THE Tobacco Industry Marketing Board (TIMB) says it is working on a minimum standards framework for contracting companies as the 2022/23 season commences. As much as 93 percent of the country’s tobacco crop is funded by contractors as the local financial sector remains reluctant to provide funding to agriculture due to lack of collateral and…
COMPANIES tend to make prepayments because suppliers may insist on receiving payments before they make a supply. This is often a custom in the insurance industry, where they request for premiums before the insurer covers the insured against a risk. Also, licences are often paid for in advance before granting right of use to the…
POISED for the full resumption of local and international travel following the rescission of most coronavirus restrictions in the country, the tourism industry is lobbying authorities for an additional stimulus package to galvanise the sector. Speaking to The Financial Gazette this week, a buoyant president of the Tourism Business Council of Zimbabwe (TBCZ), Wengayi Nhau,…
DIVIDEND payments to foreign investors climbed by 24 percent to US$269 million for the six-month period ending in June 2022, continuing a pattern that began in 2020 with the introduction of weekly currency auctions by the Reserve Bank of Zimbabwe (RBZ). These numbers are from the midterm monetary policy statement by RBZ governor John Mangudya,…
STATE-OWNED mobile communications company NetOne recorded inflation adjusted revenue of $14,4 billion during the first half of the year, a $3,4 billion variance from a budget of $17,8 billion. Giving a trading update at the company’s 2021 annual general meeting yesterday, NetOne acting chief executive Raphael Mushanawani said during the six months under review, the…
THE Reserve Bank of Zimbabwe (RBZ) will this month conduct the final pilot testing of the Collateral Registry System, which allows the securitisation of movable property. The system, which has been in the making since 2017, is part of the central bank’s financial inclusion agenda and was delayed by Covid-19 disruptions. “The Collateral Registry System…
THE Reserve Bank of Zimbabwe (RBZ) intends to impose restrictions on bank service outsourcing because it believes that current practices pose a serious danger. Cloud banking, the most common of such services, enables financial institutions to operate key banking platforms and applications online. In his mid-term monetary policy statement last week, RBZ governor John Mangudya…
THE Reserve Bank of Zimbabwe (RBZ) maintains that the official exchange rate is the best indication of the value of the Zimbabwe dollar and contends that other economic indicators are influenced by speculation. RBZ governor John Mangudya stated last week in his mid-term monetary policy statement that the apex bank will implement steps to close…
THE government says it has completed 657 developmental projects out of the 1 688 that are being implemented as part of its 100-day cycle priority projects initiative. The programme, which was put in place by President Emmerson Mnangagwa after taking office in 2017, compels each ministry to come up with at least five projects per…
TRADE development and promotion body ZimTrade says the country’s exporters will next month meet to come up with resolutions to improve the ease of doing business in the sector. This comes as the Reserve Bank of Zimbabwe has said preliminary estimates show that merchandise exports increased by 33 percent to US$3,5 billion in the first…
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