AdvertisementsTHE RTGS dollar continues to take a heavy battering against most major currencies — amid worrying indications that it may soon trade above 10 to the American unit, as the country’s hard cash shortages escalate.Advertisements This comes as Zimbabwe’s official inflation has hit a 10-year high of 75 percent, thereby piling more pressure on already-stressed…
AdvertisementsOUTGOING British American Tobacco Zimbabwe (BAT) managing director Clara Mlambo says she was not ‘pushed out’, contrary to market perceptions.Advertisements Mlambo announced her resignation on Monday, in a development that rocked the markets especially coming a few weeks after the tobacco processor reported a commendable set of results for the year to December 31, 2018.…
AdvertisementsRICHMOND Furnitures managing director Henry Ruzvidzo is today expected to be elected the new Confederation of Zimbabwe Industries (CZI) president when the organisation holds its annual general meeting (AGM) in Harare.Advertisements The Financial Gazette is reliably informed that Ruzvidzo will take over the reins of Zimbabwe’s largest business organisation from outgoing Sifelani Jabangwe who has…
AdvertisementsFOREST estates and saw-milling company Border Timbers (Border), currently under administration, says its lumber production for the eight months to February 2019 was significantly affected by power outages. The company says it produced 46 605 cubic meters of timber during the period under review, down from 58 770 cubic meters produced in previous comparable period.…
AdvertisementsNATIONAL Foods (NatFoods), one of Zimbabwe’s food processing giants, is struggling to import raw materials after the central bank failed to remit its US$54,9 million legacy debt owed to a foreign supplier. Earlier this year, NatFoods announced that the Reserve Bank of Zimbabwe had assumed its debt in a move meant to allow the company…
AdvertisementsTHE Zimbabwe Rugby Union (ZRU) has sacked Sables coach Peter de Villiers due to unauthorised leave from work fifteen months after his high profile unveiling.Advertisements The former Springboks coach who described the appointment then as the “greatest day of my life” has indicated from South Africa where he is at the moment that he will…
AdvertisementsZIMBABWE’S recent changes in the monetary system will not give much impetus to the struggling economy due to restrictions on trading currencies, an international think-tank has said.Advertisements This comes as the southern Africa country’s monetary authorities have sought to address hard currency shortages by abandoning the unsustainable 1:1 dollar peg for bond notes and local…
AdvertisementsTREASURY’S recent rebasing of 2018 economic statistics to reflect GDP value in the RTGS dollar has created confusion, as it conflicts with Statutory Instrument (S.I.) 33 of 2019, analysts have said.Advertisements In February, the central bank redenominated bond notes and local bank balances into a separate currency ― the RTGS dollar ― tradable against major…
AdvertisementsDELTA Corporation (Delta), Zimbabwe’s largest beverages manufacturer, says it has rebased its balance sheet from the United States (US) dollar to the RTGS dollar using the interbank market rate, even though this goes against the dictates of Statutory Instrument (IS) 33 of 2019. Advertisements This also comes at a time Finance minister Mthuli Ncube has…
AdvertisementsLISTED cable maker CAFCA says it is concerned that the current foreign currency shortage in Zimbabwe could lead to “hyperinflation”. This comes only a decade after the country suffered an episode of hyperinflation, which has been recorded in history books as one of the worst ever after monthly inflation was reported at 2 600,24 for…
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