THE Reserve Bank of Zimbabwe says there was a decline in the country’s foreign currency inflows during the first half of 2023, as the surge in metal prices that followed the onset of the Russia-Ukraine conflict eases. In his mid-term monetary policy statement last week, the central bank’s governor, John Mangudya, reported “a transitory decline…
TANGANDA Tea Company (Tanganda) says winter rains have been lower in the past years, affecting tea production during the season. The diversified firm recorded a four percent decline in bulk tea production during the third quarter ending June 30, 2023, as a result of the late onset of the rainy season. In turn, bulk tea…
ANALYSTS say trust issues still stand in the way of the Reserve Bank of Zimbabwe’s gold coins and gold-backed digital tokens (GBDT) providing a perfect alternative for the US dollar in the country’s economy. It comes as the Zimdollar has been volatile on account of the market’s preference for the greenback as a store-of-value. The…
THE Reserve Bank of Zimbabwe (RBZ) insists that it has a handle on money supply, saying the currency volatility seen within the economy recently was caused by “non-monetary factors”. It comes as a number of observers have attributed the shocks to money supply growth. RBZ governor John Mangudya said the exchange rate depreciation experienced between…
TREASURY’S latest growth projection for Zimbabwe’s economy of 5,3 percent has sparked debate among analysts, who are divided on whether the figure is realistic. Treasury had initially projected growth of 3,8 percent for 2023. In his mid-term budget review statement, Finance minister Mthuli Ncube said the revised projection was on account of strong performance in…
THE Airports Company of Zimbabwe (ACZ) says it is actively wooing more international airlines to ply the Harare route after the recent expansion of the Robert Gabriel Mugabe International Airport. ACZ chief executive, Tawanda Gusha, also expects a positive conclusion to talks on the construction of a new airport hotel and cargo terminal building and…
NAMPAK says it benefited from improved US dollar collections during the nine months ended June 2023. The country’s leading packaging products supplier’s revenue grew by 41 percent for the nine months to June at $413,2 billion in inflation-adjusted terms, compared to the prior year period. “Revenue in historical terms for the same period at $117,2…
THE tourism sector says the time frame given by the central bank for operators to regularise tourism agreements with external partners is not feasible. In his 2023 mid-term monetary policy statement, the Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya said these agreements should be regularised before the end of this month. “The bank is…
THE Reserve Bank of Zimbabwe (RBZ) says foreign currency-denominated loans constituted 94 percent of local banks’ aggregate lending as at June 30, 2023. This reflects the apex bank’s deliberate squeeze on Zimdollar liquidity, which was meant to curb currency volatility and has been accomplished through high interest rates, open-market operations, as well as relatively higher…
ARISTON Holdings (Ariston) says tea production from the Clearwater Tea Estate factory has been consolidated, with the Southdown Tea Estate factory to increase manufacturing volume. The listed agricultural concern said the re-organisation will enhance the Southdown factory efficiencies to enable it to carry the manufacturing capacities of both the South[1]down and Clearwater tea factories in…
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