AdvertisementsTHE Ministry of Finance has maintained that Zimbabwe’s gold-backed currency, ZiG, will bring more economic benefits than challenges, even as it has lost value over recent weeks. Since its April launch, the ZiG has experienced volatility, with its value dropping from around 14 to nearly 25 against the US dollar. Currently, it trades at ZiG26,9024…
AdvertisementsTO ACHIEVE its ambitious Vision 2030, Zimbabwe must prioritise policy stability and a consistent exchange rate, according to former Zimbabwe Economics Society president Nigel Chanakira. Vision 2030, as outlined by the World Bank, seeks to raise Zimbabwe to an upper-middle-income economy, with a targeted gross national income per capita of between US$3,89 and US$12,06. “We…
AdvertisementsTOURIST arrivals in Zimbabwe rose by a modest three percent in the second quarter of 2024, reaching 381 293 compared to 370 191 in the first quarter, as the country’s visitors reached 751 483 in the first half, a recent report reveals. Advertisements The global recovery in tourism, alongside Zimbabwe’s enhancements in transportation infrastructure and…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-310327.mp3?cb=1733932125.mp3AdvertisementsBUSINESSES in Zimbabwe are expected to intensify their focus on the informal sector as a primary source of US dollar cash flow, according to a recent report from IH Securities.Advertisements With the informal economy increasingly becoming a stronghold for US dollar transactions, corporates are strategically targeting this sector to secure consistent access to hard currency…
AdvertisementsZIMBABWE’s banking sector is heavily invested in foreign currency-denominated loans, which account for 88,88 percent of total loans and advances, reaching ZiG27,45 billion by mid-2024, according to recent data.Advertisements The Reserve Bank of Zimbabwe (RBZ) Banking Sector Industry Report for the quarter ending June 30, 2024, states that banks have remained committed to funding productive…
AdvertisementsIN Zimbabwe, insurance businesses must navigate and comply with many tax obligations. Among these several obligations is the property and insurance commission tax in respect of commission paid to freelance agents or brokers. Advertisements This creates unintended consequences in that the tax liability rests with the person who does not hold any money in their…
AdvertisementsRIOZIM’s associate, RZM Murowa (Murowa) says its revenue and profitability were negatively affected by receding global diamond prices despite a slight uptick in production during the six months to June 30,2024.Advertisements Mining activities from the pits remained suspended as the company is currently engaged in extensive exploration targeted at extending the life of its pits.…
AdvertisementsAFRICAN Distillers Limited (Afdis) volumes shot up by 11 percent during the half year ended September 30, 2024 driven by ready-to-drink and wine segments which grew by 22 percent and 13 percent respectively. Advertisements Afdis chairman Matlhogonolo Valela said in a statement accompanying the company’s financials that the ready-to-drink volume was influenced by promotions and…
AdvertisementsFITCH Solution has projected a sharp drop for Zimbabwe’s economic growth from an estimated 5 percent in 2023 to just 1,9 percent in 2024. Advertisements The British think-tank’s projection aligns with similar outlooks from the government and the World Bank, both anticipating a sharp economic decline in 2024, largely due to reduced agricultural output from…
AdvertisementsZIMBABWE’S diamond production surged by 22,2 percent in the second quarter of 2024, reaching 1,47 million carats, compared to 1,2 million carats in the same period last year, according to the latest data. Advertisements This increase aligns with Zimbabwe’s recent upward trend in diamond output, bolstered by reserves estimated at over 800 million carats. Production…
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