HARARE – The Reserve Bank of Zimbabwe (RBZ) expects liquidity and credit risk to remain the main huddles confronting local financial institutions, amid indications that banks will achieve improved performances in the period to December 2016. In its latest report on the sector, the central bank said while the banking sector was anticipated to post…
HARARE – About $9,6 million worth of bond coins is now circulating in the Zimbabwean financial system, after the country pumped over $6 million worth of the coins since September last year, the Reserve Bank of Zimbabwe (RBZ) said. With circulation of bond notes — backed by a $200 million Afreximbank facility and pegged at…
HARARE – Zimbabwe Stock Exchange-listed resources group Falcon Gold (Falgold) said it is planning to resume exploration works it had stopped last year due to the country’s worsening economic condition. The group’s executive chairman, Ian Saunders, said there were chances that Falgold could perform better in 2017. “Notwithstanding the fact that the group had previously…
HARARE – The year 2016 will go down as a tough one for the local economy since 2008 as the country slid back into recession and unemployment skyrocketed to unprecedented levels. Zimbabwe’s economy was expected to grow by 2,7 percent this year before it was slashed to 0,6 percent this year due to drought, which…
HARARE – Zimbabwe’s newest commercial airline, Rainbow Airlines, which promises to offer travellers the best in both affordability and premium quality‚ will launch its inaugural flights from Harare International Airport to Johannesburg from January 25, 2017. The airline that will start by servicing the Harare-Johannesburg route on a daily basis and the Harare-Victoria Falls route…
HARARE – The country’s milk production is on the rise despite the devastating drought which left more than 5,5 million people in need of food aid. Official government figures show that Zimbabwe’s milk output from January to September 2016 stood at 48,6 million litres, 14,2 percent higher than the 42,6 million litres produced during the…
HARARE – Zimbabwe has earned $926 million from tobacco exports since the beginning of the selling season early this year. This was after the country had exported over 163 million kilogrammes of the golden leaf to various countries across the world. Latest statistics from the Tobacco Industry and Marketing Board (TIMB) show that China maintained…
HARARE – Zimbabwe’s largest telecommunications firm by assets and subscriber base, Econet, continues to dominate the country’s mobile money market. Latest data from the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) shows that Econet’s subsidiary, EcoCash, controlled 99 percent of mobile money transferred in the quarter to September 2016. [Adz] In the period under…
HARARE – Finance minister Patrick Chinamasa has reduced term limits for the Zimbabwe Revenue Authority (Zimra) commissioner-general in an effort to increase transparency and strengthen the tax collector’s efficiency. Under the current legislation, the Zimra board appoints, on such terms and conditions as it may fit, a person to be the commissioner-general. The tenure of…
HARARE – National power utility Zesa Holdings (Zesa) says it is struggling to generate enough electricity to cater for the whole country due to the worsening cash crunch and lack of foreign currency. The company’s subsidiary, Zimbabwe Power Company (ZPC), yesterday said it produced a total of 6 282 gigawatt hours (GWh) of energy in…
