Economy

Economy

Mthuli Ncube Gazettes US$ Duty On Free Funds Fuel Imports

By Alois Vinga FINANCE Minister, Mthuli Ncube has effected duty tariffs chargeable in foreign currency on all fuel imports transacted using free funds at a rate of US$0.40 per litre. The details are contained under Statutory Instrument 64 of 2020.3.11 “Leaded petrol and diesel imported using free funds for own use by companies or by

RBZ governor John Mangudya

RBZ stats show foreign currency deposits decline

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) statistics reveal that foreign currency deposits maintained a sustained decline in the last quarter of 2019 against a backdrop of key reforms, among them, the adoption of the local currency. According to RBZ monthly economic reports, foreign currency deposits which stood at 42% in September 2019 went

Vic Falls Home Owners Make A Killing As Hotels Run Out Of Rooms

By Robert Tapfumaneyi THE ongoing 6th African Regional Forum on Sustainable Development (ARFSD) has brought smiles to many landlords in the resort town of Victoria Falls as hotels and lodges run of out accommodation. Delegates have been forced to look for alternative accommodation in private homes. More than 3000 delegates are attending the conference from

President Emmerson Mnangagwa

ED says lack of global financial support will not stall Zim reform process

By Alois Vinga PRESIDENT Emmerson Mnangagwa has blamed poor support from funding partners for his government’s slow-paced economic reforms. He was speaking at the official opening of the Political Actors Dialogue (POLAD) Economic Summit in Harare Friday. Mnangagwa said negligible support Zimbabwe was receiving from global financiers was very limited but vowed to continue with

Energy Minister Fortune Chasi

Regional power shortages form of punishment for violating nature – Chasi

By Matabeleland North Correspondent VICTORIA Falls: Energy and Power Development Minister Fortune Chasi Wednesday told energy regulators from the region that power challenges faced by SADC countries were a form of punishment by nature for defiling the environment. Chasi was guest speaker at the Regional Electricity Regulators Association of Southern Africa (Rera) conference in the

RBZ governor John Mangudya

RBZ sees 3% economic growth despite fuel, power challenges

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya is optimistic the country’s economy will grow by 3 % in 2020 despite unresolved problems affecting industry and the economy. Speaking during a Monetary Policy Statement presentation in Harare Monday, the central bank boss said good rains in the current agricultural season will also

Zimbabwe’s inflation falls sharply to 2.23%

Equity Axis News “This means that prices as measured by the all times Consumer Price Index (CPI) increased by an average rate of 2.23 percent from December 2019 to January 2020,” ZIMSTAT said. The surprise drop was driven by the smaller increases in price of food and non-alcoholic beverages which shed 13.20 percentage points on

Zimbabwe diaspora remittances up 2.6 pct in 2019

Xinhua Zimbabwe received 635 million U.S. dollars in diaspora remittances in 2019, up 2.6 percent from 619 million dollars in 2018, Reserve Bank of Zimbabwe Governor John Mangudya said on Monday. International remittances received through normal banking channels on behalf of international organizations amounted to 521 million dollars in 2019, down 9 percent from the

John Mangudya

RBZ Dismisses Foreign Exchange Market Liberalisation Claims

By Alois Vinga RESERVE Bank of Zimbabwe governor,John Mangudya has dismissed claims that the foreign exchange market will be liberalised with the “contempt it deserves”. In a Thursday evening statement, Mangudya said information circulating on social media was false and mischievous. “The Bank would like to advise the public to disregard, with the contempt it deserves,

Finance Minister Mthuli Ncube

Zimbabwe corn imports reaches 11-year high

Africa News Zimbabwe’s weekly white corn imports from South Africa have risen to an 11-year high as food crisis worsens and after the government lifted a ban on purchase of genetically modified grain. The country imported 16,114 tons of the variety of the grain in the week ended Jan. 31, the highest weekly amount since

European Union head of delegation to Zimbabwe, Timo Olkkonen

Zim to introduce new SME policy as EU bemoans lack of implementation

By Alois Vinga ZIMBABWE’s second five-year Micro, Small and Medium Enterprises (MSMEs) policy is set to increase industrial growth and productivity signifying a major departure from the formalisation thrust which dominated the previous policy. Speaking to stakeholders about the policy document Thursday, Women Affairs, Community, Small and Medium Enterprises Development Ministry’s Secretary Melusi Matshiya said

Energy Minister Fortune Chasi

Low rainfall deepen Zim power woes

By Thandiwe Garusa THE power supply situation in Zimbabwe remains constrained as government was still failing to improve the situation. Acute power shortages in the country have forced authorities to resort to load-shedding for almost a full year. Speaking at a post-cabinet media briefing on Tuesday, Minister of Information and Publicity Monica Mutsvangwa said power

Mthuli Ncube

Mthuli Ncube Sets Aside $8.5 Billion For Energy

By Alois Vinga FINANCE Minister, Mthuli Ncube says he has set aside $8 billion which will go towards the importation of energy among a raft of measures he has taken to stabilise the economy. In a video recording done by the Information Ministry, Ncube said a huge chunk of money had been set aside to

Energy Crisis Forces Miners Off Grid As Production Slumps

Fin24 Zimbabwe’s mine houses are considering going off grid to avoid crippling breaks in production, as the country continues to battle unstable power supply. In 2019, Zimbabwe endured up to 18 hours of load shedding per day. At its peak, state power utility Zesa holdings escalated power cuts to 24 hours in December after losing regional power

Mthuli Ncube

Mthuli Ncube Promises To Inject $500m To Ease Cash Shortages

Business Reporter FINANCE Minister Mthuli Ncube says government will inject a further $500 million into the economy in the first half of 2020 to address the worsening cash crisis. Thousands of desperate people continue to sleep outside banking halls waiting for banks to open in the morning and withdraw limited amounts. Some are forced to

Finance Minister Mthuli Ncube

Ncube scorned for Davos claims Zim economy recovering

By Alois Vinga BUSINESS leaders have poured scorn on Finance Minister Mthuli Ncube’s recent claims the Zimbabwean economy was on a path to recovery. Ncube was speaking to international media on the sidelines of the 2020 World Economic Forum Annual Meeting in Davos this past week. The Treasury boss was adamant the raft of measures

RBZ governor John Mangudya

RBZ threat to freeze bank accounts of forex wheeler dealers

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has threatened to freeze bank accounts belonging to individuals and corporates that continue to cause market distortions through illegal foreign currency deals. The central bank said via its official twitter handle Friday that the country was enjoying relative stability in terms of its volatile exchange rate