THE elimination of bond notes, which has been called for by many, will not solve Zimbabwe’s fundamental economic problems, economists have argued. The country has suffered chronic economic distress for more than two decades, of which, lately, a currency crisis has been the face, they say. This has created a villain of bond notes, which…
ZIMBABWEAN banks have survived an onslaught brought by International Financial Reporting Standards (IFRS) 9, the new standard of accounting for classification and measurement of financial instruments which came into effect on January, 01, 2018, after the majority of them recorded healthy profits in the first six months of this year. IFRS 9, which replaced IAS…
TOTAL merchandise trade increased by 25 percent from $799,6 million in May 2018 to $999,2 million in June due to month-on-month increases in the stock of both exports and imports, latest data has shown. According to the Reserve Bank of Zimbabwe’s (RBZ) monthly economic review for June, merchandise exports stood at $384,6 million during the…
THE insurance industry can play a fundamental role in supporting economic sustainability by protecting governments and consumers from losses, the Zimbabwe Association of Funeral Assurers (ZAFA) has said. Solomon Chikanda, the ZAFA President, also said companies in the funeral sector contribute to the national revenue through income taxes. “By investing in prescribed assets the funeral…
ZECO Holdings (ZECO) — which has been incurring losses since dollarisation in 2009 — says it expects its balance sheet to improve in the short term after changing its asset valuation on auditors’ advice. The move results in a lower depreciation cost. Over the years, depreciation costs of the engineering group’s heavy equipment, some of…
DAVID Whitehead Textiles (DWT)’s creditors will meet on September 27 to discuss the manufacturer’s revival strategy. The company resumed operations at its Chegutu factory in January this year after receiving a $2 million bailout from the Reserve Bank of Zimbabwe. The facility was secured from the Zimbabwe Asset Management Company, a special purpose vehicle to…
BARCLAYS Bank Zimbabwe (Barclays) has missed out on low hanging fruits after it registered a decline in non-interest income in the first half of this year. Non-interest income, which is revenue that a bank gets from activities other than lending, has emerged as a major source of income for local banks after takings from electronic…
DELTA Corporation (Delta), Zimbabwe’s largest beverages manufacture, yesterday said it had invested $260 000 towards the upgrade of a road junction near its Fairbridge Chibuku Super plant. This comes as an upgrade of the plant at Fairbridge in 2016 gave rise to an increase of traffic, particularly the heavy motor vehicles that ferry raw materials…
ECOBANK Zimbabwe recorded a $18,4 million profit after tax in the six months to June 30, 2018, a 64 percent increase from the $11,4 million realised during the same period last year. The increase was mainly attributed to a year-on-year rise of 46 percent in net interest income added to a 75 percent year-on-year increase…
FOREIGN investors were net sellers of $4,4 million shares on the Zimbabwe Stock Exchange (ZSE) in August, according to figures released by the local bourse this week. Foreign purchases accounted for $12,5 million shares during the month under review while sales amounted to $16,9 million. Regional seed producer Seed Co dominated the net sellers, with…
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