ZIMBABWE’S manufacturing sector is being crippled by a thriving “pavement economy,” where smugglers flood the market with essential commodities like soap, evading Value Added Tax (VAT) and leaving local producers at a 15 percent disadvantage. Smugglers sell soap on the streets for as little as US$1, while local manufacturers, burdened by VAT, are forced to…
THE Reserve Bank of Zimbabwe (RBZ) has urged banks to integrate sustainability into risk assessments and help businesses manage environment-related risks. Experts emphasise that prioritising sustainability is crucial for Zimbabwe to avoid past mistakes and secure a prosperous future for future generations. Zimbabwe, like much of the African continent, is dealing with the impacts of…
THE Confederation of Zimbabwe Retailers (CZR) has urged the government to ease import restrictions on essential goods to help stabilise prices, as consumers face rising costs driven by ongoing exchange rate issues that continue to strain the retail and wholesale sectors. In the past, the government has responded to similar economic challenges by suspending customs…
ZIMBABWE’S milk production hit 10,15 million litres in August 2024, a seven-year monthly high, thanks to increased dairy herds and strategic investments. According to the Agriculture ministry’s dairy services department, milk production during the month was up by 15,24 percent compared to 8,81 million litres in August 2023. This figure is also a two percent…
CONCERNED economic experts have made a fresh call to authorities to urgently consider liberalising the forex market in response to the country’s currency volatility and rising inflation. Speaking to The Financial Gazette — Zimbabwe’s number one business publication and prime voice for local industry and commerce — the experts said this week that doing this…
DIVERSIFIED insurance firm, First Mutual Holdings Limited (FMHL) witnessed increased preference of USD-denominated products from clients in the half year ended 30 June 2024, as they sought to retain value of insurance benefit amid signs of local currency volatility. The period was characterized by the rapid devaluation of the Zimbabwe dollar during the first three…
SUPERMARKET chain Choppies Enterprises (Choppies) expects to grow its profit for its financial year ended June 30, 2024 (FY2024) thanks to the positive performance across its regional operations save for the underperforming Zimbabwean unit. The Botswana headquartered grocer which also operates in Zambia and Namibia has in the past few years exited South Africa, Kenya,…
TRANSFER pricing is increasingly becoming a focal point for tax authorities worldwide and Zimbabwe is no exception. The Zimbabwe Revenue Authority (ZIMRA) is actively working to prevent Base Erosion and Profit Shifting (BEPS). With the region’s transfer pricing laws still developing, enforcement and compliance have become increasingly stringent. Zimbabwe serves as a key example of…
ECOBANK is upbeat about the softening of economic sanctions on Zimbabwe which has brought renewed interest from international financiers previously hesitant to extend credit lines to local banks. Over the past two decades international banks have been de-risking by withdrawing correspondent banking relationships with and extension of credit lines to Zimbabwe to avoid backlash from…
NMB Bank Zimbabwe Limited (NMB) was left counting heavy losses from the currency transition executed earlier this year after conversions from the Zimbabwe dollar (ZWL) to the Zimbabwe Gold currency (ZWG) resulted in the devaluation of some of its assets. Subsequently, the financial services firm reported a ZWG362,22 million monetary loss for the six months…
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