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BCC insists on forex for stands
THE Bulawayo City Council (BCC) has shattered the dreams of scores of locals wishing to own homes, telling them to "shut-up" if they cannot afford housing stands that have been priced in foreign curre...Published: 3 hrs ago | 113 | by Staff reporter
Companies to pay double tax in forex, defaulters face jail terms and fines
Companies trading in foreign currency that fail to remit Value Added Tax in foreign currency face stiff penalties that include double payment of arrears in hard currency, the Zimbabwe Revenue Authorit...Published: 22 Mar 2019 at 06:52hrs | 903 | by Staff reporter
Proposed govt law to bring clarity on forex repatriation fears
PRESIDENT Emmerson Mnangagwa's government is in the process of formulating a law that would spell out how foreign investors can repatriate their profits from Zimbabwe, a country facing foreign currenc...Published: 21 Mar 2019 at 07:31hrs | 574 | by newzimbabwe
Patients stranded at Mpilo Central Hospital in Bulawayo
OVER 300 patients who require surgery risk developing life threatening complications following breakdown of anaesthetic machines at Mpilo Central Hospital in Bulawayo. The referral hospital wh...Published: 21 Mar 2019 at 07:24hrs | 354 | by Staff reporter
Bulawayo council defends selling stands in US$
THE Bulawayo City Council has defended the sale of residential stands in low density areas in foreign currency, saying the pricing was on a cost recovery basis at no profit. The city council s...Published: 21 Mar 2019 at 07:24hrs | 942 | by Staff reporter
Zimbabwe inflation to decline to 10%
Finance Minister Mthuli Ncube sees inflation - currently at 59% - declining to 10% by the end of the year.He is banking on slowing down money supply, liberalisation of the exchange rate and ot...Published: 20 Mar 2019 at 07:53hrs | 2871 | by Staff reporter
Mnangagwa's grand lie on forex list revisited
In March 2018 President Emmerson Mnangagwa announced a list on companies that engaged in illicit financial flows externalized through non repatriation of export proceeds.The much-hyped list ca...Published: 19 Mar 2019 at 17:54hrs | 4655 | by Mandla Ndlovu
Forex shortages gnaws Zimbabwe's fertilizer industry
ZIMBABWE'S fertilizer industry says it is constrained by forex shortages, but it still has the capacity to produce enough to meet the country's demand this year and export excess production.Zi...Published: 19 Mar 2019 at 06:48hrs | 230 | by Staff reporter
'Interbank market won't be manipulated'
Mechanisms have been put in place to ensure that the foreign currency interbank market will not be manipulated, Finance and Economic Development Minister Professor Mthuli Ncube has said. This ...Published: 19 Mar 2019 at 06:25hrs | 328 | by Staff reporter
Delta Corporation operating at full capacity
Listed beverages manufacture Delta Corporation is expected to resume operating to full capacity this week. This comes as the company's forex woes have been reduced following the introduction of the in...Published: 18 Mar 2019 at 07:01hrs | 1762 | by FinX
Zimra taken to court over forex duty
A BULAWAYO man has taken the Zimbabwe Revenue Authority (Zimra) to court challenging its decision to charge him duty in foreign currency for his imported vehicle. The vehicle, a Toyota Hilux w...Published: 18 Mar 2019 at 06:45hrs | 879 | by Staff reporter
'Currency floating brings stability'
The recent decision by the monetary authorities to float the currency and let the value be determined by market forces, has generated some form of stability, a renowned economist John Robertson has sa...Published: 18 Mar 2019 at 06:34hrs | 3150 | by Staff reporter
Zimbabwe struggles despite huge forex inflows
ZIMBABWE is doing fairly well in terms of foreign currency earnings compared to countries such as Rwanda and Ethiopia yet the country is struggling to meet its forex obligations, a situation which has...Published: 17 Mar 2019 at 08:56hrs | 2949 | by Staff reporter
TelOne gears up for privatisation
TelOne says it has appointed a consultant who will advise the company on the restructuring of its staggering $380 million debt as it seeks to clean its books and attract private capital.TelOne...Published: 17 Mar 2019 at 08:48hrs | 490 | by Staff reporter
Forex shortages hit Zimbabwe's payment systems
ZIMBABWE'S payments ecosystem faces collapse as players in the sector are failing to pay licensed and maintenance fees to foreign service providers, Standardbusines has established.In recent w...Published: 17 Mar 2019 at 08:46hrs | 580 | by Staff reporter
RBZ, CZI push for interest on forex accounts
The Reserve Bank of Zimbabwe (RBZ) and industry are currently engaging banks to offer interest on foreign currency deposits in order to attract more inflows, particularly those with a long-term tenure...Published: 17 Mar 2019 at 08:33hrs | 185 | by Staff reporter
When will Mnangagwa act on Zimbabwe's death trap hospitals?
She's being called the doctor who moved a nation. This week Azza Mashumba, the head of paediatrics at Harare's main-and-in-desperate-straits Parirenyatwa Hospital, made a tearful plea to the health mi...Published: 15 Mar 2019 at 19:14hrs | 1081 | by Oliver Matthews
Mangudya forecasts RTGS$ equilibrium with US dollar
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya forecasts an exchange rate equilibrium between the Real-Time Gross Settlement (RTGS) dollar and the United States dollar on the inter-bank trading...Published: 15 Mar 2019 at 17:17hrs | 6637 | by Staff reporter
Zesa's govt subsidies now unsustainable
UNECONOMIC electricity tariffs and high country risk have resulted in state power utility Zesa Holdings subsidiary, Zimbabwe Electricity Transmission and Distribution Company (ZETDC), planning massive...Published: 15 Mar 2019 at 17:12hrs | 702 | by Staff reporter
Zimbabwe 'losing fuel' to forex-rich neighbours
Zimbabwe could be losing millions of litres of fuel to neighbouring countries under its bonded warehouse scheme because the government is failing to mobilise foreign currency to pay for the commodity ...Published: 15 Mar 2019 at 08:42hrs | 3753 | by Staff reporter
Paynet Zimbabwe services go offline
BUSINESS has been affected after Paynet Zimbabwe services went offline, cutting off local banks following failure to pay external licence fees. Paynet is the electronic payments processing sys...Published: 15 Mar 2019 at 05:56hrs | 977 | by Staff reporter
Zimbabwe miners to pay 80% wage increase
Zimbabwe mining companies are to award a wage increase of just under 80% to mine workers, with the salary for the lowest-paid worker in the industry rising to about 480 RTGS dollars per month....Published: 14 Mar 2019 at 19:25hrs | 1199 | by Staff reporter
Treasury still to direct banks on inter-bank trade: MDC-T MP
MDC-T legislator Priscilla Misihairabwi-Mushonga has alleged that Finance minister Mthuli Ncube has not instructed banks to implement the United States dollar to RTGS dollar 1:2,5 inter trade rate ann...Published: 14 Mar 2019 at 07:45hrs | 358 | by Staff reporter
Bulawayo companies struggling to access RBZ's forex interbank market
BUSINESSES in Bulawayo say they are struggling to access foreign currency from the interbank market due to its unavailability, contrary to the central bank's statement that the firms could not afford ...Published: 13 Mar 2019 at 07:03hrs | 755 | by Staff reporter
Mthuli Ncube speaks about adopting the rand by Zimbabwe
Zimbabwean finance minister Mthuli Ncube said the possibility of his country either adopting the SA rand as its main currency of trade - alongside its local unit, the RTGS dollar - or joining the rand...Published: 12 Mar 2019 at 17:01hrs | 16034 | by TimesLive
Tobacco season to begin next week
ZIMBABWE'S 2019 tobacco marketing season will start on March 20, the industry's regulator has said.Tobacco is the country's second biggest export earning commodity after gold.Last year...Published: 12 Mar 2019 at 06:04hrs | 429 | by Staff reporter
RTGS dollar to devalue before tobacco auction - Mangudya
Reserve Bank governor John Mangudya on Monday said the exchange rate for the new transitional currency is unlikely to remain at 2.5 per U.S. dollar by the time tobacco auctions open next week, suggest...Published: 12 Mar 2019 at 05:54hrs | 2395 | by Reuters
'Black market can't determine forex rates'
Government cannot allow itself to be influenced by the black market in determining foreign exchange rates on interbank transactions as the parallel market is run by a few individuals transacting on no...Published: 12 Mar 2019 at 05:44hrs | 410 | by Staff rpeorter
'Inter-bank trades US$12m weekly'
The inter-bank foreign exchange market is averaging trades of US$12 million weekly, three weeks after its introduction, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya told Parliamentarians y...Published: 12 Mar 2019 at 05:43hrs | 174 | by Staff reporter
Zimbabwe industry appeals to govt to put in place import controls
ZIMBABWE'S industry has appealed to government to put in place import controls to protect local companies.At a meeting organised by the Ministry of Industry and Commerce in Bulawayo last week,...Published: 11 Mar 2019 at 07:09hrs | 247 | by Staff reporter
Crisis in Bulawayo
Bulawayo water woes may worsen following revelations that the city is left with only a week's supply of water treatment chemicals. The city is already on a 48-hour weekly water shedding schedule in al...Published: 11 Mar 2019 at 07:02hrs | 2605 | by Staff reporter
55 companies shut down
OVER 50 companies have been liquidated since President Emmerson Mnangagwa came to power in November 2017, throwing thousands of people out of employment.Documents obtained by Standardbusiness ...Published: 10 Mar 2019 at 09:11hrs | 1379 | by Staff reporter
Biti, this world will humble you!
Even after having gone through the intellectual rigours of philosophy and theology at seminary, Bishop Lazi still doesn't fancy the nature versus nurture debate.But there is a particularly ine...Published: 10 Mar 2019 at 08:48hrs | 2849 | by Bishop Lazi
Zimra collects US$18,5 million forex from retailers
THE Zimbabwe Revenue Authority (Zimra) has so far collected almost US$18,5 million in value added tax (VAT) from retailers selling goods and services in foreign currency, it has been learnt.Go...Published: 10 Mar 2019 at 08:46hrs | 282 | by Staff reporter
Billions missed through raw tobacco exports
Zimbabwe prepares for the opening of the 2019 Tobacco Marketing season set to start on the 21st of March, the local market is hyped up in anticipation. In 2018, Zimbabwe produced an all-time high of 2...Published: 10 Mar 2019 at 07:10hrs | 645 | by Victor Bhoroma
Zimbabwe banks get $7m weekly for trading on the forex interbank market
Government is selling an average of $7 million to banks for trading on the newly-launched forex interbank market, with Finance and Economic development minister Mthuli Ncube saying government will sta...Published: 09 Mar 2019 at 12:29hrs | 2424 | by Staff reporter
Zimbabwe's currency reform a step in the right direction says IMF
Zimbabwe's currency reform which resulted in the conversion of bond notes and all electronic money into a currency called the RTGS dollar, will mitigate the current economic woes, characterised by acu...Published: 09 Mar 2019 at 08:43hrs | 2365 | by FinX
Fostering gender equality by eradicating period poverty
Again, it is that day of the year when we commemorate International Women's Day, a day that we also take stock of the victories that have been won for girls and women so far. And again, there is not m...Published: 09 Mar 2019 at 08:41hrs | 195 | by Theresa Farai Nyava
Zinara chefs face corruption probe
DETECTIVES from the police's Criminal Investigation Department (CID) Fraud Squad have opened a probe into two Zimbabwe National Road Administration (Zinara) senior managers over allegations of corrupt...Published: 08 Mar 2019 at 13:14hrs | 1472 | by Staff reporter
Bakers debunk 100% local wheat bread
INDUSTRY experts have roundly discredited the proposal presented to Cabinet last week by a Gweru farmer who claimed that he could produce a standard loaf of bread using locally-produced wheat alone....Published: 08 Mar 2019 at 10:24hrs | 929 | by Staff reporter
Fostering gender equality by eradicating period poverty
Again, it is that day of the year when we commemorate International Women's Day, a day that we also take stock of the victories that have been won for girls and women so far. And again, there is not m...Published: 08 Mar 2019 at 09:57hrs | 192 | by Theresa Farai Nyava
'Fuel import liberalisation to ease forex demand'
BUSINESS and analysts say the move by government to liberalise fuel imports will ease pressure on forex demands and improve supply of the commodity across the country.Zimbabwe relies on fuel i...Published: 08 Mar 2019 at 07:01hrs | 778 | by Staff reporter
Network disruptions to continue
DISRUPTIONS to telecommunication networks will continue because operators owe millions of dollars to foreign firms for maintaining and upgrading their infrastructure due to the unavailability of forex...Published: 07 Mar 2019 at 06:53hrs | 793 | by Staff reporter
Mthuli Ncube considers fuel tax cut
The government is considering lowering taxes on fuel to ease the burden on consumers following the liberalisation of the foreign exchange market last week. This is coming as the government is also pla...Published: 05 Mar 2019 at 07:54hrs | 7340 | by Staff reporter
Forex shortages hit cancer clinics
PARIRENYATWA Group of Hospitals consultant oncologist Webster Kudzatsa has said foreign currency shortages have hit cancer clinics, affecting patients as institutions fail to acquire spare parts and s...Published: 05 Mar 2019 at 07:28hrs | 163 | by Staff reporter
Car duty still in forex: Zimra
DUTY on imported cars will not be affected by the recent devaluing and renaming of the surrogate currency, because all imports are cleared in hard currency, the Zimbabwe Revenue Authority (Zimra) has ...Published: 05 Mar 2019 at 07:26hrs | 1106 | by Staff reporter
Bond notes a success, claims Mangudya
RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya insists bond notes did not fail as an export incentive, but were a major success as evidenced by the rise in foreign currency receipts since th...Published: 05 Mar 2019 at 07:08hrs | 180 | by Staff reporter
RTGS Dollar legal instrument now in force
The government has released Statutory Instrument 133 of 2019 to include the recently introduced RTGS electronic money or dollars into the multi currency basket.The move follows Reserve Bank of...Published: 04 Mar 2019 at 19:42hrs | 6022 | by Staff reporter
Can the interbank FX market end the black market?
The recent monitory policy statement announcement by the Reserve Bank of Zimbabwe (RBZ) paved way for the re-introduction of the Interbank Foreign Exchange market as recommended by industry captains w...Published: 04 Mar 2019 at 10:09hrs | 2314 | by Victor Bhoroma
Beggar-thy-neighbour protectionist policy is decadent
Reports that the Zimbabwean government wants to liberalize fuel imports is a very significant development that will go a long way towards solving the country's artificial fuel shortages once and for a...Published: 03 Mar 2019 at 11:06hrs | 699 | by Colls Ndlovu
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