Exporters are holding on to more than US$1 billion, amid biting foreign currency shortages in the country, Finance Ministry permanent secretary George Guvamatanga revealed on Tuesday, but government hopes the central bank’s intervention on the forex market...
Finance Minister Mthuli Ncube’s statement to Parliament on Wednesday was short on details of how government intends to tackle the multiple crises buffeting the economy. He, however, presented new budget and GDP figures, following...
When the fuel crisis escalated last January, President Emmerson Mnangagwa was forced to announce a 150% price increase. Amid the outrage and riots which followed, one important detail went largely unnoticed: about 70% of...
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...
Zimbabwe’s currency reforms have not gone far enough and complete liberalization is needed to end a critical shortage of foreign exchange that is hampering business, senior executives from the nation’s mining industry said. Zimbabwe...
With one eye fixed on the exchange rate, panicky Zimbabwe’s business owners have been raising their prices to keep pace. Finance Minister Mthuli Ncube says these businesses are doing it wrong; focus on inflation forecasts, he says,...
The Confederation of Zimbabwe Industries (CZI), the country’s largest and most influential business grouping, says the recently introduced interbank forex market has not performed up to expectations. CZI, in their response to the...
Results just released by Old Mutual Limited, South Africa’s number two insurer and the holding company of Old Mutual Zimbabwe, show the impact of Zimbabwe’s currency reforms on the accounts of companies operating in the country.
Zimbabwe’s new currency reforms are a “step in the right direction” towards solving market distortions, but they have to be backed up by prudence on the fiscal side and market-driven interest rates, the International Monetary Fund (IMF)...
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