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Zimbabwean economy now drifting on autopilot

AS First Lady Grace Mugabe seems to have taken over the running of the state and government behind the scenes while President Robert Mugabe looks to have lost control to his rabble-rousing wife, the e...Read more

Zimbabwean economy now drifting on autopilot

24 October 2014 | 1882 Views
AS First Lady Grace Mugabe seems to have taken over the running of the state and government behind the scenes while President Robert Mugabe looks to have lost control to his rabble-rousing wife, the e...

by Staff reporter

RBZ relaxes exchange controls to stimulate FDIs

15 October 2014 | 1302 Views
The RBZ has relaxed foreign exchange regulations as part of measures to stimulate foreign direct investment. Kupukile Mlambo, RBZ deputy governor said the central bank now allows foreign i...

by Staff reporter

Zimbabwe diamond exports sharply declines

07 October 2014 | 1930 Views
INDUSTRIAL grade diamonds dominate Zimbabwe's gem exports, although sales sharply declined to $188 million in 2013 from nearly $658 million in the previous year.The decline was due to weakenin...

by Staff reporter

Afreximbank lends Zimbabwe over $500 million annually

07 October 2014 | 986 Views
THE African Export-Import Bank (Afreximbank) is disbursing an average of $500 million per annum through various financing facilities to Zimbabwe. Afreximbank senior director (finance) Philip ...

by Staff reporter

Reduce imports, Zim govt told

06 October 2014 | 2081 Views
ZIMBABWE - THE country could save more than $2 billion dollars per annum if it reduces imports by 40 percent, a special advisory committee set up by government has said. The committee was set ...

by Business reporter

Zimbabwe heads for economic lockdown, says Tendai Biti

04 October 2014 | 4357 Views
FORMER finance minister and MDC Renewal leader, Tendai Biti, has warned that Zimbabwe is heading towards a virtual economic lockdown.Biti made the chilling warning while addressing a South...

by Staff reporter

Wave of price hikes hits Zimbabwe

02 October 2014 | 3953 Views
PRICES have started going up after a hike in fuel prices triggered by an upward review of tax on fuel by government, which is desperate to raise cash to fund a tight budget. Government increased exci...

by Staff reporter

Zimbabwe economy heads South

30 September 2014 | 3023 Views
Zimbabwe's economy continues to weaken in the absence of strong government policies as evidenced by earnings results released this month by listed stocks as all companies showed signs of stress. ...

by Staff reporter

'Zimbabwe not a basket case, has to clear debts,' says IMF

24 September 2014 | 3559 Views
Zimbabwe will not be able to access fresh funds from the World Bank and the International Monetary Fund until it has paid its long overdue arrears. The IMF head of mission to Zimbabwe, Do...

by Staff reporter

Zimbabwe to engage IFC for financial support

24 September 2014 | 1057 Views
Finance and Economic Development Minister Patrick Chinamasa says he will engage the International Finance Corporation, a unit of the International Monetary Fund, to extend financial support to loc...

by Staff reporter

Chinamasa bemoans wage bill

24 September 2014 | 3921 Views
HARARE - The wage bill for civil servants is embarrassing and unsustainable, Finance minister Patrick Chinamasa said yesterday, echoing criticism from the International Monetary Fund (IMF) as the coun...

by Staff Reporter

Chinamasa extends begging bowl, queries isolation by World Bank, IFC

23 September 2014 | 2215 Views
Zimbabwe says there is no justification in the continued isolation of the local private sector by the World Bank's affiliate, the International Finance Corporation (IFC) as the local industry ha...

by Staff reporter

Zimbabwe moves to activate African Development Bank grant

23 September 2014 | 969 Views
The Zimbabwean government has requested the services of consultants to develop an indicators manual and a development report as it moves to activate a youth grant from the African Development Bank (Af...

by Staff reporter

RBZ mulls electronic payments regulation

22 September 2014 | 1317 Views
RBZ plans to introduce regulations that govern electronic transactions following the proliferation of technology based payment platforms. RBZ Financial markets division deputy director Wil...

by Staff reporter

'Tendai Biti misfires on Kariba'

22 September 2014 | 5080 Views
The state media reports that adjustment made to the cost of constructing Kariba South hydro-electric power project from USD $355 million to USD $533 million reflects the full cost of the project m...

by Freeman Razemba

Prices of local products rising

19 September 2014 | 3113 Views
Prices of locally produced goods are seen rising as manufacturers pass the cost for excise duty on fuel to consumers, analysts have warned. MMC Capital says in its weekly market report it ...

by Staff reporter

Steady growth for Zimbabwean economy

18 September 2014 | 3189 Views
The Zimbabwean economy has maintained steady growth, slightly improving this year compared to last year's ranking, according to the latest World Economic Forum Global Competitiveness Report for 20...

by Staff Reporter

'Zimbabwe economy could collapse on Zimdollar reintroduction'

17 September 2014 | 2959 Views
ZIMBABWE'S economy risks collapsing if the country prematurely re-introduces the local currency, Finance Minister Patrick Chinamasa has said.The country adopted a basket of multi-currencie...

by Staff reporter

IMF delegation jets into Zimbabwe

17 September 2014 | 1689 Views
An International Monetary Fund (IMF) delegation has arrived in Zimbabwe for a two week review of economic policies.The IMF team will hold meetings with government ministries, the Reserve Bank ...

by Staff reporter

Zimbabwe targets 1 million platinum ounces a year

17 September 2014 | 909 Views
The Zimbabwean government is targeting to reach 1 million ounces of platinum in the next few years as four concessions of platinum are expected to be operational in the next five years.The tar...

by Staff reporter

Mugabe seals and signs $3 billion platinum deal with Russia

16 September 2014 | 3289 Views
Russia and Zimbabwe signed Tuesday a $3bn deal to jointly mine platinum in the southern African country, the world's third largest producer, with Moscow providing the investment funds.The ...

by AFP

Zimbabwe, Russia sign mining equipment agreement

15 September 2014 | 1512 Views
Zimbabwe and Russia have signed a Memorandum of Understanding for the supply of mining equipment to the Southern African country.The signing took place during the Ministerial Segment of th...

by Staff reporter

ZFTU criticises fiscal policy review

13 September 2014 | 2017 Views
A labour representative body has called on the government to extensively consult before making key national decisions.Commenting on the recently announced Mid-Term Fiscal Policy Review stateme...

by Staff Reporter

Econet to partner Zimbabwe govt to improve economy

12 September 2014 | 3965 Views
Econet Zimbabwe is prepared to work with Government in stimulating economic revival through spearheading investments that develops infrastructure and creation of jobs. The company express...

by Staff reporter

Zimbabwe's external debt to hit $7.2 billion

12 September 2014 | 875 Views
Zimbabwe's external debt will hit $7, 2 billion by December this year, according to government projections. Chinamasa said in the midterm fiscal policy debt distress has continued to undermine...

by Staff reporter

Chinese insurer coming to Zimbabwe

12 September 2014 | 1919 Views
Officials from the Chinese export credit insurance agency, China Export and Credit Insurance Corporation (Sinosure) are expected in the country next week to finalise negotiations for lending to th...

by Staff reporter

Govt to offload $1,3 billion RBZ debt on taxpayers

12 September 2014 | 1658 Views
The government is working on modalities to make taxpayers fund the $1,35 billion debt raked up by the Reserve Bank of Zimbabwe during the hyper inflationary period of the Zim dollar era.Ev...

by Staff Reporter

Zimbabwe introduces 5% duty on airtime, 25% duty on mobile phone handsets

11 September 2014 | 8131 Views
Finance Minister Patrick Chinamasa has said that he will levy excise duty of 5% on air time for voice and data with effect from September 15. Chinamsa said customs duty at 25% on mobile hands...

by Staff reporter

Zimbabwe pays almost R2 billion to service Chinese loans

10 September 2014 | 2853 Views
Zimbabwe has spent $180m (about R2bn) in unbudgeted expenditure to service outstanding loans from China in an effort to improve relations and encourage new financial support, Finance Minister Patrick ...

by Reuters

Zimbabwe's economic competitiveness tumbles

08 September 2014 | 1275 Views
The country needs to move mountains to ensure that the local economy is globally competitive if the report released last week by World Economic Forum (WEF), which saw Zimbabwe's ranking dropping t...

by Staff reporter

Chinamasa clueless on industries revival

08 September 2014 | 1792 Views
Finance minister Patrick Chinamasa has revealed he is clueless on how to bring life to ailing Bulawayo industries having discovered that there is absolutely nothing remaining of what used to be an...

by Staff reporter

China to help Zimbabwe build economic zones

05 September 2014 | 3346 Views
Harare - China will help Zimbabwe build special economic zones and industrial parks to jump-start exports and a struggling economy, its ambassador to Harare said on Thursday as a Chinese firm starte...

by Staff Reporter

Zimbabwe toughens import measures

04 September 2014 | 6255 Views
Zimbabwe has widened the number of goods that require import licences for import into the country as government moves to protect local industry following an insurmountable proliferation of imports fr...

by Staff reporter

'Zimdollar return suicidal,' says RBZ boss

29 August 2014 | 5014 Views
Government should not reintroduce the Zimbabwe dollar as this amounts to economic suicide, central bank boss John Mangudya warned.In his maiden mid-term monetary policy statement presentation ...

by Taurai Mangudhla

RBZ rules out return of Zimdollar

27 August 2014 | 3734 Views
Zimbabwe will continue using multiple foreign currencies for the foreseeable future until production levels have increased, the central bank has said.This comes as various stakeholders in the ...

by Staff reporter

Zimbabwe to import special coins to ease shortages

26 August 2014 | 6059 Views
THE Reserve Bank of Zimbabwe (RBZ) said Monday it would import special coins with similar value to those currently circulating in the economy to ease a shortage of change in the economy.Zimbab...

by Staff Reporter I Agencies

Ditching US$ could spark unrest in Zimbabwe

25 August 2014 | 4192 Views
THE Bankers Association of Zimbabwe has urged the government to maintain the multi-currency regime warning that a premature return of the local currency could trigger an economic collapse and poss...

by Staff reporter

Zimbabwe mulls domestic processing industry

23 August 2014 | 1511 Views
Government should put an end to exports of raw materials as a first step in establishing domestic processing industries that will dramatically boost revenue from sales of finished products, hike t...

by Staff reporter

Zimbabwe to promote local assembly of vehicles

11 August 2014 | 5481 Views
ZIMBABWE is to push through a policy promoting the importation of knocked-down vehicle kits and impose higher tariffs on imported vehicles, which are shipped mostly through South Africa and Namibia....

by Tawanda Karombo

Zimbabwe plans could dent South Africa exports

11 August 2014 | 7504 Views
Plans by Zimbabwe to drive a policy promoting vehicle assembly through the importation of knocked-down kits and the imposition of higher tariffs on imported vehicles will significantly dent exports by...

by Roy Cokayne

'Sanctions are hurting Zimbabwe startups,' Obama told

06 August 2014 | 4387 Views
In a rare one-on-one stage interview he held with US president Barack Obama, Zimbabwean technology entrepreneur, Takunda Chingonzo, told Obama that the supposedly targeted sanctions against some polit...

by Staff reporter

Zimbabwe bread sales decline by half

06 August 2014 | 4345 Views
Bread sales have dropped by more than half from a maximum of 1.5 million loaves a day to 700 000 per day as a result of the liquidity crunch and high production costs. The Grain Millers As...

by Staff reporter

'Zimbabwe will soon run out of money,' says Bankers

05 August 2014 | 7217 Views
Bankers Association of Zimbabwe (Baz) has warned that Zimbabwe will soon run out of money to sustain imports.Joseph Mverecha, Agribank divisional director, speaking on behalf of Baz president...

by Staff reporter

Banks against Zimdollar return

03 August 2014 | 4045 Views
THE Bankers Association of Zimbabwe (BAZ) says it is imperative for Government to retain the multi-currency trading regime to maintain price stability as well as to strengthen the banking sector for o...

by Dumisani Nsingo

Zimbabwe diamond finances, US targets German bank

03 August 2014 | 2455 Views
The United States has placed a German financial institution under strict surveillance for clearing payments for Zimbabwe's diamonds at the recent Dubai diamond tender, state media reported Sunday....

by APA

Zimbabwe still has a lot of diamond reserves

03 August 2014 | 3247 Views
Manicaland Provincial Affairs minister Christopher Mushohwe says the country still has a lot of diamond reserves in Marange, quelling speculation the precious mineral was running out.Delegates...

by Staff reporter

ZimTrade to host Exporters' Conference and Awards

29 July 2014 | 1693 Views
ZimTrade will be hosting its Annual Exporters' Conference and Exporter of the Year Awards on 30 September 2014 at the Meikles Hotel, Harare.The 2014 Conference will be held under the theme: "C...

by Staff reporter

Govt won't stop Zimra tax raids

29 July 2014 | 2281 Views
Finance Minister Patrick Chinamasa said Zimra will continue issuing garnishee orders to companies that evade tax. He told Parliament last week that Zimra's mandate is tax collection and th...

by Staff reporter

Zimbabwe downgrades 2014 economic outlook

24 July 2014 | 1647 Views
The Zimbabwe government has halved it 2014 real GDP growth to 3.1 percent in line with other forecasts made by the World Bank and the IMF, from the 6.1 percent made during the 2014 national budget....

by Business reporter

Zimbabwe bans rough diamonds export

24 July 2014 | 1833 Views
CABINET on Tuesday directed Mines and Mining Development minister Walter Chidakwa to immediately stop the export of rough diamonds to ensure the country gets maximum value for its minerals.Chi...

by Staff reporter
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