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Externalisation probe begins

00HARARE Finance and Economic Development Minister Patrick Chinamasa has said government has started investigations to identify individuals and companies involved in externalising foreign currency from Zimbabwe and in turn fuelling the current cash crisis. Zimbabwe is battling an acute cash shortage attributed to several factors chiefly externalisation and low exports. The country’s monetary authorities have…

Factors and events to watch out for June 4 – 9

00Factors and events to watch out for June 4 – 9  HARARE –The week began with the launch of Global Economic Prospects report for June last night, which revised downwards Zimbabwe’s medium term growth to below regional averages. The following announcements, scheduled economic indicators, market moves and political events may affect the Zimbabwean market this…

Credit Registry loads 85% of total loans since January

00Credit Registry loads 85% of total loans since January HARARE – The Reserve Bank of Zimbabwe (RBZ)’s Credit Registry system which became operational in January 2017 has to date loaded 84.75 % of total loans extended by the banking sector in its data base. According to a press statement on the update of ease of…

AfDB projects 1.3% growth rate for Zimbabwe for 2017

00AfDB projects 1.3% growth rate for Zimbabwe for 2017 HARARE -Zimbabwe’s gross domestic product (GDP) growth is projected to increase by 1.3% in 2017, supported by improvements in the agriculture, tourism, manufacturing, construction and financial sectors, according to the 2017 African Economic Outlook released by the African Development Bank (AfDB).  The projected growth rate is…

Divided local contractors set to lose out on Beitbride-Chirundu Highway

00Divided local contractors set to lose out on Beitbride-Chirundu Highway HARARE- Sharp divisions have rocked the construction industry ahead of the much anticipated Beitbridge -Harare-Chirundu highway project as local contractors are reportedly failing to agree on forming a consortium, Finx can report. Although President Robert Mugabe last week implored local contractors to merge, a battle…

No more NPL acquisitions says Zamco after closing the window on submissions in Q1

00No more NPL acquisitions says Zamco after closing the window on submissions in Q1 HARARE – The Zimbabwe Asset Management Company (Zamco) has no appetite to acquire more non-performing loans, as continued acquisitions might erode the incentive to guard against risk in the financial sector. Zamco chief executive Cosmas Kanhai said that continuous acquisitions by…

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