about six weeks

Beitbridge Border Post Upgrade To Cause Delays For Six Weeks

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

Kariba Primes For Real Estate Growth 

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

Environment Minister Mangaliso Ndlovu

Govt Plans To Tax Wildlife Trade

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

RBZ Hails Banks For Maintaining High Capitalisation Threshold

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

President Emmerson Mnangagwa is also a farmer

Zim Launches Land Bank To Spur Agriculture Growth

By Staff Reporter PRESIDENT Emmerson Mnangagwa Friday presided over the launch of the country’s land in Harare. The financial institution, according to the Zimbabwean leader, is expected to spur growth in the country’s mainstay agriculture growth. Farmers are expected to receive some affordable financing through the bank, a subsidiary of the Agricultural Finance Corporation (AFC).

Zimbabwe’s Fuel Consumption Declines

Xinhua Zimbabwe’s fuel consumption declined considerably over the past year due to the impact of the COVID-19 pandemic, the country’s energy regulator said Friday. According to the Zimbabwe Energy Regulatory Authority (ZERA), petrol consumption in the country declined by 12.53 percent in the first three months of this year, compared to the same period last

ZITF Grounds

2021 Zimbabwe International Trade Fair Set For July

By Leopold Munhende PRESIDENT Emmerson Mnangagwa has given the green light for the annual Zimbabwe International Trade Fair (ZITF) this year in Bulawayo. In 2020, the event was cancelled due to the Covid-19 pandemic and lockdown. The fair brings together captains of industry, farmers, entrepreneurs including local and international investors. It will be held from

Tendai Biti

Listed Companies Defy Biti’s Pessimism Over RBZ Auction

By Alois Vinga LISTED companies reporting their latest financials have effectively defied claims made by former finance minister, Tendai Biti the Reserve Bank of Zimbabwe foreign exchange auction system was a rigged platform. Biti is on record as saying the system which was launched in June 2020 was a charade set to implode once all

Bulawayo Business Freeze Amid Crippling CBD Power Cut

By Bulawayo Correspondent THE Bulawayo City Centre has been experiencing a crippling power blackout since Monday, a development which has seriously affected business in the city. The Zimbabwe Electricity Supply Authority (ZESA) has attributed the power outage to a fault caused by a power surge which occurred Monday evening. The power surge has also affected

RBZ Auction Allots US$32.9m To Boost Industrial Production

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) foreign exchange auction Tuesday allotted US$32.9 million with a bias towards boosting economic industrial productivity. A trading update released at the close of FX41/2021 shows that the main auction disqualified 49 bids and accepted 267 with the highest rate reaching a high of $87 and a low

President Mnangagwa

Mnangagwa Warns Of Crackdown On Financial Sector

Staff Reporter PRESIDENT Emmerson Mnangagwa has threatened to crack the whip against errant players within the country’s financial services sector amid concerns the unscrupulous firms were benefiting at the expense of cittizens. Government spokesperson Nick Mangwana wrote on his twitter that the national leader will stop at nothing to punish the culprits. “There are sharks

RBZ governor John Mangudya

RBZ In $2.5 Billion Winter Wheat Support

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee (MPC) has injected $2.5 billion towards the winter wheat farming season. Deliberations made by the new MPC favoured maintaining the current stability, capping on lending interest rates and strengthening support towards Small to Medium Enterprises. “As part of measures aimed at buttressing the