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NetOne to embark on 3rd phase of capital expansion project

HARARE Netone will soon embark on the third phase of its capital expansion project at a cost of nearly half a billion dollars, as it emerged it is finalising the second phase where it is investing $218 million. Information Communication Technology, Postal and Courier Services Minister Supa Mandiwanzira said in a recent interview that NetOne…

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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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RBZ releases $15 mln in $5 bond notes

RBZ releases $15 mln in $5 bond notes HARARE – The $5 bond note has entered into circulation with the Reserve Bank of Zimbabwe saying $15 million has been released as export incentives. Governor Dr John Mangudya told Finx the release brings the total amount of bond notes in circulation to $94 million (from $79…

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Zimra surpasses gross and net revenue targets for January

Zimra surpasses gross and net revenue targets for January HARARE – The Zimbabwe Revenue Authority (ZIMRA) has surpassed gross and net revenue targets for January by over four percent and three percent  respectively. The Authority collected gross and net revenue amounting to $264.79 million and $262.21 million respectively, against a target of $254.10 million. This translates…

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Zim closes December stuck in negative inflation at -0.93%

Zim  closes December stuck in negative inflation at -0.93% Zimstat / FinX HARARE – Zimbabwe’s annual inflation rate for the month of December 2016, as measured by the all items consumer price index gained by 0.16 percent to -0.93 percent, from November’s rate of -1.09 percent. “This means that prices as measured by the all…

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IMF bullish on global outlook

IMF bullish on global outlook World output will relatively increase by 3.4 percent this year, compared to last year’slower growth of 3.1 percent, says the IMF World Economic Outlook update report released today. “The baseline forecast for the global economy points to a pickup in growth over the rest of the forecast horizon from its…

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World Bank projects 3.8% GDP growth rate for Zimbabwe in 2017

World Bank projects 3.8% GDP growth rate for Zimbabwe in 2017 HARARE – The World Bank has projected a 3.8% economic growth rate for Zimbabwe in 2017, a figure 1.8 percentage points lower than June projections but more optimistic than the 1.7% the country’s own Government is targeting. According to the World Bank’s Global Economic…

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NGO accuses Britain of being bribes hub in Africa mining deals including Zimbabwe

NGO accuses Britain of being bribes hub in Africa mining deals including Zimbabwe An international organisation that fights corporate misconduct has raised concern over the failure by United Kingdom authorities to stop corrupt practices in deals between a leading Wall Street hedge fund and top officials in Zimbabwe and the Democratic Republic of Congo (DRC)….

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Export targeting not an end in itself – BMI

Export targeting not an end in itself – BMI HARARE – Increasing exports alone will not be an end in itself in Zimbabwe as structural weaknesses within the country’s balance of payments position, a high degree of political risk and weak productivity will weigh down such prospects, an economic analysis paper published yesterday by BMI…

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POSB fined $500 000, employees dismissed for social media pics -RBZ

POSB fined $500 000, employees dismissed for social media pics -RBZ HARARE – People’s Own Savings Bank has been fined $500 000 for violating sections of the Banking Act after its employees leaked pictures showing bond notes in the bank’s vaults on social media. Under Section 76 (2) of the Banking Act Preservation of secrecy…

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