FOR pessimistic local businesses and consumers to start reaping the benefits of the country’s relatively high GDP growth rate, authorities need to foster Zimbabwe’s long-term economic prosperity, experts say.Speaking to The Financial Gazette — the country’s number one business publication and prime voice for industry and commerce — the experts added this week that this…
THE Reserve Bank of Zimbabwe (RBZ) says the transition to a mono-currency system by 2030 will be a market-driven process supported by targeted policy interventions.This week, the central bank formally laid out a long-term strategy to establish the ZiG as the country’s sole transacting currency by 2030.The apex bank said the success of the transition…
INDUSTRY has raised a red flag over the extensive taxation of local businesses, rendering locally-produced goods uncompetitive on both domestic and international markets.In its submissions to the Ministry of Industry last week, the Confederation of Zimbabwe Industries (CZI) spotlighted the value-added tax (VAT) on certain goods, surtax on sugar content in beverages and the intermediated…
ZIMBABWE’s trade deficit narrowed to US$8,7 million in July 2025, a 94,5 percent drop from the US$158,6 million recorded in June, official figures show.The significant improvement in the country’s trade balance was driven by a sharp increase in exports, which outpaced a marginal rise in imports.According to the Zimbabwe National Statistics Agency (ZimStat) latest data,…
ZIMBABWE’s economy saw a growth of 7,01 percent to ZiG18,8 billion in the second quarter of 2025, with the mining and quarrying sector emerging as the top contributor to the country’s gross domestic product (GDP), latest figures show.According to the Zimbabwe National Statistics Agency (ZimStat), the mining and quarrying sector contributed 14,9 percent of the…
NBS recorded a surplus of ZiG95,3 million during the six months ended June 30, 2025, overturning a ZiG288 million loss realised in the comparable period last year, thanks to growth in funded income.Net interest income grew 255 percent year-on-year in line with the building society’s strategic focus on funded income growth.“The society delivered a strong…
THE government and Australian gas and oil exploration company, Invictus Energy (Invictus), have concluded the long-awaited consolidated Petroleum Production Sharing Agreement (PPSA) for the Cabora Bassa Basin project.This comes as Cabora Bassa has been granted National Project Status (NPS), with Invictus and Qatari investment firm Al Mansour Holdings signing a US$525 million deal to bring…
NMB Bank’s loan book grew by 18 percent to ZWG3,4 billion during the half year to June 30, 2025 from ZWG2,9 billion in the comparable period, attributed to the drive to mobilise lines of credit.The financial institution said the increase saw a significant growth in interest income compared to prior year.“Loans and advances stood at…
ZIMBABWE is set to benefit from the United Nations International Telecommunication Union (ITU)’s proposed high-capacity fibre backbone project across Africa’s 16 landlocked developing countries (LLDCs).Landlocked countries require terrestrial connections through neighbouring nations to reach submarine cables, increasing costs and complexity, while coastal countries have direct access.In its September 2025 report, released this week, ITU said…
Tariro Tumbukayi THE Infrastructure and Development Bank of Zimbabwe (IDBZ) plans to explore trade-finance based bond issuances in the second half of 2025, as part of efforts to address funding constraints in ongoing projects. The development financial institution said it will align the instruments with investor risk-return preferences. IDZB chief executive Zondo Sakala said this…
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