THE Central Bank says completely dollarising the economy would affect the competitiveness of businesses in the country amid rising pressure from the market to adopt the US dollar as the sole currency of trade. Zimbabwe is currently operating in a multi-currency system with the domestic unit depreciating considerably against major currencies. “So, the challenge with…
INNSCOR Africa (Innscor) group is continuing to upscale its worker empowerment schemes, as National Foods (Natfoods) has paid a US$190 000 dividend to its employee share trust (EST).
MULTI-franchised motor dealer, Croco Motors was recently awarded the ‘Highest Business Growth’ accolade in the region at the Eicher Annual Dealer Conference in Dubai. This comes as Croco Motors has grown its market share in the Eicher Trucks and Buses segment, with a strong focus on delivering after-sales customer service. Eicher Trucks and Buses, which…
ANALYSTS have urged the government to be more consistent in policy-making for the sake of market confidence and to reduce speculative activity. The weakening of the domestic unit has seen prices of goods and services rising sharply, resulting in the resurgence of inflation. Authorities have over the past few weeks introduced a cocktail of fiscal…
ZB Financial Holdings (ZB) says local procurement increased 447,59 percent to $32,63 billion in 2022 compared to $5,96 billion in 2021 amid commitment to sustainable procurement policies by the group. The diversified group spent $39,63 billion on both local and foreign suppliers in 2022, representing a 513,77 percent increase from the $6,45 billion recorded in…
AFRICAN SUN (AfSun) says the Reserve Bank of Zimbabwe’s decision to remove foreign currency liquidation exemptions for companies listed on the Victoria Falls Stock Exchange (VFEX) has thwarted some of its ambitions. The hospitality group recently moved its listing from the Zimbabwe Stock Exchange to the VFEX, partly due to the exchange control exemptions. The…
THE Reserve Bank of Zimbabwe (RBZ) says the country’s currency regime is partly to blame for current price increases of goods and services. The country is currently using the multi-currency system as it forges ahead with its five-year de-dollarisation plan. Speaking at a Zimbabwe Economic Forum meeting this week, economic research division deputy director at…
ZIMBABWE’s record tobacco haul this year is helping to drive up guarded optimism about the recovery of the country’s key agriculture sector and the wider economy. This comes after the country produced a record wheat harvest last winter, with another bumper yield of the cereal grain also expected this season. At the same time, the…
ZIMBABWE Platinum Mines’ (Zimplats) mammoth 10-year US$1,8 billion expansion programme comprising nine projects is rising out of the dusty but rich soils of Mhondoro Ngezi. The programme began last quarter of calendar year 2021 and US$1,4 billion of the projected total budget has already been approved by the Zimplats board and shareholders. Zimplats is a…
DEMAND for hard-rock lithium is forecast to increase 40-fold between 2022-2040, driven by global sales of electric cars and batteries, a US-based investment research firm has said. Soaring demand for hard rock lithium coupled with firm pricing comes as a huge windfall for Zimbabwe, which holds some of the world’s largest hard rock lithium reserves…
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