COVID-19 created a class of ‘new poor’ in Zimbabwe as company closures and economic decline worsened Zimbabwe’s jobless crisis, according to a research firm. In its outlook for 2021, Morgan & Co says rising...
The head of Old Mutual Zimbabwe says there are green shoots appearing in the economy after the devastation of a severe drought and the coronavirus pandemic. “There are good signs emerging in economic sub-sectors...
Nigeria’s biggest bank is in talks to take over BancABC and other African assets of pan-African banking group Atlas Mara. Access Bank Plc is interested in Atlas Mara’s businesses in Botswana, Zimbabwe and Zambia, Bloomberg reported, citing sources familiar with...
Zimbabwe’s largest bank says the U.S Treasury Department has cleared it of having to pay a US$385 million penalty for processing transactions on behalf of a local lender that was under American sanctions. The Treasury’s Office of Foreign Assets Control...
By Melanie Robinson and Niculin Jaeger The World Bank says remittances to low and middle income countries will fall by 20 percent in 2020 because of coronavirus. The UK and Switzerland are taking action. The coronavirus pandemic and its economic effects...
By Perry Munzwembiri Exactly 30 days after a harried Mthuli Ncube wrote to the International Monetary Fund pleading for debt relief and financial assistance to help Zimbabwe’s fight against Covid-19, the finance minister...
FBC Bank managing director Webster Rusere says the bank still allows forex cash withdrawals for depositors holding ‘free funds’, allaying fears raised by a leaked internal circular which appeared to change rules on the operation of foreign...
Delta Corporation recorded declines across its beverage lines, with soft drinks being the hardest hit, in a turbulent final quarter of its 2019 financial year. The company has struggled to source foreign currency for...
China’s Union Pay International on Wednesday added Steward Bank to its network of partners, expanding its footprint in Zimbabwe, where it has already signed up two other financial institutions. The use of international cards...
On Monday, Reserve Bank of Zimbabwe governor John Mangudya appeared before Parliament’s Public Accounts Committee, where he testified that his strategy to assume over $1 billion in bad bank loans had saved the economy from collapse. In...
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