THE Reserve Bank of Zimbabwe (RBZ) says the country’s growing balance of payments (BOP) surplus — now at US$1,7 billion — will anchor the Zim dollar (ZWL)’s stability in the medium to long-term. The BOP is the difference between all money flowing into the country in a particular period of time and the outflow of…
THE Reserve Bank of Zimbabwe (RBZ) says the country’s mineral exports are set to earn a record US$4,4 billion this year. Speaking at the launch of the State of the Mining Industry Report for 2021 in the capital last week, RBZ governor John Mangudya said the sector is the economy’s “rock”, contributing the bulk of…
DESPITE a plethora of government support programmes for agriculture, Zimbabwe’s budgetary provisions for the sector have been lower than the African Union’s Maputo Declaration target of at least 10 percent of the total annual budget for more than 10 years, a study shows. While some economic analysts have warned that current levels of support, mostly…
ZIMBABWE has adopted a new Chinese agricultural technology, which allows farmers to grow several types of nutritious mushrooms from dried, chopped grasses, without cutting down trees and damaging the environment. This comes as the country’s funding proposal was approved by the United Nations Department of Economic and Social Affairs (UNDESA). The technology, developed by Fujian…
MEIKLES Limited (Meikles) no longer intends to pursue mining activities, as the group focuses on the retention and consolidation of its investments in the supermarkets, hospitality, properties and security services segments. This comes as the Zimbabwe Stock Exchange-listed conglomerate has said it plans to unbundle and separately list Tanganda Tea Company before year-end, as part…
INNSCOR Africa (Innscor) has commenced further investment into automation at its Harare bakery unit, while a new state-of-the-art line is planned for commissioning next year at its Bulawayo unit. In a trading update for the first quarter ended September 30, 2021, Innscor Africa group chief executive, Julian Schonken, said the group will continue with its…
THE Industry and Commerce ministry is demanding that Treasury releases its outstanding 2021 budget allocation, to recapitalise the State-owned Industrial Development Corporation of Zimbabwe (IDCZ), after it received a paltry $100 million from its $1,9 billion share. IDCZ, one of the country’s biggest conglomerates with scope to manufacture over 300 different products, has interests in…
https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-276564.mp3?cb=1732295227.mp3THE return of the multicurrency system through reforms made in 2019 has presented increasing uncertainty in currency markets in recent times. This can be an issue, as foreign exchange movements create significant volatility for companies, not least from a tax perspective. Exchange gains and losses may be defined as profits or losses, which arise as…
MEDTECH Holdings (Medtech), says it expects a reduction in sales volume due to delays in securing hard currency from the Reserve Bank of Zimbabwe’s (RBZ) auction system. In a statement accompanying the company’s abridged reviewed financial results for the half year to June 30, 2021, company chairperson Rose Mazula said delays in auction bid allocations…
Amid disruptions to business across all sectors caused by Covid-19, the pandemic has been a silver lining for the Information Communication Technology (ICT) sector, as demand for online services has risen significantly. According to Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) deputy director general, Alfred Marisa, the huge demand for ICT services has been…
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