HARARE – Zimbabwe’s tax agency has said it wants to uncover billions of dollars in undeclared assets kept by Zimbabwean citizens in foreign countries amid a worsening liquidity crunch. This comes as Zimbabweans have externalised billions of dollars, ranging from the relatively small bank deposits in neighbouring countries, to millions stashed in tax havens globally….
HARARE – Not for the first time, government has ruled out adopting the South African rand as its main currency. Responding to a question with notice in the Senate, Agriculture minister Joseph Made, standing in for Finance minister Patrick Chinamasa, said the country should work on improving productivity to stem cash shortages. “Competitiveness is brought…
HARARE – Zimbabwe’s tax agency Zimra has said it exceeded its 2017 second quarter revenue target by over 9 percent, as the economic outlook became positive, buoyed by the good agricultural season and a battery of measures to stimulate investment, exports and production. Zimra chairperson Willia Bonyongwe said in a statement the agency collected $926,96…
HARARE – Zimbabwean banks are seeing their profits skyrocket despite the tough operating environment, making more money from trading and mostly electronic transactions, financial research firm Equity Axis has said. CBZ, Barclays, NMB, ZB and Agribank — the only banks that have released their trading updates during their annual general meetings — have all registered…
HARARE – Zimbabwe’s tobacco export earnings tumbled two percent to $266 million by July 7 on lower prices and demand, an industry official said. Tobacco is Zimbabwe’s single largest export commodity, ahead of platinum and gold. Andrew Matibiri, general manager at Tobacco Industry and Marketing Board said Zimbabwe — which exports 90 percent of its…
HARARE – Reserve Bank of Zimbabwe (RBZ) governor John Mangudya yesterday said the current cash crisis is a symptom of a broken economy. “People are asking the wrong questions, it’s not about the currency but about the economy which is not performing,” he said. This comes as government is struggling with a cash crunch that…
HARARE – The Reserve Bank of Zimbabwe (RBZ) is planning to plug the parallel financial markets and ease the current cash crisis by re-establishing Bureaux de Changes, more than 15 years after they were closed. Bureaux de Changes were shut down in December 2002 amid allegations that they were at the centre of illegal foreign…
HARARE – Zimbabwe is poised to become one of the largest lithium producers in the world due to increased global demand. The investment-starved country produced 900 tonnes of lithium in 2015, with top producer Australia accounting for 13 400 tonnes, Chile for 12 900 tonnes, Argentina for 3 800 tonnes and China for 2 200…
HARARE – The National Social Security Authority (Nssa) is planning to construct nearly 15 000 housing units across the country this year. Nssa chairperson Robin Vela yesterday said the pension administrator’s unit — National Building Society (NBS) — was in negotiations with several stakeholders on the construction of houses. “A new low-cost housing project was…
VICTORIA FALLS – Zimbabwe’s manufacturing industry was saved from total collapse by the imports ban policy implemented by the government exactly a year ago, a new study has shown. The country, through Industry minister Mike Bimha introduced Statutory Instrument 64 of 2016 (SI64) to help resuscitate local industry, but the move sparked international debate after…
