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Arenel invests US$3m, expands export footprint
BUOYED by enhanced production capacity following recent capital investments, diversified food producer, Arenel Private Limited, now targets widening export market beyond Africa while creating more job...Published: 21 hrs ago | 313 | by Staff reporter
Zera probe unearths fuel scam
AN investigation by the Zimbabwe Energy Regulatory Authority (ZERA) has unearthed "massive abuse" of the Zimbabwean dollar fuel facility by oil marketers that insist on US dollar payments despite acce...Published: 19 Sep 2021 at 08:12hrs | 169 | by Staff reporter
Zimbabwe loses US$1,3bn in forex leaks
ABOUT US$1,3 billion is being siphoned out of the country every year and the proceeds are benefitting countries that ironically accuse Government of corruption.This was revealed by the Zimbabw...Published: 19 Sep 2021 at 08:10hrs | 228 | by Staff reporter
Mnangagwa govt's fake mega-deals raised false hopes
IN the run-up to the 30 July 2018 elections, President Emmerson Mnangagwa repeatedly claimed that Zimbabwe had attracted investment commitments amounting to over US$16 billion since he took over power...Published: 18 Sep 2021 at 19:38hrs | 969 | by Staff reporter
'Zimbabwean families struggling to buy food'
LEADING consumer bodies have confirmed that residents are experiencing decreased food levels in households on the back of the rising cost of living.This comes following a recent damning report...Published: 17 Sep 2021 at 06:19hrs | 284 | by Staff reporter
Arenel gets SEZs status
ONE of Bulawayo's top companies, Arenel Private Limited, has been granted a special economic zone (SEZ) status, a decision meant to add impetus to the firm's production efficiencies. A SEZ is ...Published: 13 Sep 2021 at 05:53hrs | 243 | by Staff reporter
Sakunda seals record sponsorship with Bosso
A company linked to corruption involving billions of dollars is set to be unveiled as the flagship sponsor of Zimbabwe's two biggest football clubs, Dynamos and Highlanders.Sakunda Holdings, w...Published: 12 Sep 2021 at 12:33hrs | 2803 | by Staff reporter
Biti caution govt over IMF windfall
ZIMBABWE'S former Finance ministers Herbert Murerwa and Tendai Biti have warned the government against using the recent US$961 million worth of special drawing rights (SDRs) from the International Mon...Published: 10 Sep 2021 at 07:39hrs | 1792 | by Staff reporter
Calls for diaspora vote grow louder
MYRIGHT2VOTE, a Zimbabwean group led by the dethroned Ntabazinduna Chief Nhlanhlayamangwe Ndiweni, has added its voice to growing calls for the government to permit diaspora vote.The organisat...Published: 10 Sep 2021 at 07:36hrs | 708 | by Staff reporter
Foreign investors line up new bank in Zimbabwe
A group of domestic and foreign investors has lodged an application with Zimbabwean authorities to roll out an investment bank, the first such institution since investment banks were toppled under the...Published: 10 Sep 2021 at 07:35hrs | 2978 | by Staff reporter
Bureaux de change start selling US dollars to public
BUREAUX de change yesterday started selling foreign currency to ordinary walk-in customers as per the resolutions of Reserve Bank of Zimbabwe monetary policy committee MPC) meeting last month to promo...Published: 10 Sep 2021 at 07:19hrs | 748 | by Staff reporter
Armed robbers kill man in home raid
A Bulawayo man was shot dead at his home by four suspected armed robbers in an attack that left his neighbour with gunshot wounds. The man's family talked about the devastation of losing a loved one f...Published: 09 Sep 2021 at 06:11hrs | 2128 | by Staff reporter
Zimbabwe foreign currency receipts jump to US$5bn
ZIMBABWE'S foreign currency receipts have risen by 32 percent to US$5,09 billion in the last eight months against US$3,85 billion received in the corresponding period last year. The bulk of th...Published: 09 Sep 2021 at 06:11hrs | 539 | by Staff reporter
Time Bank set to reopen
Time Bank of Zimbabwe Limited, the first locally owned commercial bank to be established in the country, is set to reopen soon its doors to the public, the bank's owners said in a statement ahead of t...Published: 09 Sep 2021 at 06:04hrs | 448 | by Staff reporter
Will the IMF US$961m windfall rescue Zimbabwe?
According to the International Monetary Fund (IMF), Covid-19 has caused substantial long-term global macroeconomic environment change, and the pandemic inflicted long-term scars on the global economy....Published: 05 Sep 2021 at 07:04hrs | 238 | by Learnmore Nyamudzanga
Mthuli Ncube to launch US$ bond on VFEX
WITH the Victoria Falls Stock Exchange (VFEX) being one of the innovation reforms meant to support the process of financial deepening, Government is working on launching a US$ bond and list it on the ...Published: 05 Sep 2021 at 06:58hrs | 1849 | by Staff reporter
Old Mutual rallies re-engagement efforts
FINANCIAL services provider, Old Mutual Holdings has implored relevant authorities to continue with international re-engagement efforts to attain healthier relations with international financial marke...Published: 05 Sep 2021 at 06:53hrs | 172 | by Nobleman Runyanga
IMF SDR release puts Biti in his place
IN April 2021, the International Monetary Fund's Catastrophe Containment and Relief Trust (CCRT) granted debt relief to the 28 poorest and most vulnerable countries hit by catastrophic natural disaste...Published: 05 Sep 2021 at 06:53hrs | 1092 | by Nobleman Runyanga
'Banks troop back into Zimbabwe agric funding'
GOVERNMENT has announced a fresh plan to attract banks into funding agricultural production, with draw-downs from the recently released International Monetary Fund Special Drawing Rights (SDRs) being ...Published: 03 Sep 2021 at 06:57hrs | 1006 | by Staff reporter
LEAD hails RBZ Governor Mangudya
The Labour Economists and Afrikan Democrats (LEAD) has hailed the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya for paying attention to their concerns on the need to make the United States ...Published: 02 Sep 2021 at 10:34hrs | 1022 | by Stephen Jakes
RBZ vows to clear US$175m allotment backlog by month end
THE Reserve Bank of Zimbabwe (RBZ) says it will clear the US$175 million foreign exchange allotment backlog within a month.The delay in allocating the foreign currency on the auction market wh...Published: 31 Aug 2021 at 06:12hrs | 244 | by Staff reporter
Push for digital currency gains traction
ZIMBABWEAN firm, Global Renaissance Investment (GRI) says Zimbabwe must seriously consider introducing a central bank digital currency (CBDC) to stabilise the economy.A CBDC is sovereign legal...Published: 30 Aug 2021 at 05:52hrs | 376 | by Staff reporter
Millers back fresh policies
ZIMBABWE'S milling industry have showered praises on under fire Finance minister, Mthuli Ncube for "continued strenuous efforts" in maintaining fiscal discipline to rebuild the troubled economy....Published: 29 Aug 2021 at 07:13hrs | 159 | by Staff reporter
Zimbabwe's IMF funds targeted for industry
A portion of the US$961 million received from the International Monetary Fund (IMF) in the form of Special Drawing Rights (SDRs) could be used to extend concessionary loans to industry.The IMF...Published: 29 Aug 2021 at 07:10hrs | 153 | by Staff reporter
IMF funds to power Zimbabwe's economic agenda
The US$961 million boost received from the International Monetary Fund (IMF) last week will give impetus to the country's economic programmes guided by the five-year National Development Strategy 1 (N...Published: 29 Aug 2021 at 07:07hrs | 113 | by Staff reporter
Mthuli Ncube won't adopt the black market rate
FINANCE Minister Mthuli Ncube says the government will not be forced into following the parallel market foreign currency rate.He was responding to MPs during a question and answer session Wedn...Published: 28 Aug 2021 at 05:48hrs | 928 | by Staff reporter
'Zimbabwe industry defies odds, hits 95% capacity'
ZIMBABWE'S industries have emerged from the crossfire of Covid-19-induced lockdowns and forex shortages to extend a bounce-back registered since the second quarter of this year, central bank chief Joh...Published: 27 Aug 2021 at 06:39hrs | 746 | by Staff reporter
Zamco clears US$14,3m in bad debts
OVER 70% of the total loans taken over by the Zimbabwe Asset Management Company (Zamco) have been fully expunged, with the vehicle now seized with processes to wind up its operations ahead of its suns...Published: 27 Aug 2021 at 06:38hrs | 195 | by Staff reporter
Public confidence in Zimdollar keeps waning, no end in sight
THE revelation by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya that the widening gap between the official and parallel foreign currency exchange rates is due to locals preferring the greenbac...Published: 27 Aug 2021 at 06:37hrs | 1626 | by Staff reporter
Biti's efforts to block IMF from giving Zimbabwe funds failed
Despite MDC-Alliance vice president Tendai Biti's efforts to block the International Monetary Fund (IMF) from giving Zimbabwe nearly US$1 billion in Special Drawing Rights (SDRs), the Government of Zi...Published: 26 Aug 2021 at 17:45hrs | 1415 | by Staff Reporter
Chamisa demands to know how IMF's US$1 billion will be used
THE opposition MDC Alliance led by Nelson Chamisa has demanded transparency in the disbursement US$961 million received recently from the International Monetary Fund (IMF).The funds came throu...Published: 26 Aug 2021 at 15:15hrs | 1118 | by Staff reporter
Fuel importers face ban over forex abuse
Companies importing fuel using foreign currency obtained from the Reserve Bank of Zimbabwe's auction system and refusing to retail in local currency now face punitive action following a Government res...Published: 26 Aug 2021 at 06:32hrs | 333 | by Staff reporter
CFI hails RBZ for stabilising Zimdollar
AGRO- industrial concern, CFI holdings has hailed the Reserve Bank of Zimbabwe (RBZ) for putting in place measures aimed at reinforcing the stability of the local currency which have seen a decelerati...Published: 25 Aug 2021 at 08:33hrs | 1408 | by Staff reporter
Looting concerns abound over US$1bn IMF windfall
Zimbabwe on Monday received a whopping US$961 million, its allocation under the International Monetary Fund (IMF)'s US$650 billion Special Drawing Rights (SDR) amid fears of abuse largely due to the c...Published: 25 Aug 2021 at 06:47hrs | 1137 | by Staff reporter
Gold incentives lift output
INCENTIVE schemes announced early this year to boost gold deliveries to the State-run Fidelity Printers and Refiners (FPR) have bolstered shipments into the formal market, Reserve Bank of Zimbabwe (RB...Published: 25 Aug 2021 at 06:43hrs | 176 | by Staff reporter
Zimbabwe telcos facing resistance to more tariff increases
ZIMBABWE'S telecommunications firms desperately want to increase tariffs to counter rising costs stemming from the huge gulf between the official exchange rate and the one prevailing on the parallel m...Published: 24 Aug 2021 at 06:34hrs | 1063 | by Staff reporter
RBZ establishes collateral registry
THE Reserve Bank of Zimbabwe (RBZ) is working with BSystems Limited of Ghana to operationalise the collateral registry system by year end, after the apex bank awarded the company the tender for the da...Published: 24 Aug 2021 at 06:27hrs | 259 | by Staff reporter
Zambian economy outplayed Lungu
The misconception that a replication of Edgar Lungu's political dilemma will befall Zimbabwe come 2023 will remain a mirage, not only for Nelson Chamisa who rushed to ululate at the then opposition pa...Published: 23 Aug 2021 at 07:47hrs | 2377 | by Daphine Zulu
Bumper harvest trims Zimbabwe cereal imports
ZIMBABWE has started reaping benefits of a stellar agricultural season after cereal imports, including maize, dropped to 1,9 percent in the five months to May 2021 from 9,1 percent in January, officia...Published: 23 Aug 2021 at 06:48hrs | 225 | by Staff reporter
Outcry as RTGS fuel is sold in forex
HALF of the fuel on the market is procured through the Reserve Bank of Zimbabwe (RBZ) financial facility and should be sold in local currency, but some unscrupulous garage owners who are benefitting f...Published: 22 Aug 2021 at 07:49hrs | 474 | by Staff reporter
'Public prefers US$ over Zimdollars'
RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya has blamed the widening gap between the official and parallel forex rates on locals preferring greenback over the local currency as a store of val...Published: 21 Aug 2021 at 07:35hrs | 1321 | by Staff reporter
Tagwirei linked companies cited in US$49m privatisation deal
AS Treasury maintains a tight lid over the identity of gold producers who snapped 60% shareholding in Fidelity Printers and Refiners (FPR), emerging details show that Kuvimba Mining House, Better Bran...Published: 20 Aug 2021 at 07:22hrs | 1319 | by Staff reporter
RBZ hunts for $1,5 billion
GOVERNMENT yesterday began hunting for $1,5 billion to finance its operations, with the Reserve Bank of Zimbabwe (RBZ) approaching the market to invest in a two-year treasury bond.In a stateme...Published: 16 Aug 2021 at 06:49hrs | 3075 | by Staff reporter
Mnangagwa's helicopter was forced to return to Harare after failing to land in Mutare
PRESIDENT Emerson Mnangagwa's helicopter was forced to return to Harare after failing to land in Mutare due to thick fog which led to security personnel raise fears it could crash in the mountainous b...Published: 15 Aug 2021 at 08:59hrs | 3921 | by Geoffrey Nyarota
Kaseke refuses ZTA package
CORRESPONDENCE between former Zimbabwe Tourism Authority (ZTA) former board chairperson Chipo Mtasa and former Tourism minister Walter Mzembi has exposed how the ZTA board has over the years failed to...Published: 14 Aug 2021 at 18:26hrs | 3769 | by Staff reporter
Fuel imports figures stunted, says Zera
RECURRENT foreign currency shortages, worsened by Covid-19 restrictions, are suppressing fuel imports with latest data from the Zimbabwe Energy Regulatory Authority (ZERA) showing stunted movements in...Published: 13 Aug 2021 at 06:51hrs | 616 | by Eben Mabunda
Zimdollar retains stability at weekly auction platform
THE Zimbabwe dollar this week traded at 85,74 against the United States dollar at the official weekly foreign currency exchange auction conducted yesterday. Last week, the exchange rate at the auction...Published: 13 Aug 2021 at 06:42hrs | 406 | by Staff reporter
TN Holdings' shop charged for refusing Zimdollars
A TN Holdings shop in Harare has been dragged to court for refusing to accept Zimdollar payments.This was revealed when company representative Ruth Nyambirai, who is head of retail at TN Holdi...Published: 12 Aug 2021 at 06:45hrs | 1356 | by Staff reporter
RBZ negotiates US$150m African bank deal
THE Reserve Bank of Zimbabwe (RBZ) says it has negotiated the unlocking of up to US$150 million from the Afreximbank through a Letter of Credit arrangement as part of efforts to widen support towards ...Published: 09 Aug 2021 at 07:34hrs | 314 | by Staff reporter
Forex backlog to be cleared in one month
The Government - through the Reserve Bank of Zimbabwe (RBZ) - intends to clear the foreign currency backlog at the auction system within a month-and-a-half, Secretary for Finance Geo...Published: 09 Aug 2021 at 07:33hrs | 155 | by Staff reporter
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