‘Inter-Bank Trades US$12m Weekly’

The inter-bank foreign exchange market is averaging trades of US$12 million weekly, three weeks after its introduction, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya told Parliamentarians yesterday. Appearing before the Portfolio Committees on Public Accounts Budget, Finance and Economic Development, the central bank governor hinted that some companies have been struggling to purchase foreign currency on the official market, even at the discounted rate (compared to the parallel market) starting rate of 2,5 when the market was introduced. The forex inter-bank market started trading on February 22, 2019…

Ecocash Apologises

EcoCash (Pvt) Ltd has apologized to its clients who have been facing a horrible service from the Ecocash money transfer services in the past weekes. Technical challenges that the users were facing include failure to purchase electricity, transferring money and it is deducted but does not reach the intended recipient. “Dear Valued Customer, you may experience intermittent failure when trying to transact on EcoCash. Our team is working on stabilizing the system. We sincerely apologize for any inconvenience caused. Thank you for your patience. System performance has improved and we…

IMF Puts Caveat On Zim Currency Reforms

THE International Monetary Fund (IMF) says the success of currency reforms will depend on the implementation of an effective monetary policy framework supported by market-determined interest rates and prudent fiscal policies. According to an IMF Press briefing held last week after Finance Minister Mthuli Ncube met IMF director Christine Lagarde in Washington DC, government’s removal of the 1:1 parity that existed between the bond currency and US dollar last month is a step in the right direction that potentially can address distortions that were compromising the economy. “Our initial evaluation…

Zim Looking Forward to Scrapping Indigenisation Act

ZIMBABWE is working on scrapping the Indigenisation Act which restricts foreign shareholding in platinum and diamond ventures to 49% as the country seeks to attract foreign capital, Finance minister Mthuli Ncube has said. Appearing on Bloomberg on Wednesday, Ncube, who is in Washington to court investors, said the law would be amended soon. “You can own 100% of any mining investment, any investment in Zimbabwe, that is what is coming through. We are removing that indigenisation rule, which is discouraging foreign direct investment (FDI). Zimbabwe is open for business. It…

Possible Boost For Zim’s Economy

Botswana is extending $600 million in two major facilities to Zimbabwe’s private sector and diamond industry that will give ties between the two countries a huge lift. Zimbabwe this week hosts Botswana for a Bi-National Commission (BNC) which will consummate in the signing of the agreements by Presidents Mnangagwa and Mokgweetsi Masisi on Thursday. Preparatory meetings for the event began yesterday and Zimbabwe’s Secretary for Foreign Affairs and International Trade Ambassador James Manzou, who opened the two-day meeting pitting officials from both countries, revealed the details. “Zimbabwe welcomes with much…

Govt Authorises Black-Market Forex Exchange Rates

THE Reserve Bank of Zimbabwe (RBZ) has effectively brought back the local currency after denoting the existing electronic balances, bond notes and coins in circulation as real time gross settlement (RTGS) dollars, making them the official legal tender, as part of a host of monetary policy measures announced yesterday. The bank has also removed the 1:1 peg on the local currency against the US dollar, practically de-dollarising, in a move which authorities hope will curb growth of the parallel market and ease foreign currency shortages which have crippled business. In…

ZSE shares value surge 33% to $926,3m

THE value of shares that were traded on the Zimbabwe Stock Exchange (ZSE) was up 33% in 2018 to $926,3 million, as resurgent inflationary pressures forced investors to seek refuge in equities, an official has said. In the same period in 2017, turnover was at $694,9 million. ZSE acting chief executive Martin Matanda told reporters that the local bourse recorded strong performance in 2018, compared to the previous years. The value of shares traded on the ZSE in 2018 was $926 309 644, a 33% increase compared to $694 868…

RTG Virtual Platform Grows

ONE of the country’s largest hospitality groups, Rainbow Tourism Group (RTG), says it now has 61 properties representing over 700 rooms in Bulawayo on its virtual accommodation platform. RTG Virtual is a partnership platform between RTG and selected hotels, lodges and tourism activity companies in Zimbabwe, which also develops their business capabilities and access to markets. In a statement yesterday, RTG spokesperson, Pride Khumbula said the company continues to lead the industry in the development and support of smaller players in the industry through its RTG Virtual platform and GatewayStream…

2pc Tax Nets $80m A Month

Government is realising $80 million monthly from the 2 percent Intermediated Money Transfer Tax introduced in October last year, according to Minister of Finance and Economic Development Professor Mthuli Ncube. At its inception, Minister Ncube highlighted that the tax levied on amounts above $10, was designed to broaden Government’s capacity to fund capital projects and retooling of the productive and other critical sectors. In an interview on the sidelines of a tour of Nestlé Zimbabwe on Monday, Minister Ncube said the proceeds of the tax would be directed towards social…