‘Network challenges hit banking services’

THE Reserve Bank of Zimbabwe (RBZ) last night said network challenges were affecting banking services and related operations. In a statement, the Central Bank said it was committed to restore normal services and it was working diligently to resolve these issues as quickly as possible. “The Reserve Bank of Zimbabwe wishes to notify all stakeholders…

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RBZ crafts AI rules for banks

THE Reserve Bank is developing artificial intelligence (AI) specific guidelines to guide regulated financial institutions on the minimum AI implementation requirements.The development comes as AI has had a profound transformative impact, changing how institutions, including those in the banking and finance sector, operate and deliver services to customers.“The guidelines are expected to complement the existing…

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RBZ stands firm against quasi-fiscal financing

THE Reserve Bank of Zimbabwe (RBZ) has affirmed its commitment to avoiding quasi-fiscal activities, despite growing concerns over outstanding payments for matured treasury bills and government contracts.RBZ Deputy Governor Innocent Matshe informed business leaders at a recent CEO Roundtable meeting that fiscal discipline is crucial for Zimbabwe’s de-dollarisation objectives, adding that any return to central…

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Zimre stretches regional footprint

ZIMRE Holdings (Zimre) wants to stretch its operations into east and west African markets as it forges ahead with its ambitious growth plan of becoming a pan-African insurance giant.The Zimbabwean investment holding company with operations in insurance and property already has operations in several southern African markets.In a recent interview with The Financial Gazette, Zimre…

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Government cracks down on over-contracting

MINISTRIES will no longer be allowed to enter into contractual agreements with private sector suppliers of goods and services without prior consent from the Treasury, as the government moves to streamline procurement processes and curb over-contracting.Finance Minister Mthuli Ncube said this during last week’s Thursday mid-term breakfast forum hosted by our sister paper, Daily News.This…

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Edgars eyes low-income market

CLOTHING firm, Edgars Stores (Edgars) is seeking to penetrate the low-income market through the expansion of Express Stores, a development that is set to underpin its growth strategy.Zimbabwe’s formal clothing retail companies have seen their market share drastically deteriorate due to the diminishing consumer purchasing power in a difficult economy that has largely tilted towards…

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RioZim halts planned funding deals

RIOZIM is temporarily suspending the sale of its mines, following a legal challenge by the Zimbabwe Diamond & Allied Minerals Workers Union. Recently, the miner had announced that it was nearing a deal with new investors who would inject US$20 million and take over the struggling miner. The major line of credit and a new…

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