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Zimdollar falls by 69%
Zimbabwe's local currency has fallen by nearly 70% since the beginning of the year on the parallel market, compared to about 30% on the official market, data from a leading advisory firm showed on Tue...Published: 02 Dec 2021 at 05:36hrs | 3328 | by Staff reporter
Econet eyes 5G roll out
ZIMBABWE Stock Exchange-listed mobile network operator Econet Wireless reported a strong performance for the half-year to August 31, 2021, with a ZW$7,9 billion profit in historical terms, up from a l...Published: 02 Dec 2021 at 05:30hrs | 327 | by Staff reporter
Zimbabwe to borrow $147 billion in 2022
Finance and Economic Development Minister, Professor Mthuli Ncube, says the Treasury will borrow $146,8 billion using Treasury Bills (TBs) and Treasury Bonds in 2022 to finance key Government projects...Published: 01 Dec 2021 at 05:34hrs | 203 | by Staff reporter
Mthuli Ncube budget recipe for disaster, says MPs
LEGISLATORS yesterday threatened not to pass Finance minister Mthuli Ncube's $927 billion budget for 2022, describing it as a "useless recipe for disaster".Ncube presented his budget before Pa...Published: 30 Nov 2021 at 05:40hrs | 1455 | by Staff reporter
Mthuli Ncube bolsters construction sector
FINANCE Minister Mthuli Ncube's 2022 national budget presented on Thursday gave impetus to the growth of Zimbabwe's construction sector, analysts at Inter Horizon Securities said yesterday.Ncu...Published: 29 Nov 2021 at 05:35hrs | 440 | by Staff reporter
Mnangagwa govt to borrow US$1,4bn
GOVERNMENT has announced a plan to borrow ZW$146,8 billion (about US$1,4 billion) in 2022 to fund various infrastructure development projects.This debt would add to the existing stock of US$13...Published: 26 Nov 2021 at 19:42hrs | 630 | by Staff Rporter
Biti dismisses Mthuli's 2022 budget 'mediocrity'
FINANCE minister Mthuli Ncube yesterday presented a $927,3 billion budget with an ambitious gross domestic product growth projection of 5,5% for 2022, but former Finance minister Tendai Biti dismissed...Published: 26 Nov 2021 at 08:21hrs | 1856 | by Staff Reporter
Pegged exchange rate unsustainable
Zimbabwe's export receipts for the first 9 months of 2021 jumped 38% to US$6.10 billion from US$4.43 billion realized in the same period in 2020. Notable improvements have been realized in internation...Published: 24 Nov 2021 at 10:37hrs | 1648 | by Victor Bhoroma
Policy incentives to reindustrialization lacking
Zimbabwe aspires to create an upper middle income economy with a Gross Domestic Product (GDP) of US$65 billion by 2030. This vision is premised on the reindustrialization strategy where competitivenes...Published: 24 Nov 2021 at 10:35hrs | 278 | by Victor Bhoroma
Mnangagwa 'drunk' video explained
THE government says the public misunderstood a video currently circulating where President Emmerson Mnangagwa appeared heavily intoxicated during a fundraising event held at State House last Friday....Published: 23 Nov 2021 at 06:19hrs | 16284 | by Staff reporter
Zera mulls Z$ gas sales
GOVERNMENT is in process of putting measures to ensure that liquefied petroleum (LP) gas and fuel is sold in local currency, Energy deputy minister Magna Mudyiwa has said.Statistics from the Z...Published: 22 Nov 2021 at 06:14hrs | 177 | by Staff reporter
Zimdollar fuel facility availed
A US$15 million facility has been approved by Government to pay for imports of fuel that will be sold in local currency by service stations starting at the end of this month. The fuel will be ...Published: 19 Nov 2021 at 06:37hrs | 2421 | by Staff Reporter
IMF closes door on Zimbabwe
The International Monetary Fund (IMF) on Tuesday said it was precluded from providing financial support to Zimbabwe due to its "unsustainable debt and external arrears," and any lending arrangement wo...Published: 17 Nov 2021 at 07:46hrs | 3416 | by Staff reporter
Zimdollar breaches $100 mark against US$
THE Zimbabwe dollar further crashed against the United States dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction, with data from the central bank forex auction conducted yes...Published: 17 Nov 2021 at 05:37hrs | 1804 | by Staff reporter
Monetary policy in a complex economy
MAINSTREAM neoclassical economics, which has been the dominant economic thinking for over a century, is no longer an adequate mental model to interpret and shape the socio-economics of a new reality....Published: 17 Nov 2021 at 05:36hrs | 316 | by Vince Musewe
RBZ starts clearing auction forex backlog
The Reserve Bank of Zimbabwe (RBZ) yesterday says it has started the process to clear nearly US$200 million of the foreign currency backlog on the auction market after receiving the requisite funds fr...Published: 17 Nov 2021 at 05:07hrs | 178 | by Staff reporter
Covid-19 protocols remain in force
Cabinet received an update on the country's response to the Covid-19 pandemic, procurement and roll-out of vaccines, as presented by chairman of the Ministers' National Committee, Vice President and M...Published: 17 Nov 2021 at 05:06hrs | 75 | by Staff reporter
Zimbabwe to import 400MW to bridge power deficit
STATE power utility, Zesa Holdings, intends to import up to 400 megawatts from Mozambique and Zambia as part of measures to end a debilitating power crisis, a senior executive said.This comes ...Published: 15 Nov 2021 at 05:20hrs | 232 | by Staff reporter
'Zimbabwe's economic fundamentals are strong'
THE economy is on a growth trajectory with Gross Domestic Product (GDP) projected to grow by 7,8 percent in 2021, attributed to a favourable rainfall season, higher international mineral commodity pri...Published: 14 Nov 2021 at 05:38hrs | 73 | by Professor Mthuli Ncube
'End Zimdollar fuel fraud'
Government has roped in the National Oil and Infrastructure Company (NOIC) to monitor the distribution of fuel imported under the Reserve Bank's foreign currency allocation facility to ensure oil firm...Published: 13 Nov 2021 at 05:55hrs | 292 | by Staff reporter
Mthuli warns fuel dealers against rejecting Zimdollar
FINANCE minister Mthuli Ncube has warned fuel operators getting foreign currency through the Reserve Bank of Zimbabwe (RBZ) auction system that they risk losing their licenses if they continue rejecti...Published: 13 Nov 2021 at 05:53hrs | 154 | by Staff reporter
Air Force boss' daughter thrown out of school over US$ fees
Air Force of Zimbabwe Air Vice-Marshal Michael Moyo has taken Dominican Convent School to court for withdrawing an offer letter for his daughter after he refused to pay school fees in United States do...Published: 11 Nov 2021 at 06:22hrs | 1462 | by Staff reporter
Zimbabwe's banks overwhelmed
ZIMBABWE'S banking system has been overwhelmed by rocketing demand for United States dollars on the foreign currency auction system, the central bank said on Tuesday, as it moved to adjust bidding lea...Published: 10 Nov 2021 at 05:34hrs | 1394 | by Staff reporter
Telecoms sector appeals for tax reduction
ZIMBABWE'S Mobile Network Operators (MNOs) have appealed to the Government to reduce multiple taxes levied on the telecommunications industry to enhance operational viability and new investments....Published: 10 Nov 2021 at 05:32hrs | 144 | by Staff reporter
RBZ amends forex auction rules
The Reserve Bank of Zimbabwe (RBZ), yesterday amended Foreign Currency Auction bidding rules, bringing a new provision that bidders should submit their bids through banks four working days before the ...Published: 10 Nov 2021 at 05:30hrs | 344 | by Staff reporter
Zimbabwe government urged to abandon auction system
In a video making rounds on social media, the Zimbabwe government has been urged to abandon its auction system if it entertains hopes of fully reviving the economy. In the video, an investor s...Published: 08 Nov 2021 at 10:04hrs | 4016 | by Nicholas Ncube
Most expensive Jordan items now worth close to $5M after record sale
For many NBA fans, Michael Jordan remains the Greatest of All Time nearly 3 decades after his first retirement. This is despite the emergence of elite talents such as Kobe Bryant, Lebron James and Kev...Published: 07 Nov 2021 at 18:08hrs | 1050 | by Staff Writer
Zimbabwe govt turns to UN over gem ban
ZIMBABWE'S ruling Zanu-PF and 16 fringe opposition parties under the Political Actors Dialogue (Polad) have requested the United Nations (UN) to help it resume international trade in diamonds, the Zim...Published: 07 Nov 2021 at 08:07hrs | 1842 | by Staff reporter
Electricity imports cost Zimbabwe US$200 million
ZIMBABWE will spend about US$200 million for power imports this year to bridge a gap stemming out of depleted internal production, a government official has said.Gloria Magombo, the permanent ...Published: 07 Nov 2021 at 07:52hrs | 144 | by Staff reporter
Mnangagwa told in Scotland to let markets self regulate
PRESIDENT Emmerson Mnangagwa was last week told by delegates attending the Zimbabwe Investment Conference (ZIC) to stop interfering with how the market operated as this would give strength to the Zimb...Published: 06 Nov 2021 at 18:12hrs | 1994 | by Staff reporter
Zimbabwe's annual inflation seen at 65% by year-end
ZIMBABWE'S annual inflation will likely end the year between 55% and 65% against a government forecast of 53%, due to volatility of the parallel market exchange rate, researchers at Inter Horizon (IH)...Published: 05 Nov 2021 at 06:45hrs | 223 | by Staff reporter
RBZ warns rogue elements operating in black market
RESERVE Bank of Zimbabwe (RBZ) has warned rogue elements involved in illegal foreign exchange trading on the parallel market to desist from the destablising habit of disseminating messages that fuel l...Published: 04 Nov 2021 at 06:13hrs | 574 | by Staff reporter
Official Zimdollar rate weakens by 1,9 % on the RBZ auction
THE official exchange rate recorded a slight decline of 1,9 % on the Reserve Bank of Zimbabwe (RBZ) foreign currency auction platform amid lucrative allotments to support the key productive sectors of...Published: 03 Nov 2021 at 05:14hrs | 777 | by Staff reporter
2022 National Budget Expectations
Zimbabwe's national budget for 2021 is expected to be presented within the coming 30 days amid fears of a resurgence in high levels of inflation. The country's annual inflation dropped from 363% recor...Published: 01 Nov 2021 at 14:30hrs | 614 | by Victor Bhoroma
ZSE gains US$287bn
THE Zimbabwe Stock Exchange (ZSE) gained $286,760 billion in value during the third quarter of this year due to inflation hedging activities and increased retail investors participation, a report by O...Published: 01 Nov 2021 at 07:29hrs | 540 | by Staff reporter
Banks lobby for tax regime revamp
ZIMBABWE'S banking sector says government must extend tax payment periods to twice a year to give industries breathing space after being affected by pandemic-related headwinds.Under current po...Published: 01 Nov 2021 at 07:27hrs | 393 | by Staff reporter
Inflation charge unsettles monetary authorities
THE Reserve Bank of Zimbabwe (RBZ)'s monetary policy committee (MPC) effected sweeping policy changes to stabilise volatile markets on Friday, as it disclosed that it had been unsettled by development...Published: 31 Oct 2021 at 07:01hrs | 176 | by Staff reporter
Businesses told to comply with bank rate
RESERVE Bank of Zimbabwe (RBZ) Deputy Governor Dr Kupukile Mlambo has urged captains of industry and businesses to comply with the foreign currency auction exchange rate and price reasonably to avoid ...Published: 31 Oct 2021 at 06:56hrs | 238 | by Staff reporter
RBZ moves in to defend currency
THE Reserve Bank of Zimbabwe (RBZ) last week moved to contain growing inflationary pressures and exchange rate volatility by hiking the bank's policy rate from 40 percent to 60 percent.Resurge...Published: 31 Oct 2021 at 06:54hrs | 156 | by Staff reporter
Positive growth visible, says Mthuli
The economy is on a robust growth and development trajectory, with major sectors performing above projected levels despite the existence of a number of problems affecting the economic activity, Financ...Published: 29 Oct 2021 at 09:07hrs | 1820 | by Staff Reporter
RBZ dishes out US$6 million to 130 000 citizens
THE Reserve Bank of Zimbabwe (RBZ) has disbursed more than US$6 million to close to 130 000 people following Government's decision last month to promote financial inclusion and access to forex for sma...Published: 29 Oct 2021 at 08:11hrs | 3528 | by Staff Reporter
Zanu-PF wants Chamisa Biti charged with treason over sanctions
THE Zanu-PF Manicaland youth league chapter says opposition leader Nelson Chamisa and his deputy Tendai Biti must face treason charges for lobbying sanctions against Zimbabwe.The calls were ma...Published: 26 Oct 2021 at 06:43hrs | 4998 | by Staff reporter
ZACC probes court sheriff
THE Zimbabwe Anti-Corruption Commission (Zacc) is investigating High Court Sherriff McDuff Madega for suspected criminal abuse of office and the illegal sale of more than 10 properties attached by the...Published: 26 Oct 2021 at 06:37hrs | 211 | by Staff reporter
'Abandon the Zimdollar'
PRESSURE is mounting on Finance minister Mthuli Ncube to dollarise the economy after members of the public told Parliamentarians that it was the only way to tackle price and exchange rate instability ...Published: 26 Oct 2021 at 06:36hrs | 656 | by Staff reporter
Mthuli Ncube told to dollarise
PRESSURE is mounting on Finance minister Mthuli Ncube to dollarise the economy after members of the public told Parliamentarians that it was the only way to tackle price and exchange rate instability ...Published: 25 Oct 2021 at 06:25hrs | 2953 | by Staff reporter
Parallel market exchange rates tumbles
EXCHANGE rates on the parallel market remained stable in the last two weeks following a raft of measures implemented by the Reserve Bank of Zimbabwe (RBZ) among other factors.The central bank ...Published: 24 Oct 2021 at 09:41hrs | 3779 | by Staff reporter
No to US dollar as sole currenc, says Mthuli
ZIMBABWE will not adopt the United States dollar as the country's sole currency, but will work to progressively defend the value of the local unit, while businesses that refuse to accept the Zimbabwe ...Published: 24 Oct 2021 at 09:27hrs | 263 | by Staff reporter
RBZ shuts down forex platform to stem currency decline
ZIMBABWEAN authorities shut down a popular black-market currency-tracking platform, the latest action to try and stop an accelerating decline in its currency.The central bank ordered marketwat...Published: 21 Oct 2021 at 06:22hrs | 4172 | by Staff reporter
'NRZ has been on perennial decline mode'
THE National Railways of Zimbabwe (NRZ) says COVID–19-induced hard lockdowns and competition from the road transportation system will see total freight volumes dropping to 2,1 million tonnes this ye...Published: 21 Oct 2021 at 06:21hrs | 309 | by Staff reporter
Shops continue using 'illegal' rates
WARNINGS by the Reserve Bank of Zimbabwe's (RBZ) Financial Intelligence Unit and the recent arrest of directors of some top companies over foreign currency manipulation seem to have fallen on deaf ear...Published: 21 Oct 2021 at 06:17hrs | 552 | by Staff reporter
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