BUSINESS has welcomed Reserve Bank of Zimbabwe (RBZ) governor John Mangudya’s latest Monetary Policy Statement (MPS), saying it had touched on key economic fundamentals. Speaking to The Financial Gazette yesterday, captains of industry and commerce also expressed satisfaction with the fact that the central bank continued to engage them and to heed their counsel on…
FINANCE minister Mthuli Ncube says the government plans to relax rules for corporate bond listing, to allow companies to raise short to medium-term capital. Ncube said the government would make the adjustment in response to pleas from the country’s banking sector. “We want to promote the corporate bond for short to medium-term capital raising by…
THE Reserve Bank of Zimbabwe (RBZ) says the Deposit Protection Corporation (DPC) has commenced explicit deposit protection for foreign currency denominated accounts (FCAs). In a Monetary Policy Statement (MPS) this week, RBZ governor John Mangudya said the scheme, which took effect on December 31 2021, followed extensive consultations with stakeholders including the Bankers Association of…
ZIMBABWE’S foreign currency receipts increased from US$6,3 billion in 2020 to US$9,7 billion last year, the highest ever on the country’s books, the Reserve Bank of Zimbabwe (RBZ) has said. In a Monetary Policy Statement this week, the RBZ governor John Mangudya, said of the US$9,7 billion, US$6,2 billion was from export proceeds. “The country…
RIOZIM says its Biological Oxidation (BIOX) plant project at Cam & Motor Mine is almost complete, with commissioning scheduled for early this year. In an interview this week, Manit Shah, the Zimbabwe Stock Exchange-listed miner’s chief executive, said all is set for the commissioning. “We are just about to commission our massive BIOX plant in…
THE total value of shares traded on the Zimbabwe Stock Exchange (ZSE) was down 77 percent in January to $4 billion, as the market slowed on a “wait-and-see” attitude typically assumed by most investors at the beginning of the year. This was despite a $110 billion bump in market capitalisation to $1,45 trillion driven by…
THE Zimbabwe Stock Exchange (ZSE) says it is striving to bring Real Estate Investment Trusts (REITs) on board to diversify its product offerings and provide liquidity to the real estate market. ZSE board chairman Caroline Sandura last week said incentives introduced by the government were helping the bourse to grow and there was scope to…
THE Reserve bank of Zimbabwe (RBZ) says cumulative disbursements under its Medium-Term Bank Accommodation (MBA) facility stood at $7,5 billion for 2021, while the outstanding allotments are at $3,9 billion. In order to encourage domestic production, RBZ governor John Mangudya said the central bank maintained the Medium-Term Bank Accommodation Facility, which was introduced in November…
ZIMBABWE’S largest sugar producer, Hippo Valley Estate (Hippo), is planning for an early milling season in April, with the long-term goal of gradually repositioning the crop to prevent the disruptive impact of harvesting during wet spells in December. In a trading update for the third quarter ending December 31, 2021, Hippo said the early milling…
NEWLY-relisted diversified agro-based business, Tanganda Tea Company (Tanganda), says it plans to expand its retail business by putting greater focus on packaging tea products rather than bulk sales. The company which has tea, macadamia, avocado and coffee plantations in Chipinge district and runs a blending and packaging plant in Mutare, was relisted on the Zimbabwe…
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