OK Zimbabwe is relying on internally generated inflation data, which executives said was at 12,2 percent for September compared to the official rate of 5,39 percent for the same month. Presenting the company’s financial results for the six months to September 30, 2018, Alex Siyavora, OK Zimbabwe chief executive, said internally generated inflation gave the…
DELTA Corporation (Delta) last week said government should take steps to reverse expansionary monetary and fiscal policies, which have caused economic instability. The country has over the past few years suffered a monetary crisis headlined by currency problems and inflationary pressures. According to Treasury, this has been caused by the disparity between money supply and…
FINANCE minister Mthuli Ncube says the emergence of the informal foreign exchange market has been driven by money supply growth that is not backed by United States dollar deposits. He said this scenario has been brought about by government’s unrestrained expenditure. Since 2016, parallel exchange rate premiums for the bonds notes and real time gross…
RESERVE Bank of Zimbabwe governor John Mangudya said the bank recorded foreign currency receipts valued at $5,1 billion during the first nine months of 2018, up from $4,6 billion in prior year. Mangudya made the remarks when he met producers of basic commodities to discuss pricing and challenges affecting producers at the Confederation of Zimbabwe…
UNIFREIGHT Africa has been making strong performances despite a poor operating environment after the transport company’s restructuring exercise in 2015 and 2016. In 2015, the group was restructured to reflect a “one-company-one-focus” business providing transport and logistics solutions. And in 2016, it disposed of its subsidiary PXL Freight and Logistics and sold off the local…
Hwange Colliery Company Limited (Hwange) has been suspended from the Zimbabwe Stock Exchange (ZSE) after the troubled coal miner was placed under administration.Advertisements Last week, Justice minister Ziyambi Ziyambi — using the Reconstruction of State-Indebted Insolvent Companies Act — appointed DBF Capital co-founder, Bekithemba Moyo, to lead a team tasked to revive Hwange. “The suspension…
ZIMBABWE’S nine percent growth projection for next year is “unrealistic” due to government’s excess expenditure and money creation, economic analysts have said. Finance minister Mthuli Ncube made the projection in his 2019 pre-budget strategy paper, in which he also said the economy is expected to surpass the initial budget growth projection of 4,5 percent to…
ZIMRE Property Investments (ZPI) says it has slowed down property sales in order to safeguard against risks posed by the uncertain and volatile Zimbabwean market. This comes as property sales in the country have declined lately, as both buyers and sellers have adopted a wait and see attitude in light of the worsening macro-economic fundamentals.…
THE value of shares traded on the Zimbabwe Stock Exchange (ZSE) hit $231,3 million in the third quarter (Q3) of 2018 — a 27,6 percent rise from $181,2 million recorded in prior period. In a report for the period, Old Mutual Securities (OMSEC) said foreign investors were marginal net buyers of $6,8 million worth of…
THE central bank’s lending to government through the overdraft facility increased by $1,1 billion during the period January to August this year due to the persistence of Zimbabwe’s unsustainable high budget deficit, Finance minister Mthuli Ncube has revealed. This is despite assertions by the central bank earlier this year that it had put in place…
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