By Staff Reporter THE Zimbabwe Energy Regulatory Authority (Zera) Wednesday announced yet another increase in fuel prices at a time most locals now depend on fuel purchased in US dollars. In a statement posted on its Twitter handle Wednesday, Zera announced a litre of blend petrol has increased from $71.62 to $93.15 while diesel is
By Alois Vinga THE country’s largest cement producer, PPC Zimbabwe shares remained suspended when trading began on Monday on the Zimbabwe Stock Exchange (ZSE). In a statement PPC Zimbabwe said this was in line with the directive issued by Finance Minister Mthuli Ncube into the dealings on the ZSE. “A condition for the resumption of
By Robert Tapfumaneyi MBARE vegetable market has been recorded as one of the hotspots for Covid-19, Information minister Monica Mutsvangwa said Monday. This, the minister said, came out of an analysis of Covid-19 hotspots that were made across the country. The analysis was meant to help facilitate the channelling of proper resources to the hotspots
By Staff Reporter THE price of flour is this week likely to go up by over 30% following the skyrocketing foreign currency auction-rate which is now chasing the parallel market, NewZimbabwe.com can exclusively report. The government, through the central bank, recently introduced a weekly foreign currency auction system in which companies bid for the exchange
By Staff Reporter GOVERNMENT has, with immediate effect, suspended import duty on cheese until end of the year. The decision, made on the recommendation of Finance and Economic Development Minister Mthuli Ncube, was announced through Statutory Instrument (SI) 184 of 2020 published in the Government Gazette Friday. “With effect, from 1 January to 31 December
Bloomberg News Zimbabwe’s official exchange rate and equity prices don’t reflect reality, the Cape Town-based firm said in commentary provided to investors. At the end of June, 17% of the $189 million Allan Gray Africa Equity Fund was held in Zimbabwean stocks, the largest proportion after Nigeria and South Africa, based on country of primary
By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) foreign currency exchange auction system Tuesday increased the official Zimbabwe dollar exchange rate against the US dollar to 1:72. A trading update released by the central bank at the close of business shows that a total US$14.8 million was allotted on the day with the highest
By Alois Vinga UNITED KINGDOM based Zimbabwean, Dyson Dzapasi trucks who imports haulage trucks for the southern African market has made strides by forming the first union of truckers in SADC, the Continental Trucks Association. Speaking to NewZimbabwe.com Business Friday, Dzapasi said he has made notable progress towards the association’s formation through engaging investors in trucking from neighbouring
By Business Reporter Nigeria is the cultural hub of West Africa but there are many other reasons to visit the country. The cities are chaotic but safe if you’re careful. The energy and exuberance of the people of Nigeria is contagious and their art and music festivals are inspiring. Then you have breathtakingly-beautiful wilderness areas
By Robert Tapfumaneyi INDIGENOUS Ethical Leaf Tobacco (ELT) has launched an historic $660 million tobacco input scheme for smallholder farmers throughout the country. The project labelled, The Gold Class Scheme, will see long standing farmers receiving an improved package of inputs while a huge number of new contract farmers is expected to join in. Ethical
By Alois Vinga COMPANIES operating in the property sector have bemoaned decreased space uptake owing to poor economic conditions prevailing in the country. Speaking recently, First Mutual Property’s (FMP) chairman Elisha Moyo, said performance remained under stress over the past year. “In 2019, the Zimbabwean property market remained subdued, characterised by high levels of voids.
Forex Trading in Zimbabwe – Overview When considering the issue surrounding Forex trading and the legality thereof, Zimbabwe traders can rest assured in knowing that Forex Trading is legal in Zimbabwe, allowing them to proceed to the next step in becoming avid Forex traders by choosing a broker. Here is a list of
By Anna Chibamu PRICES of goods and services are likely to keep on rising as long as the exchange rate issue remains unresolved, Industry and Commerce minister Sekai Nzenza has warned. Nzenza told MPs during Wednesday’s question and answer session in Parliament that an earlier price rise moratorium between government and stakeholders in different sectors
By Alois Vinga THE central bank foreign currency auction system Tuesday set the exchange rate at 1:65 against the US dollar, registering a 3 % decline when compared to last week. The Reserve Bank of Zimbabwe (RBZ) update on the latest trades shows that US$13.6 million was available on the system with the highest bid
By Business Reporter SEVERAL international financial institutions are eyeing more than US$12 million or 37.7% of National Social Security Authority (NSSA) stake in ZB Bank after the shares went under the hammer last week, it has emerged. NSSA announced it was seeking to dispose of its stake in ZB to raise capital to complete some
By Alois Vinga THE official foreign currency exchange rate Tuesday rose to US$1:63 at the close of business at the recently launched Reserve Bank of Zimbabwe (RBZ) forex auction system. Last week’s rate was at 1:57. The central bank’s report released after the auction shows that US$16.2 million was available on the market which saw
By Alois Vinga ZIMBABWE Stock Exchange (ZSE) has formally notified its stakeholders that trading has been suspended as a matter of urgency following a ban order by the central bank after recent allegations of economic sabotage by authorities. In a statement Sunday, ZSE chief executive, Justin Bgoni said the decision to halt operations was reached
By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction System closed first day of trading Tuesday at an average rate of ZW$57 for every US$1. This was a source of relief on business players who had endured a fixed exchange rate on the interbank market. A trading report for the day titled
By Alois Vinga THE foreign exchange auction trading system announced by the Reserve Bank of Zimbabwe (RBZ) commences this Tuesday and spells the end of government’s unpopular interbank market era. The new system announced by RBZ governor, John Mangudya last week aims to maintain a balance between stimulating productivity while eliminating reckless speculative behaviour which
By Staff Reporter GOVERNMENT’S ambitious plans to notch a $12 billion mining industry and increase diamond production to 10 million carats by end of 2023 are likely to fail due to the effects of the Covid-19 pandemic, an environmental rights watchdog has said. In a statement, Centre for Natural Resources Governance (CNRG) said the pandemic
