THE Bankers Association of Zimbabwe (Baz) has welcomed the Reserve Bank of Zimbabwe (RBZ)’s ongoing implementation of a new liquidity standard — Basel III — saying this will improve risk management in the sector. The central bank is implementing the standard, including the Liquidity Coverage Ratio (LCR), as part of efforts to promote the resilience…
TRADE development and promotion body ZimTrade says it will capitalise on opportunities offered by the African Continental Free Trade Area (AfCFTA) to explore non-traditional markets on the continent. Launched in January 2021, AfCFTA, is the largest global free trade area and could transform the continent’s economic prospects. “As one of the world’s largest free trade…
NATIONAL Handling Services (NHS) says it will set up a logistics company to improve revenue streams, amid the myriad challenges within Zimbabwe’s economy. NHS chief executive Godknows Marawanyika said establishing a logistics arm would remain a priority for the company. “NHS aspires to establish a logistics arm in 2023 and the focus will be on…
BUSINESS leaders are anxious that the looming elections could impact the economy negatively amid fears of knee jerk shifts in government policies. Former Confederation of Zimbabwe Industries president Busisa Moyo said it was important for business to remain cognisant of the possible impact of the elections, expected later this year, on the operating environment. “We…
TANGANDA Tea Company (Tanganda) says it expects the operating environment to remain difficult but is confident that demand for its products will remain firm. In a trading update, the group said the operating environment is expected to remain difficult owing to inflationary pressures, currency instability, fast rising operational costs and external exogenous shocks. “The company…
NATIONAL Tyre Services Limited (NTS) says tyre retreading volumes declined by 13 percent in the third quarter ended December 31, 2022 as power outages severely affected the company’s factories. Zimbabwe requires over 2 000 megawatts of power per day with regional imports, which require up to US$17 million per month, compensating for the deficit. The…
BRICKMAKER Willdale says sales volumes for the quarter ended December 31, 2022 declined by two percent compared to the same period prior year due to liquidity shortages in the market. In a trading update, Willdale said measures introduced by monetary authorities at the beginning of the quarter to bring stability to the exchange rate and…
ZIMBABWE’S trade deficit widened by US$567 million to US$2,06 billion in 2022 as the growth in imports outpaced the rise in exports. The southern African country has persistently recorded trade deficits since 2009, and official data shows that its cumulative shortfall over the period has breached US$22 billion. Latest data from the Zimbabwe Statistics Agency…
ZIMBABWE’S employment levels have returned to pre-Covid-19 pandemic levels, according to the World Bank (WB). This was revealed by the latest report of the Poverty Income Consumption and Expenditure Survey (PICES), a telephone survey based on a prototype that the Bretton Woods institution developed after the onset of the pandemic, to quickly assess the poverty…
INDIA’S ambassador to Zimbabwe, Vijay Khanduja, says companies from his country are eager to seize investment opportunities in Zimbabwe’s energy sector and help alleviate the country’s and southern Africa’s crippling power crisis. Due to de-industrialisation, Zimbabwe now requires approximately 1 500 MW of electricity per day, down from 2 000 MW previously. The country had…
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