THE Bankers Association of Zimbabwe (BAZ) has welcomed the Deposit Protection Corporation (DPC)’s bid to cover foreign currency denominated accounts (FCAs), saying this would boost confidence. Following the separation of depositor accounts into ZWL and FCAs in 2019, there has not been any explicit protection of Nostro funds in the country. The DPC this week,…
RioZim says it has secured funding to complete the BIOX project at Cam & Motor Mine, with commissioning of the project scheduled for Q4 2021. In a statement accompanying the half-year ended June 30, 2021 financial results, RioZim chairman Saleem Rashid Beebeejaun said all the activities necessary to commission the project are being accelerated. “The…
THERE has indeed been several positive economic news flows in Zimbabwe, with the government revising the 2021 economic growth forecast from 7,4 percent to 7,8 percent, mainly driven by the agricultural sector, which is expected to grow by 34 percent. The IMF is projecting a six percent growth rate for the economy. In addition, the…
Value Added Tax (VAT) is an indirect tax on consumption, charged on the supply of taxable goods and services at a rate of 14.5 percent and zero percent. No VAT is paid on exempt supplies. Input tax is tax incurred by the operator on acquisition or importation of goods or services to be used in…
BUSINESS is getting increasingly jittery about the impact of the resurgent foreign currency parallel market and ongoing power cuts on the country’s recovering economy. To this end, captains of industry and commerce who spoke to The Financial Gazette this week implored the government to do more to enhance the forex availability and pricing system, while…
WORKERS and employers’ representative bodies last week joined forces to oppose a resurgent campaign to ban the mining and production of asbestos-related materials in the country, fearing massive job losses. World over, asbestos is classified as a highly hazardous agent, causing about half of all deaths from occupational cancers. About 66 countries, including South Africa,…
ZIMBABWEAN banks have been reaping huge profits, which are mostly inflation driven but as the economy stabilises, the trend is expected to taper off, a new report has shown. The report, prepared by IH Securities, predicts that the country’s inflation, which has fallen from 838 percent last July to 50 percent in August, would continue…
VARUN Beverages Zimbabwe (Varun) is set to increase its foothold on the local market after commissioning a new US$60 million production plant yesterday, as it announced plans to go into other fast-moving consumer goods sectors such as juices and dairy. The new US$60 million plant has a production capacity of 66 million bottles of sparkling…
OVER the last decade, there has been an unprecedented crisis in the global financial services industry to which the insurance industry has not been immune. In addition to the expected incidence of crises across insureds, the market context has been one of extreme volatility, affecting both capital requirements and investment returns. The global banking crisis…
LISTED conglomerate Innscor Africa Limited (Innscor) recorded an inflation adjusted revenue of $66,9 billion for the year to June 30, 2021 up from $49,4 billion prior year on the back of volume growth across all businesses. In a statement accompanying the group’s financial results for the period under review, Addington Chinake, Innscor’s chairperson, said profit…
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