THE country’s total banking sector loans and advances increased by 61 percent from $142,79 billion in June 2021 to $229,94 billion in December, largely due to an increase in foreign currency denominated loans, the Reserve Bank of Zimbabwe (RBZ) has said. In his monetary policy statement published on Monday, RBZ governor John Mangudya said foreign…
METALLON Gold’s flagship low-cost bullion asset, How Mine, reported a 59 percent increase in gold output last year, driven by better efficiencies in its mining operations. Gold production was at 30 381 ounces, more than the 28 766 ounces that the company had budgeted for the year 2021. How Mine is wholly owned by…
ACCORDING to the Agriculture Sector Survey for 2021-2022, the most effective way of solving the collateral issues that have blunted agricultural funding is through the use of a guaranteed free market system under contract farming. This has seen the government actively promoting contract farming to help ease capital constraints and boost production. The Financial Gazette’s…
THE local construction sector’s Building Materials Price Index (BMPI) declined by 5,3 percentage points during the quarter to December 2021, says the Zimbabwe National Statistics Agency (Zimstat). This means the prices of building materials declined during the period under review from 13,8 percent in September to 8,5 percent in December last year. “The year-on-year Building…
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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…
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