ZB FINANCIAL Holdings (ZBFH) says banks in Zimbabwe have had to rely more on non-funded income as a result of a tight monetary policy that has seen interest income declining with lending in the local currency. Authorities introduced the measures in response to the Zimdollar’s dramatic fall against major currencies in the first half of…
THE Confederation of Zimbabwe Industries (CZI) has urged the government to be wary of inadvertently forcing full dollarisation through its tight squeeze on Zimdollar liquidity.The local currency’s accelerated depreciation in the first half of 2023 prompted strong measures from the government that included a tight monetary policy. “Although the measures managed to enhance stability, the…
THE People’s Own Savings Bank (POSB) is confident that its performance will remain satisfactory in the second half of 2023, as it continues to grow its customer base and deposits, both in the Zimdollar and the US dollar. In a statement accompanying the bank’s unaudited financial results for the half year ended June 30, 2023,…
ECOBANK says it is confident of current government efforts to stabilise the economy, as it commences work on a new head office in Harare. The Pan African financial institution said it was optimistic that the current good performance in agriculture and mining would continue to drive the economy. “In view of that, we continue to…
AFTER making significant inroads into Dubai, Zimbabwe’s horticulture sector looks set to add Qatar as its next big Middle East market. This comes after trade development and promotion body ZimTrade recently completed a market scan of the Qatari kingdom. In a new note, ZimTrade said it carried out the scan in Qatar’s capital Doha, where…
ZIMPLOW says it is optimistic that new efficient equipment and increased skills will boost its exports into the region. In a recent interview with The Financial Gazette, Zimplow chief executive, Vimbayi Nyakudya said the company was expanding its manufacturing focus beyond the country’s borders, as it seeks to generate more foreign currency. “In terms of…
AFC Holdings (AFC) says it will expand its value preservation strategies to ensure sustainability, business growth and profitability. AFC chief executive, Francis Macheka said some of the value preservation strategies that the group will continue focusing on include underwriting business in foreign currency as a means to support asset growth, profitability and capitalisation within the…
THE Confederation of Zimbabwe Industries (CZI) says the country’s low manufacturing capacity utilisation base means it stands to benefit more from the Africa Free Continental Trade Area (AfCTA) than other nations on the continent. AfCFTA, the world’s largest free-trade area, began trading on January 1, 2021, creating a market of 1,2 billion people and the…
THE Zimbabwe Investment and Development Agency (Zida) says foreign direct investment (FDI) slowed in August as the country had its general elections, but maintains that the US$4 billion annual target is still attainable. Since the turn of the millennium, the country has struggled to attract significant FDI. “There was a slowdown. I think investors, you…
FBC Holdings’ (FBC) say its loan book grew by 228 percent to $1,5 trillion during the first six months of 2023. In a statement accompanying results, the financial services group’s chairman, Herbert Nkala said banking subsidiaries’ focus was supporting customers across major sectors of the economy. “Efforts are also underway to mobilise funding at an…
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