ZIMBABWE’s cumulative trade deficit for January to July this year has reached $1,7 billion, data from the central bank and the Zimbabwe National Statistics Agency (ZimStat) shows. This represents a worsening of the situation as the trade gap for the full year 2017 was $1,74 billion. Data released by ZimStat in August, which did not…
THE acquisition of NicozDiamond Insurance Company (Nicoz) by First Mutual Holdings (FMHL) has paid off after the latter’s profit after tax more than doubled with the former contributing the bulk of the earnings. Advertisements FMHL acquired 100 percent of Nicoz, in a deal that will see the insurance company merging with FMHL affiliate, Tristar Insurance…
BARCLAYS Bank Zimbabwe (Barclays) has changed its business model from the cautious lending regime to adopt a more aggressive use of its banking asset, Old Mutual Securities (OMSEC) says. In its history, the formerly British-owned bank has had very little lending appetite, and maintained a rigorous loaning criteria. “Barclays is under transition as it comes…
THE Insurance and Pensions Commission (IPEC) has proposed the setting up of a safety net as a possible avenue of recourse for those affected by hyperinflation. After the introduction of the multicurrency system in 2009, insurers and pension funds appointed actuaries to carry out a conversion of all Zim dollar policies into US dollar values.…
ZIMBABWE’S crypto-asset community says the appointment of Mthuli Ncube as Finance minister could see virtual currency trading being allowed in the country. Cryptocurrency trading is banned in the country. Zimbabwe’s major exchange, Golix, was shut by the Reserve Bank of Zimbabwe in May, but got a reprieve from the High Court, which lifted the ban…
MEIKLES Limited (Meikles) says it will not include the debt it is owed by the Reserve Bank of Zimbabwe (RBZ) in its financial results for year ended March 2018 after government failed to honour an agreement to settle it by last month. The hospitality and retail group delayed announcing the results, hoping to include the…
THE elimination of bond notes, which has been called for by many, will not solve Zimbabwe’s fundamental economic problems, economists have argued. The country has suffered chronic economic distress for more than two decades, of which, lately, a currency crisis has been the face, they say. This has created a villain of bond notes, which…
ZIMBABWEAN banks have survived an onslaught brought by International Financial Reporting Standards (IFRS) 9, the new standard of accounting for classification and measurement of financial instruments which came into effect on January, 01, 2018, after the majority of them recorded healthy profits in the first six months of this year. IFRS 9, which replaced IAS…
TOTAL merchandise trade increased by 25 percent from $799,6 million in May 2018 to $999,2 million in June due to month-on-month increases in the stock of both exports and imports, latest data has shown. According to the Reserve Bank of Zimbabwe’s (RBZ) monthly economic review for June, merchandise exports stood at $384,6 million during the…
THE insurance industry can play a fundamental role in supporting economic sustainability by protecting governments and consumers from losses, the Zimbabwe Association of Funeral Assurers (ZAFA) has said. Solomon Chikanda, the ZAFA President, also said companies in the funeral sector contribute to the national revenue through income taxes. “By investing in prescribed assets the funeral…
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