HARARE – The Reserve Bank of Zimbabwe (RBZ) says deposit insurance plays a critical role as a component of the financial safety net in an economy. Deposit insurance is protection provided by a government agency to depositors of a bank or deposit-taking institution. It assures the depositors of compensation in case a bank collapses. RBZ…
HARARE – Independent Member of Parliament for Norton, Temba Mliswa, has defended the involvement of the military in government’s special maize import substitution programme, the Command Agriculture, saying politicians had “distorted the initiative” to gain personal political mileage. Mliswa, who before his dismissal from Zanu PF, where he was the party’s provincial chairperson for Mashonaland…
HARARE – The fiscus is losing $2, 5 billion annually to smuggling of goods, the Zimbabwe National Chamber of Commerce (ZNCC) has said. In an analysis of Zimbabwe’s thriving informal sector, which is apparently riding on the back of porous ports of entry, ZNCC said the country’s comparatively high taxes and the prevailing foreign currency…
HARARE – The Zimbabwe National Chamber of Commerce (ZNCC) says the country must diversify into other sectors of the economy in order to address the present economic crunch biting hard on the nation. “There must be a shift from today’s silo-style focus on agriculture, mining or industry, to a value chain, value addition model that…
HARARE – Zimbabwean financial institutions are rejecting 99-year lease agreements as collateral for issuing of loans to farmers, with Senators calling on government to make the instruments bankable. This comes even after the Lands ministry last year amended the 99-year leases to make them bankable, but bankers believe the amendments are littered with potential legal…
HARARE – Zimbabwe’s largest financial services group, CBZ Holdings (CBZ), said it has intensified efforts to empower thousands of the country’s unemployed youths through skills training. The group’s senior manager marketing Joel Gombera told the businessdaily that CBZ — under its Youth Entrepreneurship Programme (Yep) — is nurturing a new generation of growth-oriented business persons….
HARARE – Zimbabwe is likely to experience food shortages before year end on the back of hard currency shortages, an international think-tank has cautioned. In its Country Risk Report for the fourth quarter, Fitch Group member, BMI said the central bank’s decision to more than double the size of its bond note holdings would also…
HARARE – Zimbabwe’s largest financial services group, CBZ Holdings (CBZ), has severed ties with its chief executive officer, Never Nyemudzo. The veteran banker — who has since been replaced by Peter Zimunya on an acting capacity — was on Wednesday sent on forced leave pending his “resignation” by end of year. However, sources within the…
HARARE – Mineral earnings grew by 31 percent in the nine months period to September ahead of the same period last year, official data published by the Minerals Marketing Corporation of Zimbabwe (MMCZ) show. Minerals earned $1,1 billion between January and September compared to $836 million in the same period last year. The growth was…
HARARE – Zimbabwe witnessed the sharpest increase in average prices in September since it adopted the multi-currency regime in 2009, which was biased towards the US dollar, a leading financial research firm has said. According to official Zimstat data, year-on-year inflation rose by 0,78 percent in September up from 0,14 percent in August. The adoption…
