HARARE – Zimbabwe’s financial institutions are expected to maintain a cautious approach on lending due to a volatile operating environment that has seen electronic balances fluctuate and lose value over the past few months, a local equities research think-tank has said. IH Securities (IH) said banks, which have taken on Treasury Bills (TBs) to limit…
HARARE – Australia-listed junior miner, Prospect Resources (Prospect) is to immediately start exploration of lithium at the Lipropeg deposit near Bindura. The Lipropeg deposit is located approximately 16km southeast of the town of Bindura in north eastern Zimbabwe, and is one of at least three projects that the firm is pursuing. The Lipropeg Lithium Project…
HARARE – Zimbabwe’s platinum output for the second quarter of 2018 stood at 3 438 kilogrammes (kg), down 8,2 percent from 3 744 kg produced in the first quarter of 2018, the central bank has said. The Reserve Bank of Zimbabwe (RBZ) said platinum ore output declined by 10 percent in comparison to the previous…
HARARE – The financing of a budget deficit predominantly through domestic debt, such as has been the case in Zimbabwe, leads to low economic growth rates, as well as subdued investment and entrepreneurial activities, Oswald Mungule, a policy analyst, has said. Treasury says the country’s domestic debt has grown more than 3 000 percent since…
HARARE – The Commercial Farmers’ Union (CFU) says government should restore freehold ownership rights in order to unlock the collateral value of agricultural land in Zimbabwe. As part of its submissions to the 2019 National Budget consultations, the CFU said the main problem facing Zimbabwe’s agriculture and the rest of the economy was the lack…
HARARE – Finance minister Mthuli Ncube said on Wednesday the new tax on electronic payments was a painful but necessary measure and urged Zimbabweans to be prepared to go through temporarily turbulent times after which the economy will stabilise. The imposition of the levy which will apply on mobile and card payments and bank transfers…
HARARE – President Emmerson Mnangagwa is extending the term of central bank governor John Mangudya which is due to expire in February, a spokesperson said yesterday. Mangudya has been in the post since March 2014 and is widely seen as a guarantor of monetary stability, although the Reserve Bank (RBZ) has in recent days been…
HARARE – Zimbabwe Tourism Authority (ZTA) chief executive officer Karikoga Kaseke has read the riot act to tourism sector players after they sharply increased their prices in a move that risks driving customers away. Kaseke — who had a fierce run-in with the management of a local hotel last week over their pricing regime —…
HARARE – Government directed banks to separate foreign currency accounts from the bond notes and their associated electronic deposits to curb market indiscipline, Finance and Economic Development permanent secretary George Guvamatanga has told a parliamentary committee. “The separation of FCA accounts and RTGS accounts was necessary as the singular system was now disadvantaging those with…
HARARE – Zimbabwe’s regulatory authorities have granted authority to open four special economic zones that offer investors greater incentives and fewer restrictions than available to date in the country, the Zimbabwe Special Economic Zones Authority (Sez) CEO Edwin Kondo has said. The new economic zones will be in Bulawayo, Victoria Falls, Mutare and Beitbridge. The…
