HARARE – Zimbabwe’s financial institutions are pleading with deep-pocketed clients to supply them with cash aimed at replenishing their nostro accounts as the country continues to grapple with a biting liquidity crunch. Nostro accounts are accounts held in a foreign country by a domestic or local bank which are used to facilitate settlement of foreign exchange…
HARARE – At least two Innscor Africa Limited (Innscor) directors have been caught up in the Panama offshore bank accounts fiasco, which the Reserve Bank of Zimbabwe (RBZ) says it had not authorised. According to the Voice of America (VOA), Zinona Koudounaris — commonly known as Zed — and Michael Fowler opened four companies, and…
HARARE – Zimbabwe Stock Exchange-listed hospitality group, African Sun Limited (ASL), has embarked on a multi-million dollar refurbishment exercise aimed at sprucing up the image of its hotels across the country. The group’s managing director, Edwin Shangwa, on Monday told the businessdaily that ASL — under its partnership with South Africa’s Legacy Group (Legacy) —…
HARARE – Zimbabwe’s mineral earnings in the first quarter declined seven percent to $416 million from $452 million prior comparable period, a situation analysts say is expected to worsen the country’s liquidity situation. The country is presently reeling from a biting cash crisis that has seen the central bank impose withdrawal limits to help liquefy…
HARARE – Zimbabwe is in bilateral talks with China to use the Chinese yuan renminbi (yuan) as a trade currency between the two countries, in a move aimed at easing cash shortages, businessdaily has learnt. Central bank governor John Mangudya last week said the country was in discussions with the People’s Bank of China to…
HARARE – The African Development Bank (AfDB) has set aside resources to write off Zimbabwe’s $601 million debt, Finance minister Patrick Chinamasa has said. Chinamasa last week told Parliament that the regional money lender had secured funding to write-off arrears for indebted African countries such as Somalia, Sudan and Zimbabwe. “…these resources were to be…
HARARE – Amsterdam-based mobile phone operator VimpelCom is seeking President Robert Mugabe’s assistance to secure an outstanding $30 million from the sale of its 60 percent shareholding in Telecel Zimbabwe (Telecel). People privy to goings-on at the Nasdaq-listed telecommunications company told businessdaily that VimpelCom has since written to the nonagenarian leader to allow his government to…
HARARE – Zimbabwe lost about $50 million to Illicit Financial Flows (IFFs) in the first quarter of 2016, as cash externalised from the country remains undetected, central bank governor John Mangudya said. This comes as Zimbabwean banks are facing a cash crisis, with the institutions limiting depositors’ withdrawals. IFFs are a form of illegal capital…
HARARE – Finance minister Patrick Chinamasa says government is working on “necessary documentation” for the country to implement its $1,8 billion arrears clearance strategy, with multilateral institutions expected to meet in the second half to approve the strategy. The Treasury chief told the National Assembly on Thursday that the International Monetary Fund (IMF) board had…
HARARE – Barclays Bank Zimbabwe (BBZ) says operations have continued unaffected after parent company Barclays Plc divested from African operations, with the bank posting a $16 million total income in the four months to April 2016. BBZ managing director George Guvamatanga on Thursday told an Annual General Meeting in the capital that the group’s operations…
