BRICKMAKER Willdale says exchange losses amounted to 21 percent of its revenue during the year ended September 30, 2023, as its income continues to be impacted by distortions in exchange rates. Zimbabwe has continued to experience exchange rate distortions despite the fiscal and monetary authorities implementing measures to stabilise it. “Exchange losses amounted to 21…
AMALGAMATED Regional Trading Holdings (Art) says it will focus on value preservation, de-risking and actively managing its businesses across the formal, informal and export markets in light of the operating environment, which is expected to remain complex. In a statement accompanying the group’s financials for the year ended September 30, 2023, Art’s chairman, Thomas Wushe,…
THE value of transactions processed through Zimbabwe’s national payment system (NPS) was up by 95 percent in the third quarter of 2023, reaching $84,55 trillion, latest statistics from the Reserve Bank of Zimbabwe show. This surge came amid a 12 percent decrease in transaction volumes, highlighting a shift towards larger-value transactions, as the Zimdollar continued…
THE Zimbabwe Stock Exchange (ZSE) has seen a roaring start to 2024, with the All Share Index surging 20,53 percent since the new year’s bell. This rally however, analysts say, is fuelled by a desperate scramble for shelter from Zimbabwe’s turbulent currency. The Zimdollar’s recent nosedive on the parallel market, a trend that began during…
THE Airports Company of Zimbabwe (ACZ) says the year 2023 saw air traffic into the country surpassing pre-Covid levels.Advertisements This comes after the outbreak of the pandemic at the beginning of 2020 reduced cross-border movement to a trickle as countries imposed travel restrictions. ACZ public relations and communications manager Tonderai Mangombe told The Financial Gazette…
THE Securities and Exchange Commission of Zimbabwe (SecZim) has raised concerns about the local capital market’s lack of low-cost financial inclusion products.Advertisements This gap limits access to basic financial services for a significant portion of the population, hindering their ability to build a secure future, the regulator said. In the context of Vision 2030, capital…
INTERNET services provider Dandemutande hopes the recent extension of the multi-currency regime will open up long-term borrowing for the industry.Advertisements This comes after the government extended the system to 2030 in a move that business has said helps build up policy certainty and predictability. Dandemutande’s chief operating officer Ignatius Mpando told The Financial Gazette that…
INTEGRATED power and renewable energy services provider, Tendo Electronics and Power Engineering remains optimistic about its prospects despite a plethora of challenges bedevilling the economy.Advertisements Tendo managing director, who is also the president of the Zimbabwe National Chamber of Commerce (ZNCC), Mike Kamungeremu said his company would ride on positive expectations within the business sector.…
ZIMBABWE’S chrome production slumped during the third quarter of 2023, weighed down by a global metals price decline that followed the initial surge triggered by the Ukraine war.Advertisements Official data reveals a 9,7 percent drop from the previous quarter and a 28 percent decline compared to the same period in 2022, with output reaching only…
ZIMBABWE’S tobacco exports were up by 25,8 percent in 2023 to reach $1,23 billion, according to the Tobacco Industry Marketing Board (TIMB).Advertisements This rise solidifies tobacco’s position as the second-largest source of foreign currency earnings for Zimbabwe, trailing only platinum group metals. TIMB reports that the country exported 236,11 million kilograms (kgs) of tobacco at…
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