ZIMBABWE has set up a special outfit under the central bank called the Asset Management Unit (AMU), to investigate individuals and companies who are deemed to have obtained wealth illegally. The crack unit was established through an amendment of the Money Laundering and Proceeds of Crime Act, as part of the Finance Act of 2019,…
THE Zimbabwe Stock Exchange (ZSE)’s change of trading currency to RTGS dollars will introduce currency risk into the market, analysts have warned. Currency risk, commonly referred to as exchange-rate risk, arises from the change in price of one currency in relation to another. Investors or companies that have assets or business operations across national borders…
PPC South Africa is bullish about the recent monetary policy changes in Zimbabwe, saying they are a positive development towards curbing inflation. Three weeks ago, central bank governor John Mangudya announced the establishment of an inter-bank foreign exchange market in Zimbabwe to formalise the trading of local bank balances and bond notes — which have…
THE Zimbabwe Stock Exchange (ZSE) cooled down last week as investors assumed a wait-and-see approach following various measures announced by the central bank in its Monetary Policy Statement (MPS). All the indices have recorded considerable slips since the statement a fortnight ago. Over the past two years, the local bourse has been experiencing intermittent rallies…
MARCH is women’s history month, and tomorrow is International Women’s Day. A day that highlights the contributions of women to events in history and the future, be it politics, business, arts, entertainment, society and sports. When people talk about sports, men dominate the conversations. When you think about the top athletes in the world, who…
THE Confederation of Zimbabwe Industries (CZI) says government should bring finality to the security of land tenure in order to promote investment in the agriculture sector. This comes as land has no collateral value because of the 99-year leases imposed by government. “We advise government to go into further dialogue with banks to find out…
PARLIAMENT’S Public Accounts Committee says loans amounting to $985 million, which were contracted by the central bank from regional lenders, are unconstitutional and invalid. This comes four years after parliament lit up over a debate about government’s takeover of the reserve bank’s $1,4 billion debt in 2015, which had also been contracted without the approval…
LISTED agro concern TSL says it is waiting for guidance from the Public Accounting and Auditors Board (PAAB) to allow it to publish its delayed audited results for the year ended October 31, 2018. This comes as several companies, which were waiting for currency reforms and direction from the central bank, are yet to release…
THE Zimbabwean parliament has backed President Emmerson Mnangagwa’s 2018 temporary measures, which carries a mandatory 10-year jail sentence for illegal foreign currency traders. The temporary measures, which also pertained to the illegal trading of gold, were approved for adoption as law by parliament in December as part of the Finance Bill of 2019. The Finance…
RESERVE Bank of Zimbabwe governor John Mangudya says the country’s banking sector non-performing loans (NPLs) increased by about $85 million in 2018 after implementing the International Financial Reporting Standard 9 (NewIFRS 9). IFRS 9 — which replaced the International Accounting Standard 39 — requires the recording of expected losses on financial assets, such as loans,…
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