FINANCE minister Mthuli Ncube says the persistently low compliance with prescribed asset investments among insurers and pension funds is due to liquidity challenges in the industry. According to the industry regulator — Insurance and Pensions Commission (Ipec) — only short-term reinsurance players collectively managed to meet their minimum required threshold of 10 percent during the…
GWERU businessman and property developer, Tinashe Manzungu (TM), was earlier this month re-elected as the president of the Zimbabwe National Chamber of Commerce (ZNCC). Manzungu spoke to The Financial Gazette’s Staff Writer, Farai Mabeza (FM). He highlighted that the business chamber had made huge strides preparing its members for the recently launched African Continental Free…
RESERVE Bank of Zimbabwe deputy governor Jesimen Chipika says the country is receiving an average of US$100 million in diaspora remittances every month. Last year, diaspora inflows reached US$1 billion compared to US$636 million in 2019. The figures show only the official flows that come through registered formal money-transfer and banking channels. The surge in…
THE Zimbabwe Stock Exchange (ZSE) is engaging Old Mutual and PPC with a view to have their listings moved to the Victoria Falls Stock Exchange (VFEX). Fungibility of the two counters on the ZSE was suspended in July 2019 by the government, which claimed speculation involving the counters was driving up inflation. This was followed…
OK Zimbabwe Limited (OK) recently issued a trading update for the three months ended June 30, 2021. Management highlighted in the release that while the business environment for the quarter continued to be characterised by Covid-19 induced restrictions, there were less severe compared to the same period in the prior year. In addition, product supply…
THE Covid-19 pandemic has drawn attention to a number of socio-economic issues bedevilling Zimbabwean society. Issues to do with mental health, food insecurity and access to basic amenities such as potable water have gained new significance in the wake of the pandemic. This is a perfect opportunity for those looking to participate in humanitarian endeavours…
AS Finance minister Mthuli Ncube presents his mid-term budget review statement in Harare today, business has urged the government to stay the course of its current fiscal and monetary policies that are beginning to bear fruit. Ncube’s statement comes amid general business optimism over Zimbabwe’s economic trajectory despite a number of recent shocks that include…
BUSINESS says while saving lives was important, it is also praying that authorities will soon ease the current tough coronavirus restrictions to allow more economic activity. Speaking to The Financial Gazette this week, business leaders said of particular concern was the likelihood of the Level Four lockdown upsetting economic progress made thus far. This…
AGRO-SEED manufacturer SeedCo Limited says its new seed dryer installed in Harare through a US$12,5 million financing facility will quicken access to the market and improve seed quality. The seven-year loan was sourced from French development finance institution, Proparco, and saw the company’s debt for the year ended March 31, 2021 increasing to $13,3 billion…
ZIMBABWE’S insurance and pensions industry is still suffering from low consumer confidence due to legacy issues, particularly the loss of value after the conversion of insurance and pension values from the Zimbabwe dollar to the United States dollar in 2009, the sector regulator has said. This comes after the Insurance and Pensions Commission (Ipec) recently…
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More