INFORMATION minister Monica Mutsvangwa says government has approved an arrangement between Zesa Holdings (Zesa) and some hotels in Zimbabwe, which will see the state-owned power utility receiving payment in foreign currency. This comes as the southern African country has been suffering prolonged load shedding caused partly by depressed electricity generation at Lake Kariba, as well…
ZIMBABWE’S liquidity crisis is significantly hampering the central bank’s decision to minimize the country’s credit risk by alleviating non-performing loans (NPLs), an international think-tank has said. The Reserve Bank of Zimbabwe in 2015 established an asset management corporation to clean up non-performing loans in the market. Since then, the Zimbabwe Asset Management Company has assumed…
PRESIDENT Emmerson Mnangagwa’s government has been urged to swiftly grant the central bank its autonomy as part of strategies to jumpstart the country’s ailing economy. This comes after Finance minister Mthuli Ncube last week indicated that government is working on a plan to wean off the Reserve Bank of Zimbabwe (RBZ) to ensure that it…
ZIMBABWE’S annual inflation reached a peak of 176 percent in June, despite assurances from government that prices will stabilise in August. The latest figures have sparked fears that the country is again entering hyperinflation territory, which last occurred 10 years ago when it hit an estimated one billion with the last official figure recorded in…
ZIMBABWE Stock Exchange (ZSE)-listed firms have suffered a string of losses in the past three weeks, triggered by the return of the local currency, a new report has revealed. The southern African country reintroduced its domestic currency, the Zimbabwe dollar, last month and banned the use of foreign currencies on local transactions, in a move…
THE Zimbabwe Stock Exchange (ZSE)’s turnover reached $1 billion in June, surpassing the previous annual turnover record of $926 million, which was set last year. This comes as the demand for stocks has spiked lately as investors seek refuge from rising inflation. The southern African country’s official inflation was reported for May this year at…
CAMBRIA Africa’s (Cambria) share price fell to a three-year low in June after its subsidiary Payserv Zimbabwe (Payserv) had an impasse with local banks over fees. The Zimbabwe-focused investment company’s share came off 46 percent on the London Stock Exchange between May 10 and June 13, 2019, to settle at a price of £0,0065 (US$0,0082).…
ZIMBABWE’S trade deficit with South Africa (SA) declined by about 92 percent to $32 million in the four months to May 2019 compared to $398 million recorded in the same period last year, latest data show. This comes as Zimbabwe’s imports have been declining dramatically as the economic situation in the southern African country has…
FOREIGN investors were net buyers on the Zimbabwe Stock Exchange (ZSE) in June, purchasing shares worth of $6,5 million, with particular interest in Cassava SmarTech Zimbabwe (Cassava) and Old Mutual Zimbabwe (Old Mutual). According to ZSE figures, foreign purchases accounted for $63,9 million worth of shares while sales amounted to $70,4 million during the month…
FINANCE minister Mthuli Ncube says government is working on a plan to restore autonomy to the Reserve Bank of Zimbabwe (RBZ). In functional economies, an independent central bank facilitates price and financial sector stability, which are conducive to sustainable economic growth. But in Zimbabwe, successive Zanu PF-led governments have been using the RBZ as an…
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