ZIMBABWEAN funeral assurers say they are now constantly adjusting premiums and calling on policyholders to downgrade benefits as part of efforts to contain effects of the spiralling inflation. While government barred the release of the annual inflation rate in June, after it hit a 10-year record of 176 percent, the Confederation of Zimbabwe Industries says…
THE Zimbabwe Stock Exchange (ZSE) has gained more than $10 billion in the past two weeks, as investors react to dramatic movements in the parallel market exchange rate. The Zimbabwe dollar has slumped from about 1:13 to the US dollar to trade at 1:20-plus over the period. “The gains follow a growing risk aversion movement…
THE upward review of overnight interest rates by the Reserve Bank of Zimbabwe (RBZ) will neither contain the spiralling inflation nor the rampaging foreign currency rates, but rather stem speculative borrowing, the Confederation of Zimbabwe Industries (CZI) has said. This is not notwithstanding the fact that the move is also targeted at stabilising prices. The…
ZIMRE Property Investments (ZPI) says the local property sector will experience turbulence in the short to medium term due to the shocks from the recent reintroduction of the Zimbabwean dollar. The operating environment has dramatically deteriorated since the monetary reforms, which started in October last year, with the ring-fencing of nostro and local bank accounts.…
THE Reserve Bank of Zimbabwe (RBZ) summoned and read the riot act to bureaux de change, as the RTGS dollar continues to tumble against most major currencies, including the American dollar. This comes as analysts have trashed Finance minister Mthuli Ncube’s assertion that the Zimbabwe dollar is “undervalued” and the Harare authorities are continuing with…
THE inability of local banks to satisfy demand for cash and fund nostro services is a threat to the financial sector’s viability, a local equities research firm has warned. In an analysis of the monetary policy statement (MPS) presented recently and the banking sector’s performance, Old Mutual Securities (OMSEC) said while the banking sector was…
ZIMBABWE’S complex regulatory system and red tape is discouraging the growth of start-ups and small to medium enterprises, an economist has said. In an interview with The Financial Gazette, John Robertson, a renowned economist said the existence of so many regulations make Zimbabwe to be classified as a “hostile investment” destination whose “Ease of Doing…
FOREIGN investors accounted for 26 percent of trades on the Zimbabwe Stock Exchange (ZSE) and were marginal net buyers as they recorded net purchases of $0,3 million worth of shares during the week ended September 20. Particular interest was in financial service firm Old Mutual Zimbabwe (Old Mutual) and the country’s largest beverage manufacturer, Delta…
THE return of the Zimbabwean dollar as the sole legal tender was hurried and has not achieved its intended purpose, a research firm has said. This comes as the economic environment in the country has continued to deteriorate following the changes on June 24, with the official exchange rate for the local unit against U.S.…
THE Reserve Bank of Zimbabwe (RBZ) has revised the minimum capital requirement for commercial banks to $200 million by 2020, from $100 million. “Going forward, all Tier 1 banking institutions are required to hold core capital of at least ZWL$200 million by December 2020 in order to support risks associated with their business activities,” John…
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