FINANCE minister Mthuli Ncube says the government has set aside US$30 million from the US$960 million received under the International Monetary Fund (IMF) special drawing rights (SDRs to create a revolving fund to support industry retooling. Ncube had promised to use part of the SDRs as a cash guarantee to give banks comfort to provide…
POSTAL services company, Zimpost, has launched a new mobile money platform, in a development that is set to promote financial inclusion towards achieving the government’s vision 2030 of making Zimbabwe an upper-middle income economy. Speaking during the launch yesterday at Greendale Post Office in Harare, acting postmaster general Isaac Muchokomori, said the new platform will…
FINANCE minister Mthuli Ncube says the Reserve Bank of Zimbabwe (RBZ) is on course to operationalise the national collateral registry this month. The system, which has been in the making since 2017, is being set up to allow the securitisation of movable property, and is part of the central bank’s financial inclusion agenda. “The collateral…
THE Reserve Bank of Zimbabwe (RBZ) has maintained policy and overnight accommodation rates at 60 percent and 40 percent, respectively, saying this will help contain inflationary pressures and tie down money supply growth. The apex bank recently raised the policy rate from 40 percent in response to resurgent inflationary pressures. The policy rate is what…
THE average sectorial capacity utilisation stood at 47,5 percent at the end of August, according to the Zimbabwe National Chamber of Commerce’s (ZNCC) inaugural State of Industry and Commerce Survey, which was launched yesterday. The survey found that sectoral capacity utilisation ranged from 10 percent to 80 percent. The sectors with relatively high levels of…
WHILE business still hopes that Zimbabwe’s recovery will continue in 2022, it is wary of the new year in the wake of the Omicron Covid variant, which threatens regional economies. In addition, captains of industry and commerce are also fearful ahead of the 2023 elections, amid concerns of political chaos and a likely sharp rise…
THE Zimbabwe Stock Exchange (ZSE) lost about $60 billion in November, with analysts saying investors were taking profits from a rally in October. The local bourse had gained $338 billion in October to reach a record $1,38 trillion market capitalisation as resurgent inflationary pressures drove demand for equities. In November, the market capitalisation dropped to…
THE Zimbabwe National Chamber of Commerce (ZNCC) has urged the government to maintain fiscal discipline ahead of presidential and parliamentary elections scheduled for next year, to improve the country’s business confidence rankings. In its inaugural State of Industry and Commerce Survey 2021, which was launched yesterday, ZNCC said adopting an expansionary stance to meet election…
ECOCASH Holdings Zimbabwe, formerly Cassava Smartech Zimbabwe, says its asset base increased by 24 percent to $38 billion in the half-year to August 30, 2021. The latest development comes as the listed financial technology group, with interests spanning mobile money, insurance, agriculture, on-demand services, health, e-commerce and education, posted a $938 million profit after tax…
AFTER a number of tough years, there are indications that the business environment in Zimbabwe is improving, with a new survey showing that company closures have markedly come down since 2018, while new registrations have gone up significantly. The peak of company failures in the country was during the post-hyperinflationary era of 2008-9, when over…
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More