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Chinamasa clueless



FINANCE Minister Patrick Chinamasa yesterday disclosed to Senate he had no idea how he was going to cut the wage bill gobbling 85% of the country's National Budget.His disclosure came as Senat...Read more

Chinamasa clueless

20 December 2014 | 2728 Views
FINANCE Minister Patrick Chinamasa yesterday disclosed to Senate he had no idea how he was going to cut the wage bill gobbling 85% of the country's National Budget.His disclosure came as Senat...

by Staff Reporter

Zim licences Chinese company to print new currency, to be issued at a moment’s notice

19 December 2014 | 7689 Views
COLOGNE - President Robert Mugabe's administration, is reportedly sittings on wads of a new Zimbabwe currency to be backed by a gold standard, which can be issued at a moment's notice as a home grown...

by Itai Mushekwe

Retailers accept bond coins

19 December 2014 | 2059 Views
Retailers and other service providers have started accepting the just introduced bonded coins, demonstrating their confidence in the new coins regime which is set to ensure convenience to the tran...

by Staff reporter

World Bank pledges $44 million to help Zimbabwe

18 December 2014 | 1966 Views
The World Bank has pledged at least 44 million US dollars over the next five years to help Zimbabwe implement economic policy reforms.The new trust fund is a successor to the 2008 Analyti...

by Shingai Nyoka

Bond coins start circulating today

18 December 2014 | 1758 Views
Banks will today start circulating the Reserve Bank of Zimbabwe's imported bond coins, in a move expected to ease the problem of small change that has been bedevilling the economy since the advent...

by Staff reporter

Bond coins to face stiff resistance?

17 December 2014 | 2324 Views
Economists and informal traders have warned that new bond coins worth $10 million that are set to make their debut tomorrow might face stiff resistance from the public as there is lingering suspic...

by Staff reporter

Retailers to use RBZ Special Bond coins

16 December 2014 | 1688 Views
The Retailers Association of Zimbabwe says its members have accepted the special bond coins unveiled recently by the country's central bank designed to ease change problems faced by members of the pub...

by Gibbs Dube

Zim deflationary pressures persist in November

15 December 2014 | 1233 Views
Zimbabwe's inflation eased to -0.78% year-on-year in November, shedding 0.78% on the October rate of -0.001% as deflationary pressures persist, the official statistics agency Zimstats said on Monday....

by Staff reporter

Govt spending declines

15 December 2014 | 1838 Views
Government expenditure declined by a whopping 98% in September, a rare trend for a country with a well known propensity to overspend.According to the Consolidated Statement of Financial Perfor...

by Staff reporter

Diaspora remittances to Zimbabwe decline

15 December 2014 | 2068 Views
Diaspora remittances have fallen some 100 percent to $900 million this year despite an increase in registered money transfer agencies. Finance and Economic Development Minister Patrick Ch...

by Staff reporter

Zimbabwe's bonded coins stir up fears

09 December 2014 | 9062 Views
THE INTRODUCTION of bonded coins for sole use in Zimbabwe has sparked a wave of uncertainty.The coins have created fears among investors and the populace that the government is inching towards...

by Tawanda Karombo

Tight immigration laws hindering economic growth

07 December 2014 | 3938 Views
TIGHT immigration laws are costing the country opportunities of addressing high unemployment levels with reports that at least 600 jobs were lost when a South African investor was denied a permit ...

by Mesabe Ncube

New coins to help ease cash crunch

06 December 2014 | 2499 Views
Zimbabwe's central bank unveiled special coins on Friday to ease a shortage of low denomination cash, which has forced shoppers to accept sweets or pens in lieu of change."The bond coins a...

by AFP

Zim coins to start circulating December 18

06 December 2014 | 8210 Views
THE new Zimbabwe coins were yesterday unveiled by the central bank, but will only start circulating in the country on December 18.Reserve Bank of Zimbabwe governor John Mangudya said the count...

by Staff Reporter

Special coins unveiled in Zimbabwe

05 December 2014 | 7349 Views
Zimbabwe today unveiled a set of $10 million special "bond" coins.The coins, which arrived in the country this week from South Africa, are aimed at easing the change crisis.This comes ...

by Staff reporter

'Chinamasa's budget devoid of sound content,' says Makoni

01 December 2014 | 2075 Views
Former Finance minister Simba Makoni has described the 2015 national budget presented last Thursday as devoid of sound content.The opposition Mavambo/Kusile/Dawn leader said the ruling governm...

by Staff reporter

ZimAsset can not be funded in its current form, says Japanese envoy

30 November 2014 | 2193 Views
HARARE - Zimbabwe's economic blueprint, ZimAsset, cannot be funded in its current form and needs to be reviewed to make it practical, Japanese ambassador Yoshi "Tendai" Hiraishi says.In an int...

by Staff Reporter

Beer prices are slashed

30 November 2014 | 4261 Views
Finance minister Patrick Chinamasa has slashed exercise duty on clear beer from 45 percent to 40 percent with effect from next year, a move that is likely to further reduce the price of lager bee...

by Staff reporter

Zimbabwe suspends platinum export tax

28 November 2014 | 1622 Views
Government has suspended export tax on unbeneficiated platinum until January 1, 2017, Finance and Economic Development Minister Patrick Chinamasa said in the 2015 National Budget statement. ...

by Staff reporter

Chinamasa unveils $4.1 billion 2015 budget

27 November 2014 | 5258 Views
The Minister of Finance and Economic Development, Patrick Chinamasa has presented a $4.1 billion 2015 National Budget, amid indications that $3.32 billion will go towards employment costs.Chin...

by Staff reporter

$40 million coins to be delivered to Zimbabwe next week

26 November 2014 | 9867 Views
OVER $40 million worth of coins are expected to be delivered in the country next week to ease the shortage of change in the country.In an interview with NewsDay, yesterday Reserve Bank of...

by Staff reporter

'Motor vehicle duty must be reduced,' says Tariffs Commission

25 November 2014 | 10858 Views
GOVERNMENT has been recommended to halt any further increase in tariffs on duties on imported vehicles as the current tariffs of between 40% and 60% give the local assembly more than adequate protecti...

by Business reporter

Zim industry pushes total import ban

24 November 2014 | 2338 Views
Finance and Economic Development Minister Patrick Chinamasa made the most determined assault on imports when he unveiled a raft of tax measures to control the rising tide when he announced the MID...

by Staff reporter

Zim seeks re-engagement with IMF

24 November 2014 | 1580 Views
ZIMBABWE plans to host a second international debt resolution forum this month to resolve the country's over $9 billion total debt which has hamstrung the flow of lines of credit from multilateral fin...

by Staff Reporter

'Zimbabwe has investment potential,' says Minister Chinamasa

21 November 2014 | 3070 Views
Zimbabwe has investment  potential for South Africa, with a diversity of resources, Finance and Economic Development Minister Patrick Chinamasa said on Friday."We are not a basket ca...

by Sapa

Zimbabwe's economic recession will last for at least 15 years

21 November 2014 | 2057 Views
FORMER Finance minister Tendai Biti has warned Zimbabwe's economic recession will last for at least 15 years if urgent remedial steps are not taken.In an analysis of the economy to the Zimbabw...

by Staff reporter

Zimbabwe to impose duty on sugar imports

20 November 2014 | 1866 Views
ZIMBABWE will from January next year impose duty on all imported sugar to protect the local sugar industry negatively affected by a slump in sales.Imported sugar will attract a 10 percent impo...

by CAJ News

Deposit Protection Corporation CEO appointed IADI treasurer

20 November 2014 | 2108 Views
At the recently held 13th Annual Conference and General Meeting of the International Association of Deposit Insurers (IADI) that was held on the 23rd of October 2014, the Chief Executive Officer of ...

by Own correspondent

Zim economy at crossroads says IMF

09 November 2014 | 3190 Views
The Zimbabwe economy requires comprehensive reforms to sustain higher growth rates and poverty reduction, the International Monetary Fund (IMF) said on Friday."Zimbabwe's economy is at a cros...

by Staff Reporter

British trade mission says Zimbabwe a safe investment destination

31 October 2014 | 3162 Views
The British trade delegation that was in the country to explore business opportunities says it has had fruitful, frank and open discussions with various government officials and will carry a positive ...

by Staff reporter

'Harare diamond sale a boon for local diamond miners'

31 October 2014 | 2191 Views
About 140 diamond buyers are participating at the country’s biggest diamond sale which opened on Monday, giving local diamond miners a golden opportunity to sell their products locally.F...

by Business Reporter

Govt tightens screws on imports

31 October 2014 | 9820 Views
THE government has tightened screws on the importation of cement, cooking oil, milk products and soap among other products with effect from October 22.Individual travellers and traders are no...

by Thupeyo Muleya

Desperate govt lures more foreign investors, Iran eyes business in Zim

30 October 2014 | 2081 Views
The Islamic Republic of Iran will assist small to medium scale enterprises as they play a significant role in economic development, Iranian Ambassador to Zimbabwe Mohammad Amin Nejad at the Harare...

by Business Reporter

Zimbabwe banking sector stable, but unsafe

28 October 2014 | 1707 Views
Zimbabwe's banking sector remains stable despite systemic risks posed by struggling banks, but the Central Bank must strengthen supervision of financial institutions, an analyst says.This come...

by Staff reporter

Zimbabwean economy now drifting on autopilot

24 October 2014 | 3196 Views
AS First Lady Grace Mugabe seems to have taken over the running of the state and government behind the scenes while President Robert Mugabe looks to have lost control to his rabble-rousing wife, the e...

by Staff reporter

RBZ relaxes exchange controls to stimulate FDIs

15 October 2014 | 1675 Views
The RBZ has relaxed foreign exchange regulations as part of measures to stimulate foreign direct investment. Kupukile Mlambo, RBZ deputy governor said the central bank now allows foreign i...

by Staff reporter

Zimbabwe diamond exports sharply declines

07 October 2014 | 2273 Views
INDUSTRIAL grade diamonds dominate Zimbabwe's gem exports, although sales sharply declined to $188 million in 2013 from nearly $658 million in the previous year.The decline was due to weakenin...

by Staff reporter

Afreximbank lends Zimbabwe over $500 million annually

07 October 2014 | 1303 Views
THE African Export-Import Bank (Afreximbank) is disbursing an average of $500 million per annum through various financing facilities to Zimbabwe. Afreximbank senior director (finance) Philip ...

by Staff reporter

Reduce imports, Zim govt told

06 October 2014 | 2701 Views
ZIMBABWE - THE country could save more than $2 billion dollars per annum if it reduces imports by 40 percent, a special advisory committee set up by government has said. The committee was set ...

by Business reporter

Zimbabwe heads for economic lockdown, says Tendai Biti

04 October 2014 | 4739 Views
FORMER finance minister and MDC Renewal leader, Tendai Biti, has warned that Zimbabwe is heading towards a virtual economic lockdown.Biti made the chilling warning while addressing a South...

by Staff reporter

Wave of price hikes hits Zimbabwe

02 October 2014 | 4211 Views
PRICES have started going up after a hike in fuel prices triggered by an upward review of tax on fuel by government, which is desperate to raise cash to fund a tight budget. Government increased exci...

by Staff reporter

Zimbabwe economy heads South

30 September 2014 | 3280 Views
Zimbabwe's economy continues to weaken in the absence of strong government policies as evidenced by earnings results released this month by listed stocks as all companies showed signs of stress. ...

by Staff reporter

'Zimbabwe not a basket case, has to clear debts,' says IMF

24 September 2014 | 3905 Views
Zimbabwe will not be able to access fresh funds from the World Bank and the International Monetary Fund until it has paid its long overdue arrears. The IMF head of mission to Zimbabwe, Do...

by Staff reporter

Zimbabwe to engage IFC for financial support

24 September 2014 | 1275 Views
Finance and Economic Development Minister Patrick Chinamasa says he will engage the International Finance Corporation, a unit of the International Monetary Fund, to extend financial support to loc...

by Staff reporter

Chinamasa bemoans wage bill

24 September 2014 | 4255 Views
HARARE - The wage bill for civil servants is embarrassing and unsustainable, Finance minister Patrick Chinamasa said yesterday, echoing criticism from the International Monetary Fund (IMF) as the coun...

by Staff Reporter

Chinamasa extends begging bowl, queries isolation by World Bank, IFC

23 September 2014 | 2498 Views
Zimbabwe says there is no justification in the continued isolation of the local private sector by the World Bank's affiliate, the International Finance Corporation (IFC) as the local industry ha...

by Staff reporter

Zimbabwe moves to activate African Development Bank grant

23 September 2014 | 1203 Views
The Zimbabwean government has requested the services of consultants to develop an indicators manual and a development report as it moves to activate a youth grant from the African Development Bank (Af...

by Staff reporter

RBZ mulls electronic payments regulation

22 September 2014 | 1581 Views
RBZ plans to introduce regulations that govern electronic transactions following the proliferation of technology based payment platforms. RBZ Financial markets division deputy director Wil...

by Staff reporter

'Tendai Biti misfires on Kariba'

22 September 2014 | 6056 Views
The state media reports that adjustment made to the cost of constructing Kariba South hydro-electric power project from USD $355 million to USD $533 million reflects the full cost of the project m...

by Freeman Razemba

Prices of local products rising

19 September 2014 | 3445 Views
Prices of locally produced goods are seen rising as manufacturers pass the cost for excise duty on fuel to consumers, analysts have warned. MMC Capital says in its weekly market report it ...

by Staff reporter
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