HARARE – THE $100 million interbank loan facility granted to Zimbabwe by the Africa Export and Import Bank (Afrexim Bank) will not solve Zimbabwe’s liquidity challenges, economists say. Analysts said recapitalisation of the Reserve Bank of Zimbabwe (RBZ) by at least $500 million is the way forward. Leading independent economist, Erich Bloch told businessdaily that…
HARARE – The International Monetary Fund (IMF) says Zimbabwe must engage its creditors to arrest economic collapse. Following President Robert Mugabe’s election victory last year, the economy has regressed with investors shunning the country and companies closing shop, among other challenges. The country, saddled by multi-billion dollar debt, is struggling to secure international lines of…
HARARE – Zimbabwe will lag behind its African peers in development if its government does not enforce investor-friendly policies, deputy British Ambassador to the country Chris Brown said. This comes as the investment-starved country is desperately trying to attract foreign direct investment (FDI) and access international lines of credit. But investors and financiers are wary…
HARARE – Zimbabwe has auctioned 28,6 million kg of tobacco worth $88 million since the beginning of the 2014 selling season mid-February. The Tobacco Industry and Marketing Board (Timb)’s latest statistics, however, indicated that the commodity’s price has remained depressed at an average $3,07 per kg, 16 percent down from last season’s $3,67. By end…
HARARE – The Deposit Protection Corporation has so far paid 220 Trust Bank Limited (Trust) depositors following closure of the financial institution last December. However, the compensated account holders represent only eight percent of the total 2 958 who had their money locked up in the bank. This comes as DPC defied a petition by…
HARARE – Zimbabwe could for the second time miss the International Monetary Fund (IMF)’s Staff Monitored Programme (SMP) targets due to deteriorating economic conditions in the country. The hard-pressed country is currently implementing the recommended programme under which it is required to enforce sound economic policies. SMP also compels the authorities to increase diamond revenue…
HARARE – Non-performing personal loans have ballooned to constitute a greater part of banks’ bad debts, a listed bank’s executive said. Ronald Mutandagayi, ZB Financial Holdings Limited (ZBFH)’s chief executive, said the actual state of banks’ loan books is contrary to general belief that companies constitute most of the defaulters. This comes as most banks,…
HARARE – ABC Holdings (ABCH) seeks $360 million to capacitate it to be lender-of-last-resort to its banking subsidiaries. This comes as last year the group secured $135 million in lines of credit out of which $95 million was invested directly in the parent company while the balance was invested in its Zimbabwean operations. “Going forward,…
HARARE – Newly-appointed Reserve Bank of Zimbabwe (RBZ) governor John Mangudya must stick to central bank’s advisory role to government and regulation of the financial sector, economists say. They said apart from facing a tall order in bringing stability and restoring confidence in the banking sector amid a biting liquidity crisis, he may encounter government…
HARARE – China Exim Bank has granted Zimbabwe a $218 million loan to finance installation of a national mobile broadband network ecosystem, businessdaily has learnt. Chinese firm Huawei Technologies (Huawei), the technical partner in the project, yesterday indicated that it was ready to roll out the programme, which would be structured to include the retail…
