THE Confederation of Zimbabwe Industries (CZI) says the government’s response to the country’s economic crisis lacks the much-needed urgency. The country’s economy last year shrunk by 6,5 percent as industry’s capacity utilisation dropped from 48,2 percent to 36,4 percent amid hyperinflation. “We are in a dire situation, but we do not sense that the response…
MASHONALAND Holdings (Masholds) says a depressed mortgage market in Zimbabwe has made acquisition and property development challenging. The country is in its second episode of hyperinflation in a decade, which has seen annual inflation breaching 500 percent, and has made the debt market dysfunctional. “Interest rates, ranging from 30 percent to 40 percent, that are…
TNDUSTRY says the Reserve Bank of Zimbabwe (RBZ) should freeze money supply to restore confidence in the local currency which has plunged in value since its introduction last year. Last month, RBZ governor John Mangudya reaffirmed a “monetary targeting framework”, which the bank is pursing in response to hyperinflation on the back of money supply…
THE Pensions and Provident Funds Amendment Bill — currently being debated in the National Assembly — seeks to make legislative provisions on valuations to protect members from value erosion due to currency conversions, The Financial Gazette has learnt. It comes as members of various pensions funds have over the years lost a great deal due,…
FOREIGN investors were net sellers of $53,9 million worth of shares on the Zimbabwe Stock Exchange (ZSE) in February, latest figures show. According to the local bourse, foreign purchases accounted for $50 million worth of shares during the period under review while sales amounted to $104 million. Conglomerate Innscor Africa (Innscor), integrated financial services group…
Toyota Zimbabwe says the all new Toyota Rush — born out of a partnership with Daihatsu, will be unveiled in Harare tomorrow.Combining Toyota and Daihatsu’s strengths, the full feature SUV that was created for rough roads, floods and the challenging terrain, will surely turn heads. Its sophisticated design is an eye-catching sight on all streets,…
TSL says all its business units are exploring regional expansion as part of the listed agro-industrial firm’s focus on foreign currency generation. “Foreign currency generation remains a key priority across the group and all business units are strategically exploring regional expansion,” Derek Odoteye, TSL’s newly-appointed chief executive told analysts last week. “In 2020, we are…
As indicated in one of our previous articles, a decrease or increase in VAT rate triggers a variation in the time of supply rules in order to accommodate pipeline transactions. Such rules supersede the normal time of supply rules. Goods will be deemed supplied (provided) when they are delivered, in the case of services when…
Sometime back in April 2019, we had a heated debate that was aired on national television with a prominent politician on the reasons why the parallel market exchange was moving northwards. The politician maintained that the Old Mutual Implied Rate (OMIR) was being used by market participants as a benchmark to determine parallel market rates.…
MANY a time, debtors have received menacing letters from creditors or their agents who demand what is termed “collection commission”, as a penalty for the debtor’s failure to pay timeously. It is this precise subject of debt collection work that deserves close scrutiny so that the pervasive confusion, and misunderstanding by both lawyers in private…
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