Economy

Economy

Mutare Debt Crisis Deepens

By Kenneth Matimaire THE City of Mutare’s debt crisis is fast spurning out of control as ratepayers arrears increased by 123,75% to ZWL$895 million in a short space of six months, NewZimbabwe.com can report In February, the city was owed ZWL$400 million in unpaid bills by residents, businesses and government. Mutare City spokesperson Spren Mutiwi

Tsitsi Zvakasikwa, a SPAR Zimbabwe supermarket employee, prepares an online order for a customer in Mutare, a city in eastern Zimbabwe.

Pandemic Jump-Starts Online Retail Sales

Global Press Journal MUTARE: Kenneth Mudzingwa has worked and studied in Turkey for five and a half years. To help his two siblings with groceries, the Zimbabwean citizen used a money transfer service that sometimes took days. But since last June, he has ordered toiletries, cooking oil, maize meal, milk, sugar and other basics via

Zimbabwe Reels From SA Violence

Eastern Africa As South Africa settles from the looting and violence following the jailing of former president, Jacob Zuma, and faces a slow recovery, neighbouring landlocked Zimbabwe is still counting losses. Zimbabwe relies on South Africa for most of its capital imports and its fragile economy was this week still facing serious disruptions with the

Rainbow Towers in Harare

Hotels Plead With Govt To Review Lockdown As Occupancy Drops To Zero

By Alois Vinga THE hospitality sector has pleaded with the government to review the current strict Covid-19 lockdown restrictions as room occupancy levels hit zero as the industry faces huge financial losses. Speaking to NewZimbabwe.com Saturday, Hospitality Association of Zimbabwe (HAZ) president, Clive Chinwada bemoaned the low business levels which have pushed the sector to

Industry Minister Sekai Nzenza

‘Forex Auction System Working Magic’: Gvt

By Alois Vinga THE Ministry of Industry and Commerce says the Reserve Bank of Zimbabwe’s (RBZ) foreign exchange auction system is working magic and as seen by the surge in locally manufactured products as well as an increase in industry capacity utilisation. Speaking to NewZimbabwe.com Business, Industry Ministry’s secretary Mavis Sibanda said the auction had prompted

New $50 Note Worth Just US$0.60

AFP ZIMBABWE’S central bank announced the introduction of a new 50-dollar note, the country’s highest denomination, worth only around $0.60 in US currency. Insufficient to pay even for a loaf of bread, the bill’s entry into circulation has revived memories of hyperinflation seen more than a decade ago in the southern African nation. As price growth

RBZ Governor John Mangudya

RBZ Introduces New $50 Note

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has introduced a new $50 banknote, which goes into circulation tomorrow (Wednesday). RBZ Governor John Mangudya confirmed the development in a statement Tuesday. “The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the ZW$50 banknote issued on 6 July 2021 through Statutory

Turkish Parliament Speaker Mustafa Şentop (R) with his Zimbabwean counterpart Jacob Mudenda

Turkey, Zim Look At Deepening Economic Ties

Daily Sabah Turkey and Zimbabwe should deepen their economic relations, Parliament Head Mustafa Şentop stated on Monday during a meeting with his Zimbabwean counterpart Jacob Francis Mudenda in the Turkish capital Ankara. “I think that we should make mutual efforts to deepen our bilateral economic relations in every field and diversify them with new cooperation

George Nheweyembwa

GetBucks Bemoans ‘Informalised’ Economy For Its Lack Of Trust In Banks

By Alois Vinga LISTED microfinance bank, GetBucks has bemoaned the informal economy sector’s disinterest on entrusting banks with their businesses and savings. The remarks follow soon after the International Monetary Fund (IMF) ranked Zimbabwe as the most highly informalised economy in Africa. With over 70% of economic activities being carried out in the informal sector

Consumers Urge Govt To Rescue ZESA As Power Cuts Worsen

By Alois Vinga BUSINESS and residents have urged the government to urgently assist, and rescue the Zimbabwe Electricity Supply Authority (ZESA) to avert the increase in power cuts and avoid an economic downturn. The remarks come as power outages have resurfaced across the country with some areas going for more than six hours without electricity

RBZ To Allow Gold Miners To Export Portion Of The Mineral

Reuters ZIMBABWE’S central bank will allow large-scale gold mining companies to directly export a portion of their bullion, an official said, as the bank gradually eases its control of gold trading in the country. The central bank-owned Fidelity Printers and Refiners (FPR) is the sole buyer, refiner, and exporter of gold in the southern African

RBZ governor John Mangudya

Mangudya Dismisses US Dollar Ban Claims

By Stephen Tsamba RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya has dismissed social media claims authorities have banned the use of foreign currency in formal transactions. In a statement Tuesday, the RBZ boss said the apex bank has noted the circulation of false articles on social media reinforcing the false claim. “The bank has

RBZ governor John Mangudya

IMF Endorses RBZ Foreign Currency Auction System

By Alois Vinga THE International Monetary Fund (IMF) has thrown weight behind the Reserve Bank of Zimbabwe foreign exchange auction system amid calls to consolidate the current gains and accelerate reforms. Marking the end of the institution’s virtual staff visit with the Zimbabwe authorities between June 1 and 15 June, 2021 to discuss recent economic

Finance Minister Mthuli Ncube

Business Lobby In Govt Plea For Clearer De-dollarisation Policy

By Staff Reporter THE Confederation of Industries (CZI) has urged government to be clearer in its de-dollarization agenda amid growing concerns the recent introduction of Statutory Instrument 127 has brought unease within the country’s troubled economy. CZI was reacting to government’s unpopular policy stance which was imposed without consulting stakeholders. “The path to de-dollarisation must

President Mnangagwa

Mnangagwa Premieres Mining Investment Conference

By Alois Vinga PRESIDENT Emmerson Mnangagwa will Wednesday officially open the Online Mining Investment Conference aimed at attracting the international investment community to invest in Zimbabwe. The high-level function will showcase existing and planned projects as well as the vast investment opportunities in Zimbabwe’s mining sector from investors. “In addition, participants will hear from government

Govt Orders Retailers To Act On Rise Of Money Changers In Shops

By Anna Chibamu THE Finance Ministry has ordered the Confederation of Zimbabwe Retailers (CZR) not to allow any money changers who coerce shoppers to swipe goods and services in return for US dollars inside their members’ retail shops. Deputy Finance Minister Clemence Chiduwa said the money changers were “saboteurs” of the country’s economy, and if

 RBZ Allotments Surge To Preserve $Zim Value – Experts

By Alois Vinga TOP economists have hailed the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction surge in allotments will preserve the Zimbabwe dollar value, cut back on wasteful exports and ease the outflow of foreign currency. Speaking to NewZimbabwe.com Business in separate interviews Tuesday economists Prosper Chitambara and John Robertson expressed optimism on current trends obtaining

Music to ears...RBZ governor John Mangudya

World Bank Endorses Zim Economic Remedies

By Alois Vinga GLOBAL financier, World Bank (WB) has credited Zimbabwe’s monetary authorities for implementing sound exchange rate policies that have led to relative stability on the local currency. Since 2018, the government has been implementing a raft of measures aimed at stabilising the economy. In June 2020, the Reserve Bank of Zimbabwe (RBZ) introduced