Markets

Markets

Zimbabwe rakes in $64.4 million in tobacco sales

ANA Zimbabwe has raked in US$64.4 million from the sale of 28.2 million kilograms of tobacco in 16 days compared with last year, Zimbabwe media reported, citing statistics released by the Tobacco Industry and Marketing Board (TIMB). According to a report in the state-run daily newspaper The Herald, an estimated 97% of the tobacco delivered

Static Interbank Rate Chokes Tobacco Market

By Alois Vinga THE unchanging interbank rate which has been overtaken by the parallel market rate is presenting a high risk to the opening of the tobacco selling season to illegal buyers who purchase the golden leaf using hard currency. Speaking to NewZimbabwe.com Business Wednesday, Tobacco Industry Marketing Board (TIMB) chairman, Patrick Devenish said most

Tough times beckon for Zim agric shows set to be held same months this year

By Matabeleland North Correspondent THE National Association of Agricultural Show Societies of Zimbabwe (NAASSZ) has rescheduled the various agricultural shows countrywide to almost the same periods in September and October this year owing to the Covid-19 scare in the country. Under normal circumstances, agricultural shows start in April with the Bulawayo Agricultural Show which runs

Zim dollar fall prompts push for reintroduction of US dollar policies

By Alois Vinga THE country’s insurance sector has reportedly engaged the industry regulator to consider the reintroduction of US dollar denominated policies in a bid to restore value and stability in a field shattered by the continued Zim-dollar depreciation. The details on the latest engagements were revealed by the diversified insurance firm, Zimre Holdings Limited’s

ZERA Slashes Fuel Prices

By Alois Vinga THE Zimbabwe Energy Regulatory Authority (ZERA) has slashed prices of fuel in response to the global fall in oil prices and a development that is likely to ease the day to day costs for most citizens in the country. According to the new ZERA directive, diesel will be sold at a maximum

GMAZ chair Tafadzwa Musarara

Millers halt roller meal deliveries after GMB hikes prices

By Leopold Munhende ZIMBABWEAN millers have been forced to stop their zonal distribution of subsidised mealie meal following a sudden 100 percent government hike in the price of the scarce staple. Grain Millers Association of Zimbabwe (GMAZ) chairman, Tafadzwa Musarara said Wednesday cereal processors have stopped the deliveries after the government grain agent, Grain Marketing

Tobacco auctions reopen after coronavirus delay

TimesLive Zimbabwe farmers started selling their tobacco crop on Wednesday after the coronavirus outbreak delayed the opening of auctions, which provide vital foreign currency inflows, by more than a month. Tobacco is the second biggest earner of foreign exchange after gold, and last year generated $747 million in exports mainly to China and Europe, according

Vice President Kembo Mohadi

Shops defy government, increase prices

By Bulawayo Correspondent PRICES of basic commodities within local supermarkets continue to increase in defiance of a government, retailers moratorium for a return to prices that were being charged before the country went on a lockdown against the spread of Covid-19 late last month. The increases also include alcohol prices. Vice President Kembo Mohadi last

RBZ governor John Mangudya

RBZ Freezes Accounts Of Two More Bureaux De Change Firms

By Alois Vinga  TWO more bureaux de change businesses had their licences suspended by the Reserve Bank of Zimbabwe (RBZ) Thursday on allegations of not declaring foreign currency transactions, bringing to seven, financial institutions that are now under probe for illicit foreign currency transactions. Their bank accounts were frozen. In a statement, RBZ Governor John

Industry Minister Sekai Nzenza

Minister Nzenza Blocks Export Of Raw Materials Used For Making COVID-19 Products

By Alois Vinga INDUSTRY Minister, Sekai Nzenza has blocked the exportation of goods and raw material used in the production of COVID-19 products. The directive was issued Monday under Statutory Instrument (SI) 90 of 2020 regulating the exportation of pharmaceutical medicines and personal protective equipment (PPEs). “This is in line with measures to regulate exportation

How Indigenous Poultry Is Driving Growth Among Zim’s producers

The Poultry Site INCREASING numbers of Zimbabwean farmers are turning to indigenous poultry. The trend for rearing chicken breeds that are native to the southern African country is being driven by the astronomical cost of feed, tedious management requirements for broilers and the high demand for indigenous species. Jane Murenje, of Bulawayo, Zimbabwe’s second-largest city, was

Tafadzwa Musarara

GMAZ Ropes In ZRP To Monitor Decentralised Sale Of Subsidised Roller Meal

By Mary Taruvinga THE Zimbabwe Republic Police (ZRP) has partnered the Grain Miller’s Association of Zimbabwe (GMAZ) in delivering and monitoring the selling of subsidised roller meal through a zonal residential system to minimise the movement of people hunting for the scarce staple. The programme is to make the commodity easily available to consumers during

Zimbabwe’s Foreign Currency Shortage To Worsen As COVID-19 Upends Tobacco Season

Bloomberg Zimbabwe’s severe shortage of U.S. dollars is set to worsen as the coronavirus threatens the start of sales of tobacco, its second-biggest source of foreign exchange. “It’s the cash flow that’s the biggest concern for everyone,” Ben Gilpin, executive director of the Commercial Farmers Union, said by phone from the capital, Harare, on Tuesday.

Coronavirus to erode Zim’s tobacco, FDI and diaspora remittances earnings – ZCTU

By Alois Vinga THE Covid-19 pandemic will seriously reduce Zimbabwe’s projected tobacco farming earnings and other export commodities, the Zimbabwe Congress of Trade Unions (ZCTU) has said. In a position paper, the labour group said this was going to leave the nation poorer and in urgent need for social safety protection from government. The paper

ZSE to operate four hours a day throughout Covid-19 lock down

By Alois Vinga THE Zimbabwe Stock Exchange (ZSE) will be trading for four hours a day during the 21-day Coronavirus national lockdown to avoid a total halt of the economy. In a trading brief issued this week, ZSE chief executive, Justin Bgoni said Finance Minister, Mthuli Ncube gave the equities market permission to trade. “After

ZIMASCO Halts Chrome Production As COVID-19 Takes Toll

By Business Reporter THE impact of COVID-19 has adversely affected ZIMASCO chrome’s production in Kwekwe after its stainless steel making markets Europe and Asian stopped operations. ZIMASCO is the country’s biggest ferrochrome producer which announced that it had temporarily halted its smelting operations in the face of coronavirus. In a statement ZIMASCO chief executive, John

Information Minister Monica Mutsvangwa

Govt announces new producer prices for 2020 winter wheat

By Robert Tapfumaneyi GOVERNMENT has announced new producer prices for the 2020 winter wheat pre-planting and that of soya beans. At a post-cabinet media briefing in Harare Tuesday, Information minister Monica Mutsvangwa also encouraged the growing of sesame and sunflower meant for stockfeed. “Cabinet considered the 2020 Winter Wheat Pre-planting Price and the 2019/2020 Soya