ZIMBABWE’S annual inflation slowed to close the year 2020 at 348,59 percent from 401,66 percent in November, falling within reach of government’s projected target of 336 percent, the Zimbabwe National Statistics Agency (Zimstat) reported this week. Finance minister Mthuli Ncube had, in the 2021 national budget statement, projected annual inflation to close at 336 percent…
STANBIC Bank this week announced that it had appointed Solomon Nyanhongo, (SN), as the financial institution’s new chief executive. He takes over from Joshua Tapambwa, who had been at the helm of the financial institution for the past 12 years. The Financial Gazette’s Group Digital Editor Paul Nyakazeya (PN) on Tuesday spoke with Nyanhongo to…
ZIMBABWE’S fuel imports more than halved during the 11 months to November 2020, official data shows. The country was under strict Covid-19 restrictions for most of the period under review with travel bans and the closure of schools and workplaces, and lockdowns around the world to contain surging infection rates have weighed on fuel demand.…
Zimbabwe’s economic stability is hinged on its capacity to contain money supply growth and discontinue quasi-fiscal activities, amid a slow growth projection due to the negative impact of the global Covid-19 pandemic, the World Bank (WB) has said. This comes as the WB has also projected that the economy would grow by 2,9 percent in…
THE Reserve Bank of Zimbabwe (RBZ)’s plan to introduce higher denomination bank notes is key in strengthening the Zimbabwean dollar’s acceptance as smaller notes have become worthless, though creating chances of fuelling inflation, economists have said. This comes as the apex bank has announced that it is planning to introduce a $50 banknote into the…
ZIMBABWE’S drug procurement unit, the National Pharmaceutical Company (NatPharm), says it is now prioritising local medicine manufacturing companies to avoid unnecessary imports. This comes as Billy Rigava, NatPharm’s board chairman, recently said a partnership with local tertiary institutions in the production of Covid-19 tools and equipment had saved the country more than US$4 million in…
THE Zimbabwe National Chamber of Commerce (ZNCC) has demanded the scrapping of punitive taxes on business, as opposed to offering a stimulus package, saying it was evident that the government had no funds to bail out ailing companies. This comes as officials recently announced a strict 30-day lockdown aimed at curbing the spread of the…
THE World Bank says Zimbabwe must urgently address its longstanding land tenure challenges to attract investment into the country’s agriculture sector. In a report titled Public Expenditure Review with a Focus on Agriculture, the bank together with the government noted that improving security of tenure would drive efficiency in allocating land and improve credit markets.…
UNCERTAINTY once again clouds the tourism sector as the renewed Covid-19 threat, characterised by a new variant strain of the disease, has resulted in the return of strict travel restrictions locally and internationally. Many countries, including Zimbabwe, are reintroducing tough movement restrictions following a spike in infections and deaths which have been attributed to the…
LACK of skilled investigators and slow turnaround time of corruption cases in the courts has reversed the Zimbabwe Anti-Corruption Commission (Zacc)’s efforts to curb graft, despite registering fairly positive developments in the past year, anti-corruption experts have said. The anti-graft body — fighting to dispel a catch-and-release tag — has been making strides in the…
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