Business
Banks fail to exhaust USD on RBZ auction
BANKS managed to buy only a third of the foreign currency available on the Reserve Bank of Zimbabwe (RBZ)’s wholesale foreign currency auction yesterday as the market buckled under a Zimbabwe dollar liquidity crunch. Analysts expect the exchange rate (official and parallel market), which recently took a battering from the negative impact of excess liquidity […]
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Zimdollar gains against USD . . . as economic stabilisation measures bear fruit
THE Zimbabwe dollar exchange rate gained nine percent against the United States dollar on the Reserve Bank of Zimbabwe (RBZ) wholesale foreign currency auction for banks yesterday, the second time within a week, as local currency liquidity continues to tighten across the economy following a raft of economic stabilisation measures rolled out by the Government. […]
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President Mnangagwa interfaces with miners in Midlands
President Mnangagwa is expected at the Zanu PF Winery Convention Centre in Gweru for an interface with the Miners Forum for Economic Development (Miners4ED). In attendance will mainly be small to medium-scale miners. The Second Republic has set a target to achieve a US$12 billion mining economy by this year buoyed by minerals such as […]
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ZB unveil an international virtual service centre
Diversified financial services group, ZB Holdings unveiled the International Virtual Service Centre (IVSC) this morning in Harare. The IVSC is a paperless service which makes use of digital platforms to transact. Customers can access the bank’s services virtually through a phone call, email, whatsapp or message. Speaking at the launch, ZB Group Chief Executive Officer […]
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Monthly inflation jumps to 74,5 percent
ZIMBABWE’S month-on-month inflation rate increased by 58,8 percentage points to settle at 74,5 percent from 15,7 percent in May, figures from Zimbabwe National Statistics Agency (ZimStats) have revealed. In a report released yesterday, Zimstat said this means that prices as measured by all items Consumer Price Index (CPI) increased by an average of 74,5 percent. […]
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National Foods pays workers’ trust dividend
THE National Foods Workers’ Trust earned a dividend of US$188 977 for the half-year to December 2022 and the amount is being paid out to qualifying non-managerial employees. This brings the total amount paid over the financial year to US$576 707. In an interview with the National Foods Limited group human resources executive Alice Pawarikanda […]
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Iron, steel sector targets US$6bn
The Iron and Steel and General Engineering Industry plans to generate US$6 billion and employ 50 000 people by 2026, officials have said. This came out yesterday during the inauguration ceremony of the Strategic Leadership Association for Zimbabwe Engineering Iron and Steel Industry (SLAZEISI) in Harare. The Government then said it will support the Iron […]
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Zimplats to build sulphuric acid plant
Michael Tome Business Reporter ZIMBABWE Platinum Mines (Zimplats) says it is investing towards the establishment of a wet acid plant, which will produce sulphuric acid, a key input in phosphate fertiliser production, as part of the group’s planned US$1,8 billion capital expenditure programme. The plant is expected to produce about 100 kilotonnes of sulphuric acid […]
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Govt directs corporates to pay 50% forex income tax obligation in local currency
In a move meant to promote the use of the local currency, government has directed corporates to pay 50% of their income tax second quarter Quarterly Payment Date (QPD) in local currency. The Ministry of Finance and Economic Development advised the public in statement. “In this regard and to further promote the use of the […]
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President Mnangagwa leaves no one behind
INDEED Zanu-PF is a colossal party. Mutema High School in the serene environs of Chipinge District in Manicaland was the venue. To many people, the Mutema area of Chipinge is associated with the thriving irrigation scheme. This is the land of horticulture produce almost all year round. Cheap tomatoes and onions are the most popular […]
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