PRESIDENT Emmerson Mnangagwa government’s flawed policies around the flow and exchange of foreign currency have been blamed for illicit financial flows out of Zimbabwe. This comes as Treasury this week pointed the finger at exporters, accusing them of keeping US$900 million of their earnings in offshore banks – money which it says should be repatriated…
THE RTGS dollar continues to take a heavy battering against most major currencies — amid worrying indications that it may soon trade above 10 to the American unit, as the country’s hard cash shortages escalate. This comes as Zimbabwe’s official inflation has hit a 10-year high of 75 percent, thereby piling more pressure on already-stressed…
OUTGOING British American Tobacco Zimbabwe (BAT) managing director Clara Mlambo says she was not ‘pushed out’, contrary to market perceptions. Mlambo announced her resignation on Monday, in a development that rocked the markets especially coming a few weeks after the tobacco processor reported a commendable set of results for the year to December 31, 2018.…
RICHMOND Furnitures managing director Henry Ruzvidzo is today expected to be elected the new Confederation of Zimbabwe Industries (CZI) president when the organisation holds its annual general meeting (AGM) in Harare. The Financial Gazette is reliably informed that Ruzvidzo will take over the reins of Zimbabwe’s largest business organisation from outgoing Sifelani Jabangwe who has…
FOREST estates and saw-milling company Border Timbers (Border), currently under administration, says its lumber production for the eight months to February 2019 was significantly affected by power outages. The company says it produced 46 605 cubic meters of timber during the period under review, down from 58 770 cubic meters produced in previous comparable period.…
NATIONAL Foods (NatFoods), one of Zimbabwe’s food processing giants, is struggling to import raw materials after the central bank failed to remit its US$54,9 million legacy debt owed to a foreign supplier. Earlier this year, NatFoods announced that the Reserve Bank of Zimbabwe had assumed its debt in a move meant to allow the company…
THE Zimbabwe Rugby Union (ZRU) has sacked Sables coach Peter de Villiers due to unauthorised leave from work fifteen months after his high profile unveiling. The former Springboks coach who described the appointment then as the “greatest day of my life” has indicated from South Africa where he is at the moment that he will…
ZIMBABWE’S recent changes in the monetary system will not give much impetus to the struggling economy due to restrictions on trading currencies, an international think-tank has said. This comes as the southern Africa country’s monetary authorities have sought to address hard currency shortages by abandoning the unsustainable 1:1 dollar peg for bond notes and local…
TREASURY’S recent rebasing of 2018 economic statistics to reflect GDP value in the RTGS dollar has created confusion, as it conflicts with Statutory Instrument (S.I.) 33 of 2019, analysts have said. In February, the central bank redenominated bond notes and local bank balances into a separate currency ― the RTGS dollar ― tradable against major…
DELTA Corporation (Delta), Zimbabwe’s largest beverages manufacturer, says it has rebased its balance sheet from the United States (US) dollar to the RTGS dollar using the interbank market rate, even though this goes against the dictates of Statutory Instrument (IS) 33 of 2019. This also comes at a time Finance minister Mthuli Ncube has rebased…
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