ECONOMIC experts have raised fresh alarm over the worsening volatility of the Zimbabwe dollar and the escalating re-dollarisation of the economy. Speaking to The Financial Gazette this week, they also called for all domestic transactions to be done in Zim dollars, while urging the government to tame its own huge appetite for the greenback to…
EXPERTS have warned that arbitrage opportunities stemming from Zimbabwe’s currency discrepancies and a confidence deficit stand in the way of the success of the reserve bank’s planned digital gold tokens. This comes as the central bank is set to issue gold-backed digital tokens next week to complement the issuance of physical gold coins, which have…
A HIGHER political risk could push Harare to keep monetary conditions tighter for longer to shore up the currency and prevent inflation from rising again, research firm Fitch Solutions (Fitch) has said. Authorities have tightened screws on money supply through higher interests, now pegged at 140 percent, and restricted cash circulation while keeping withdrawal limits…
PROPLASTICS says production volumes grew by 10 percent during the first quarter of 2023 compared to the previous period despite disruptions caused by power cuts, which also affected the sales product mix. The piping products manufacturer recently highlighted that it had lost a month of production due to power outages. In a trading update, the…
OCCUPANCY at hotels in Victoria Falls was up by three percentage points over the Easter holidays, the Hospitality Association of Zimbabwe (HAZ) has said. The tourism industry in Zimbabwe has been growing steadily over the years and efforts are being made to improve infrastructure and attract more visitors to boost the sector’s contribution to the…
ZIMBABWE does not need to import grain for the next 12 months according to the country’s recently published second crop assessment report. The country’s cereal production is expected to rise significantly this year, with maize production seen reaching 2,3 million metric tonnes (MT), a 58 percent increase from last year’s yield, according to the report.…
FINANCE minister Mthuli has conceded that Zimbabwe’s adoption of a blended consumer price index (CPI) has created accounting difficulties, but insists that it is the most appropriate benchmark. It comes as business has also warned that the country’s change from a ZWL CPI threatens to damage confidence in the domestic currency and contradicts Harare’s professed…
THE effective implementation of the International Public Sector Accounting Standards (IPSAS) project will be aided by the deployment of appropriate information and communication technology (ICT) infrastructure, minister of Finance, Mthuli Ncube has said. The ongoing project for the migration to the accrual-based IPSAS framework by December 2025, is part of the government’s wider public finance…
INDIAN ambassador to Zimbabwe, Vijay Khanduja, says investments in Zimbabwe by citizens of his country have grown significantly over the years on the back of improving relations between the nations. Speaking on the sidelines of the commissioning of the Varun Beverages Zimbabwe water and bottles closure plants, Khanduja applauded the government of Zimbabwe for providing…
FINANCIAL services giant Old Mutual Zimbabwe has launched its Fintech business, Old Mutual Digital Services (OMDS), a subsidiary that will provide mobile money services, insurtech, investech, digital lending, e-commerce, payments, and digital products and services for the retail mass market. The new venture, which is wholly owned by Old Mutual Zimbabwe (OMZ), seeks to service…
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