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...
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...
Sardonic Zimbabweans have a joke for every crisis. One of the many crisis-fueled wisecracks goes: What’s the best time to fill up your fuel tank? Answer: “When...
Caledonia Mining says its earnings per share will fall by US$5.4 million after central bank dropped the export incentive scheme. The London-listed company, which owns Blanket gold mine, will not be the only one taking a...
Tobacco farmers will now retain 50% of their earnings, up from the 30% proposed in the February 20 monetary policy statement, after growers successfully lobbied for an increase. Last season, tobacco growers got paid...
Zimbabwe imported 1.63 billion litres of petrol and diesel in 2018, a 24% increase on the previous year, Zimra data has shown. The country has experienced extended fuel shortages since October 2018, as a...
During a December 20, 2018 appearance before a parliamentary committee, central bank governor John Mangudya was asked if it was sustainable for government to continue subsidising fuel. Why not let all fuel retailers sell in forex?, one...
The production of gold, Zimbabwe’s top export, collapsed 59% percent September and November, mirroring a foreign currency crisis that has hit the country’s major mines and could deter new investment into the industry. With cumulative output just shy of 32...
Zimbabwe has lost 50 000 cattle over the past year because it does not have foreign currency to import vaccines and dip chemicals, whose demand has grown as rising temperatures breed more disease. More cattle are likely to die in...
As Zimbabwe’s farmers head to the fields to plant, the country is facing yet another dry growing season, meteorologists predict. But that has not persuaded Sikhathele Sibanda to grow something besides thirsty maize, despite government urging. Drought-hardy grains such as sorghum...
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