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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…

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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…

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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…

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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…

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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…

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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…

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AfDB projects 1.3% growth rate for Zimbabwe for 2017

AfDB 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…

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

Divided 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…

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No respite for consumers as inflation hits 40-month high to 0.48pc

No respite for consumers as inflation hits 40-month high to 0.48pc HARARE- The country’s April inflation rate has unremittingly continued on a determined rise, gaining 0.27 percent on the March rate to stand at 0.48 percent in April, a forty-month high, data from Zimbabwe National Statistics Agency (Zimstat) shows. The last record of inflation above…

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

No 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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