Markets

Markets

RBZ governor John Mangudya

RBZ: US$799 million traded via interbank market since inception

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) on Friday announced that US$799 million has been traded on the Interbank Foreign Exchange Market following the continuous implementation of policies aimed towards improving ease of trade. In its Monetary Policy Statement released Friday, RBZ governor John Mangudya said the market’s inception was aimed at diluting

Zimbabwe's top foreign currency earner tobacco's receipts have hit rock bottom

Gold, tobacco production plunges as power cuts effects wreak havoc

By Alois Vinga RECEIPTS from Zimbabwe’s top foreign currency earners tobacco and gold have plummeted, a local trade watcher has said. Inter-Horizon Securities (IH Securities), in a survey, said gold has gone down 20% while tobacco earnings have plummeted 35%. The survey, titled “The Zimbabwe Consumer Sector; Austerity for Prosperity”, says the agricultural sector, which

Top industrialist Sifelani Jabangwe

Countless licences, bureaucracy choking trade

By Alois Vinga EXPORTERS have bemoaned the numerous licencing and associated fees required by government departments in Zimbabwe saying they remain a barrier to the ease of doing business. Speaking to NewZimbabwe.com Business this week, Zimbabwe National Chamber of Commerce president Tamuka Macheka said that his organisation was deeply concerned about the existence of different

Ecocash rules mobile money market with 99 percent share

By Alois Vinga CASSAVA Smartech’s subsidiary, Ecocash is enjoying almost 100% dominance of mobile money transactions and continues to maintain a lead ahead of other service providers. The Postal Telecommunications Regulatory Authority’s report entitled Consumer Satisfaction Report observes that Ecocash platform is conducting almost 99% of the total money transfer services. The stats prove that

Zim mobile tariffs now lowest in the region, threatening viability

TechnoMag Zimbabwe mobile tariffs compared to the SADC region and other African countries have become insanely too low and no longer make business sense, a survey has revealed. In a survey done by TechnoMag, Zimbabwe is currently charging tops of 22cents rtgs per minute which when converted against the bank rate, amounts to $0.024 USD

Mines Minister Winston Chitando

Arab and Africa Mining Conference delegates urged to consider Zim opportunities

By Alois Vinga THE Arab and Africa Mining Conference (AAMC) has ended on a high note with Zimbabwe’s mining sector opportunities coupled with the ongoing deeper economic reforms aimed at stabilising the economy taking centre stage. Speaking to potential investors at the conference Wednesday, Zimbabwe’s diplomatic envoy to the United Kingdom, Christian Katsande said basing

Henrietta Rushwaya

High costs force indigenous miners to lease chrome mines to Chinese

By Alois Vinga THE Zimbabwe Miners Federation (ZMF) says the indigenous miners are leasing the controlling stake of their mines to foreigners because they do not have adequate resources to keep in business while some are selling the mineral to illegal buyers who offer hard currency, among other challenges confronting the sector. Speaking to NewZimbabwe.com

Sifelani Jabangwe

Private sector says not ready for African Continental Free Area

By Alois Vinga THE private sector in Zimbabwe has admitted that local manufacturers are not yet ready to join the African Continental Free Trade Area (AFCFTA) due to serious economic challenges and policy inconsistencies obtaining back home. Speaking at the national forum on the AFCFTA Wednesday, former Confederation of Zimbabwe Industries (CZI) president, Sifelani Jabangwe

Potraz director general Gift Machengete

POTRAZ considering data tariff hikes in line with new interbank rates

By Alois Vinga THE Postal and Telecommunications Regulatory Authority (POTRAZ), has hinted that a data tariff hike could be on the way in order to cushion telecommunication companies from the increasing exchange rate on the Interbank market. In an interview with NewZimbabwe.com Business recently, POTRAZ director general, Gift Machengete admitted that mobile telephone operating companies

ZCTU president Peter Mutasa

TNF launched 20 years later amid visible tensions

By Alois Vinga REPRESENTATIVES from labour, business and government Wednesday successfully launched a legislated Tripartite Negotiation Forum (TNF) which facilitate dialogue towards national development after almost 20 years since the idea was birthed under a heavy cloud of policy and ideological discord. The TNF will be the country’s social dialogue platform to negotiate legislated key

Buy Zimbabwe urges inclusive research on expenditure patterns

By Alois Vinga BUY Zimbabwe (BZ) chief executive, Munyaradzi Hwengwere has urged government and other key stakeholders to conduct detailed research which will reveal the amount of money going towards purchasing locally manufactured products. Speaking at a function held to discuss issues affecting the uptake of locally manufactured products recently, Hwengwere underscored the need to

Zim’s refined platinum production up 1 percent

By Alois Vinga ZIMBABWE’s refined platinum production went up 1 percent in the first quarter of 2019, the World Investment Platinum Council (WIPC) 2019’s first quarter report has revealed. According to the council, supply of refined production went up 1 percent in the first quarter of 2019 up from minus 3 percent recorded in 2017.

ZSE pardons listed firms for failure to comply with IAS standards

By Alois Vinga THE Zimbabwe Stock Exchange (ZSE) has pardoned all listed companies which did not comply with the requirements of International Accounting Standard (IAS) during presentation of its latest financial results. ZSE appreciated the failure was triggered by government’s policies and was beyond their control. The equities market chief executive, Justin Bgoni announced recently

Tourism Minister Priscah Mupfumira

Zimbabwe targets Chinese tourism market

By Audience Mutema ZIMBABWE has set its sights towards tapping into the Chinese tourism market after opening a dedicated office in the Asian economic behemoth. The office manned by the Zimbabwe Tourism Authority was officially opened by Tourism Minister Priscah Mupfumira during a recent visit. Aimed at facilitating the growth of the sector, Mupfumira signed