ECONOMIC experts say it is about time the Reserve Bank of Zimbabwe eliminates its currency auction system, which they insist continues to be an encumbrance to the economy’s foreign exchange complex. The auction was set up to stabilise exchange rates and increase local businesses’ access to hard currency at a time the greenback was scarce.…
ZIMRE Holdings (Zimre) says it will unveil two property developments worth US$80 million from its real estate investment trust to unlock some value from its property portfolio. The diversified group’s new investment focus is directed toward infrastructure and landmark development, with an emphasis on sustainability. Zimre has already registered its Eagle Real Estate Investment Trust…
THE Reserve Bank of Zimbabwe says it will amend the exchange control laws to allow tobacco merchants to mobilise local funds for the production of the golden leaf. In terms of Section 4 of the Exchange Control (Tobacco Finance) Order, Statutory Instrument 61 of 2004, tobacco merchants are required to source offshore financing to produce…
OUT of the five exchange-traded funds (ETFs) on the Zimbabwe Stock Exchange (ZSE), Morgan & Co’s multi-sector fund is the only one still in positive real returns this year after the market’s recent bear-run. The country’s main bourse has lost about 35 percent since mid-June, amid tight Zim-dollar liquidity in the economy due to currency…
POLICY think-tank Sivio Institute last week released a report on the execution of the governing Zanu PF party’s 2018 election manifesto showing contrasting performances in two of the most important sectors, agriculture development and fighting corruption. The report, titled Five Years of Progress or Stagnation, represents a scorecard of the governing party’s past five years…
THE Zimbabwe Anti-Corruption Commission (Zacc) says it has so far this year impounded US$200 million worth of assets believed to be proceeds of corruption and expects this to reach US$1 billion by year-end. Zacc commissioner, Ndakaripa Hungwe, told The Financial Gazette that the asset seizures are part of the government’s commitment to fighting graft and…
THE process of climate change is set to have a significant economic impact on many countries, with a large number of lower-income countries, particularly in Africa, being at risk. The IMF says macroeconomic policies in these countries will need to be calibrated to accommodate more frequent weather shocks, including by building policy space to respond…
NEDBANK Zimbabwe (Nedbank) this week became the first local institution to licence American Express acceptance in a development that is expected to lift American visitors’ spend in the country. Nedbank’s head of origination and sales, Heresy Herry, told The Financial Gazette that this would provide Zimbabwe’s growing number of tourists and business visitors with more…
RAINBOW Tourism Group (RTG) recorded a 92 percent increase in US dollar revenue to US$5,2 million for the five months ended May 31, 2023 from US$2,7 million recorded in the same period last year. The hotelier’s chief executive, Tendai Madziwanyika, told The Financial Gazette at the group’s recent annual general meeting that the US dollar…
THE government says there is an appetite for foreign currency-denominated infrastructure bonds on the market, as the authorities hunt for affordable long-term finance to boost ongoing infrastructure development programmes. Non-accounting permanent secretary in the ministry of Finance, Judith Kateera, acknowledged the challenges faced by the government in its bid to raise infrastructure funds. “We have…
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