PARLIAMENT’S Public Accounts Committee says loans amounting to $985 million, which were contracted by the central bank from regional lenders, are unconstitutional and invalid. This comes four years after parliament lit up over a debate about government’s takeover of the reserve bank’s $1,4 billion debt in 2015, which had also been contracted without the approval…
LISTED agro concern TSL says it is waiting for guidance from the Public Accounting and Auditors Board (PAAB) to allow it to publish its delayed audited results for the year ended October 31, 2018.Advertisements This comes as several companies, which were waiting for currency reforms and direction from the central bank, are yet to release…
THE Zimbabwean parliament has backed President Emmerson Mnangagwa’s 2018 temporary measures, which carries a mandatory 10-year jail sentence for illegal foreign currency traders. The temporary measures, which also pertained to the illegal trading of gold, were approved for adoption as law by parliament in December as part of the Finance Bill of 2019. The Finance…
RESERVE Bank of Zimbabwe governor John Mangudya says the country’s banking sector non-performing loans (NPLs) increased by about $85 million in 2018 after implementing the International Financial Reporting Standard 9 (NewIFRS 9). IFRS 9 — which replaced the International Accounting Standard 39 — requires the recording of expected losses on financial assets, such as loans,…
SOUTH Africa’s Tongaat Hulett (Tongaat) says it is now in a position to wean off its Zimbabwean operations, which are now self-sustaining. Tongaat has over the years injected millions of dollars into its Zimbabwean operations, which comprise the wholly owned Triangle Sugar operation and its 50,3 percent holding in Hippo Valley Estates. “The operations earn…
ESCROW Financial Solutions (Escrow) says it has added 10 000 new investors to Zimbabwe’s capital markets since the introduction of local mobile trading platform, CTrade, in July last year. Before the introduction of the platform, the Zimbabwe Stock Exchange (ZSE) was said to have only 7 000 active users. Collen Tapfumaneyi, Escrow’s chief executive, said…
THE Bankers Association of Zimbabwe (BAZ) says banks’ profit margins will continue to be under pressure from inflation after the central bank governor John Mangudya did not liberalise interest rates in his monetary policy statement (MPS) last week. Lending rates are currently capped at 12 percent, which analysts say when contrasted against an inflation rate…
ZIMBABWE’S capital markets regulator says it has plans to formulate a regulatory framework for crypto currencies in the country. This comes as governments and regulators across the world are struggling to define and implement definitive rules for the rapidly emerging asset class. The South African Reserve Bank last month published a document that offers recommendations…
FIFTY years ago one of Zimbabwe’s best cricketers, Andy Flower was born. He was one of the world’s best wicket-keeper for more than 10 years in the 90s and early 2000s and statistically by far the finest batsman the nation fielded and the world admired. For the cricket gods and the…
THE Reserve Bank of Zimbabwe (RBZ) and analysts agree that the recent introduction of a battery of measures to stabilise the foreign exchange market and commodity prices by the central bank would not alone solve the country’s economic challenges. This comes as experts have also warned that demand for hard cash in the country is…
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