BUSINESS says fiscal authorities must review the foreign currency surrender requirements for the manufacturing sector to 20 percent from the current 40 percent. The Zimbabwe National Chamber of Commerce (ZNCC) noted in its draft pre-budget submission that government should consider that manufacturers spend a significant amount each year looking for markets, as well building the…
BUSINESS is hopeful that the accelerating depreciation of the Zimbabwe dollar on the foreign currency auction system will help to restore Zimbabwe’s economic stability. This comes as the government and organised business continue to collaborate on ways of enhancing the foreign currency market, following the recent turmoil, which pushed up prices and the cost of…
CAPACITY utilisation in Zimbabwean mines is next year seen rising to 83 percent from 80 percent this year, driven by new projects and expansions, as well as stable electricity supply, a State of the Mining Industry and Prospects for 2022 report has shown. According to the report commissioned by the Chamber of Mines of Zimbabwe…
ZIMBABWE’S mining sector is losing at least 20 percent of gross export proceeds on the back of exchange rate disparities, an industry survey has shown. The miners, who generated US$3,4 billion between January and October are the biggest contributors to the foreign currency auction, providing US$1,38 billion under the 40 percent export proceeds surrender requirements.…
THE Reserve Bank of Zimbabwe (RBZ) says it will support domestic savings in local currency, through instruments that compensate depositors for potential exchange rate depreciation next year. According to the central bank, most banks hold large transitory deposit accounts with little left for savings, as most depositors prefer to hold foreign currency as a store…
TANGANDA Tea Company (Tanganda) could list on the Zimbabwe Stock Exchange (ZSE) before year-end. Tanganda’s parent company, Meikles, is unbundling the tea business, with shareholders expected to vote on the transaction at an extraordinary general meeting on November 18. The group this week said it would list Tanganda on December 2, if the resolution passes.…
COTTCO Holdings (Cottco) says foreign currency price distortions currently obtaining on the market are driving up the cost of local cotton production, piling pressure on the company’s margins. In a trading update last week, Cottco Holdings chief executive Pius Manamike said the company was facing increasing pressure due to the growing premium between the official…
TURNOVER on the Victoria Falls Stock Exchange (VFEX) has increased 15-fold since the beginning of July, official data shows. At the end of trading Monday, the US$-denominated market had recorded trades worth US$524 281 since the start of the third quarter, compared to a turnover of just US$33 645 during the first half of 2021.…
THE World Bank has come up with a platform to provide farmers with real time weather data and agronomic advice under the Zimbabwe Reconstruction Fund (ZIMREF). World Bank senior agriculture specialist, Esther Chigumira, told a virtual symposium on the preparedness for the upcoming summer season, organised by agro-seed manufacturer SeedCo last week, that timely availability…
EDGARS Stores Limited (Edgars) is set to open two more retail outlets this month as the group is looking to increase its geographic footprint. The apparel retailer spent $25,5 million during the 26 weeks ended July 11, 2021 on opening new stores and on store revamps compared to $17,9 million spent in the comparable period.…
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