By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) foreign exchange auction system has sustained the raw materials importation priority after allotting over US$12 million towards the cause amid exchange rate stability. A trading update released at the close of the 25th auction reveals that a total US$12.4 million was allotted towards raw materials importation
By Alois Vinga THE GOVERNMENT has finally made a commitment to avail dipping chemicals to cattle farmers after theileriosis, also known as the January disease, ravaged their livestock leading to a loss of a national herd worth $4.3 billion. The deadly disease which was first noticed by communal farmers has to date destroyed over a
By Robert Tapfumaneyi FORMER Finance Minister and legislator Tendai Biti has dismissed the Reserve Bank of Zimbabwe (RBZ) foreign currency auction system as a charade that is set implode once all economic fundamentals begin to kick in. Biti made the comments while presenting his State of the Economy Address at SAPES Trust in Harare Tuesday.
By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) allotments to industry Tuesday rose, further reaching a new high of US$32.9 million coupled with the official exchange rate stability. The auction first reached the peak in September this year after allotting US$31.6 million to industry. A fortnight ago, the auction reached the second highest figure of
By Makanaka Masenyama ZIMBABWEAN companies must engage the international community and create relations that foster economic growth, the Egyptian Ambassador to Zimbabwe Mahmoud Amer has said. In a television interview on the NewZimbabwe.com Business Brief programme Wednesday, Ambassador Amer said the southern African country had a lot of economic potential and it had to take
By James Muonwa, Mashonaland West Correspondent THIS year’s edition of Mashonaland West Agricultural Show attracted a handful exhibitors while a small crowd attended the event, between Thursday and Saturday. The show society this year hosted a unique ‘hybrid’ edition of the annual exhibition, which also involved both physical and virtual displays of goods and services.
Bloomberg Gold mining investors are pressuring Zimbabwe to change a law forcing producers to sell their output to the central bank, which part pays them in local currency that’s worthless outside the country. That law is making it hard to raise capital for investment projects, according to B2Gold Corp. and Caledonia Mining Corp., which are
By Robert Tapfumaneyi ZIMBABWEAN companies are losing millions of dollars due to unfair competition from both imported and smuggled inferior products, a report by the Auditor General Mildred Chiri has said. The report, just released, also revealed shortcomings in the monitoring by the Ministry of Industry and Commerce (MIC) of the quality of goods being
Xinhua Zimbabwe will soon start to locally manufacture buses for the mass public transport system as it seeks to revitalize the once vibrant automotive sector. The move is part of the government’s efforts to promote the consumption of local products and to reduce the import bill. Speaking during a tour of Quest Motors, a vehicle
By James Muonwa, Mashonaland West Correspondent THE Mashonaland West Agricultural Show Society says it is all systems go as it readies to host a unique ‘hybrid’ edition of the annual exhibition, which will involve both physical and virtual displays of goods and services. This year’s event, which was delayed due to the Covid-19-induced lockdown, would
By Alois Vinga RESERVE Bank of Zimbabwe Tuesday allotted a total US$31.7 million to industry, becoming the highest amount to be availed since the launch of the auction system in June this year. The auction last reached its peak of allotments in September this year after allotting US$31.6 million. A trading update released at the
By Alois Vinga THE Grain Millers Association of Zimbabwe (GMAZ) has bemoaned continued price increases on wheat and maize owing to depleted global yields which have seen the cost of importing grain surge. However, the country’s grain processors say they were working with authorities on ways to mitigate the impact of the situation on the
By Alois Vinga CONFEDERATION of Zimbabwe Retailers (CZR) has credited the Foreign Currency Exchange Auction introduced by the Reserve Bank of Zimbabwe (RBZ) for prompting a 60 % surge in locally manufactured goods on supermarket shelves. A raft of economic reforms introduced by Treasury 2019 ignited a volatile inflation period which saw prices of basic
By Matabeleland North Correspondent VICTORIA FALLS: Finance Minister Mthuli Ncube has launched the Victoria Falls Stock Exchange (VFEX) here which will kick start the operationalisation of the Victoria Falls Special Economic Zone (SEZ). However, only one company, SeedCo International, a seed processing company, was the only company that listed with trading expected to begin Monday.
Bloomberg CALEDONIA Mining Corp., is interested in buying one of Zimbabwe’s largest gold operations as it embarks on an aggressive plan to acquire more assets in the country, according to a person familiar with the details. The Jersey-based gold producer is weighing an acquisition of Bilboes Gold Ltd.’s Isabella-McCays-Bubi mines, in northwest Zimbabwe, said the
By Alois Vinga THE Competition and Tariffs Commission (CTC) has issued a stern warning against manufacturers who are in the habit of setting maximum selling prices for retail and wholesale outlets highlighting that such practices contradicted the set law. The remarks are a slap in the face for members of the public who expect authorities
By Alois Vinga THE Victoria Falls Stock Exchange Limited (VFEX) has signed a Memorandum of Understanding (MOU) with the central bank on the clearance of foreign currency transactions services. In an update, VFEX chief executive, Justin Bgoni said the MOU marks one of the last steps to pave way for the stock market’s opening. “The
By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction Tuesday allotted a total US$29.2 million to participating companies amid calls by labour for government to rein in errant businesses violating exchange rates in their pricing. The US dollar continued to trade at last week’s exchange rate of $81.34, signifying sustained stability .
By Business Reporter CALEDONIA Mining Corporation has signed an agreement with the Zimbabwe government under the global miner will evaluate mining rights, properties, and projects in the gold sector controlled by the state. The deal is to assess the potential to advance development on these properties or projects. Caledonia said it believed Zimbabwe is a
By Alois Vinga LISTED milk processor, Dairibord Zimbabwe Limited (DZL) recorded a 6 % decline in raw milk intake as the national milk production decline took a toll on operations during the half year period ended June 30, 2020. Company board chairperson, Josphat Sachikonye said this week that despite the decline in raw milk intake,