THE country’s mounting economic woes mean that the minister of Finance, Mthuli Ncube, will be compelled to come up with a significant supplementary budget soon, experts say. Speaking to The Financial Gazette this week, the experts were also doubtful that the under pressure Treasury boss would be able to stabilise Zimbabwe’s bleeding economy in the…
THE Zimbabwe National Chamber of Commerce (ZNCC) has joined the growing chorus of criticism of Zimbabwe’s recently adopted blended Consumer Price Index (CPI), saying the new inflation baseline distorts market realities. This comes as the Confederation of Zimbabwe Industries (CZI) has resorted to producing its own inflation estimates as an alternative to official figures, which…
THE Chamber of Mines of Zimbabwe (CoMZ) is anticipating the mining industry to recover in the second half of 2023, on account of an expected improvement in the country’s power situation. Zimbabwe has been experiencing severe power shortages due to insufficient local generation and the inability of state utility Zesa to import the deficit. “Just…
CLOTHING retailer Truworths expects sales to increase after the introduction of US dollar credit at the beginning of the second quarter this year. Zimbabwe has been fast dollarising, with statistics from the Zimbabwe Statistics Agency revealing that 78 percent of transactions for food and goods purchases are now being done in foreign currency, while 70…
INCREASED demand for foreign currency to fund operations and import raw materials, as well as plant and equipment, is weighing on the competitiveness of local industry, business leaders have said. This also comes as the government has lifted restrictions on the importation of basic goods, including duties and taxes, which is also threatening local industry.…
INDUSTRY and Commerce minister Sekai Nzenza says businesses in Mozambique and Zimbabwe should aggressively pursue investment and trade possibilities in the two nations as both attempt to harness long-dormant economic potential. During Mozambique President Felipe Nyusi’s state visit to Zimbabwe last week, Nzenza told a Zimbabwe-Mozambique business event organised by ZimTrade that it was critical…
EXPOSURE to Zimbabwe dollars in an increasingly dollarising economy is putting supermarkets’ profit margins under pressure, a local research firm has warned. This comes as experts have continuously warned that the worsening volatility of the Zimbabwe dollar is creating uncertainty within the economy. More than three-quarters of domestic spending is now in foreign currency, according…
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