Ncube retracts London statement, says RTGS deposits will be maintained at 1:1

HARARE – In what could largely be interpreted as a retraction of sorts, Finance and Economic Development Minister Mthuli Ncube has said that Government remains committed to preserve the value of RTGS deposits at the current exchange rate of 1 to 1. This he said is being done in order to protect people’s savings. Ncube’s […]

Posted in , | Tagged , , , | Leave a comment

Monetary solutions to economic problems is what brought Zim to where it is now  

This article was sent out as an email on October 4, 2018 Dr Tinashe Nyamunda and Happiness Zengeni HARARE- Throwing monetary solutions at economic problems is nothing new in Zimbabwe’s economic history. In 1981, the Zimbabwe Conference for Reconstruction and Development (ZIMCORD) was held to raise money required to finance economic development. There was excitement […]

Posted in , | Tagged , , | Leave a comment

Zimbabwe secures $250mln line of credit for importation of essential goods

HARARE – Zimbabwe has secured a $250 million line of credit from a United Kingdom investment fund (Gemcorp), which will be used for the importation of essential goods. The facility comes as part of efforts by the Reserve Bank of Zimbabwe to bridge the forex gap, which is created when the tobacco selling season ends. […]

Posted in | Tagged , , , , , | Leave a comment

Foreign businesses in reserved sectors to continue operating under amended Indigenisation Act 

Foreign businesses in reserved sectors to continue operating under amended Indigenisation Act HARARE – All foreign-owned businesses which were operating in the reserved sectors of the economy under the Indigenisation Act before January 1, 2018, have been allowed to operate only if they are registered with the Zimbabwe Revenue Authority and they open and maintain bank accounts in accordance with […]

Posted in | Leave a comment

Externalisation probe begins

HARARE 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 […]

Posted in , , , | Tagged , , , | Leave a comment

Zim investment outflows up 50% to $33mln as FDI declines 24% in 2016

Zim investment outflows up 50% to $33mln as FDI declines 24% in 2016 HARARE – The country’s investment inflows declined last year to $319 million compared to $421 million in the prior year, according to the World Investment Report released this afternoon by United Nations Commission for Trade and Development. However, Zimbabwe’s investment outflows surged […]

Posted in | Leave a comment

Zimra surpasses May revenue targets on improved operational efficiency

Zimra surpasses May revenue targets on improved operational efficiency HARARE – Zimbabwe Revenue Authority has surpassed gross and net revenue collections for May due to various enhancement measures it is pursuing although it remains to be seen whether the improved flow is stable and long lasting. In a statement, Zimra said revenue targets for May […]

Posted in | Leave a comment

Factors and events to watch out for June 4 – 9

Factors 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 […]

Posted in | Leave a comment

World Bank trims Zim 2017 growth projection to 2.3 percent

World Bank trims Zim 2017 growth projection to 2.3 percent HARARE – The World Bank has slashed its 2017 growth projection for Zimbabwe by 1.5 percent, from its January projection of 3.8 percent. The size of reduction is the biggest of all least developed countries. The Bank now projects a GDP at market prices of […]

Posted in | Leave a comment

Credit Registry loads 85% of total loans since January

Credit 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 […]

Posted in | Leave a comment