LAST I participated in a debate organized by the Financial gazette on whether Zimbabwe should re-dollarise or not? and as expected, all panellists agreed that the economy has already dollarised unofficially. Evidence of the wide use of foreign currency in private transactions (as a unit of account, a medium of exchange and as a store…
THE State is a fictional entity that is represented by various departments be they government, parliament or the judiciary. At the time of writing, the writer foraged through a mountain of statues in search of a legal definition of the word ‘State’ to no avail. Even the State Liabilities Act [Chapter 8:40] (“the Act”) does…
AFRICAN Century Limited (ACL) can now conduct international banking business after it was granted a licence by the Reserve Bank of Zimbabwe (RBZ), an official has said. The institution, which had traded as a focused leasing company since 2011, was licensed as a deposit taking microfinance institution in 2016, and this has enabled it to…
ZIMBABWE is planning to double milk production in the next two years after securing support from the European Union (EU). Kudzai Chirima, the Zimbabwe Association of Dairy Farmers ZADF chairperson, said his organisation was focusing on implementing its 201 to 2022 strategic plan — doubling national milk production at the right quality and right price.…
PRESIDENT Emmerson Mnangagwa’s government has buckled under pressure to cancel Drax Consulting SAGL’s US$60 million tenders for medical supplies, analysts say. This comes as independent Norton legislator Temba Mliswa had made an impassioned plea — in a leaked audio and presumably to the Zanu PF leader’s sons — for a protection of the underfire president’s…
A RESURGENCE at Zimre Property Investments (ZPI) and growth in regional operations spurred ZIMRE Holdings (Zimre)’s performance in 2019. Despite a challenging macro-economic environment in Zimbabwe characterised by, among other things, a rapidly depreciating local currency the group ended the year with a profit of 10 million on an inflation adjusted basis, a marked improvement…
ZIMBABWE’S exports to South Africa SA dropped to US$7 million in April from US$22 million in February, as Covid-19 restrictions took a toll on foreign trade, official data shows. It comes as both Zimbabwe and SA have effected stringent restrictions on cross-border movements. Data provided by the Zimbabwe National Statistics Agency shows that total exports…
STATE-OWNED mobile network operator NetOne on Friday planted 101 indigenous trees at its Cleveland premises to mark World Environment Day (WED). The trees will have many environmental benefits including preserving the wetlands in that area and reduce erosion. This initiative was undertaken under the company’s Corporate Social Initiative pillar dubbed “One Environment”. This is premised…
APART from its “sentimental value” — given the resemblance with the notes discarded almost two decades ago — the new notes injected into the economy are bound to fail, as hyperination is ravaging the country again. While many are in agreement that there was little Reserve Bank of Zimbabwe (RBZ) governor John Mangudya could do…
ZB FINANCIAL Holdings (ZB) last week said it will soon finalise the merger of its bank and building society. The merger between ZB Bank and ZB Building Society, which is meant to “improve operational efficiencies,” and address capitalisation compliance, was initially announced in 2014. “The group faces a compliance burden going forward, following the review…
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