ADOPTING the South African rand as the major transacting currency could force a price correction in Zimbabwe and enhance local manufacturers’ competitiveness while solving the liquidity challenges the country is currently facing, analysts have said. But it faces resistance. While bankers and industry have recommended the adoption of the rand or joining the rand union formally as a way to reduce
FINANCE minister Patrick Chinamasa has revealed that government is investigating 40 large companies to determine how they are handling their cash as the country’s liquidity crisis deepens.Chinamasa said big companies, particularly those in the retail business, were exacerbating the country’s cash crisis by not banking their daily takings contrary to the legal requirement that they should depos
FIRST and foremost we would like to send our deepest sincere apologies for the ‘Zim dollar’ demise and all things that came with it. It was during extraordinary times and we employed extraordinary measures to counter the challenges at the time.As you know those were trying times as Zimbabwe was under severe strain from biting sanctions and production had ground to a halt. Again we are very sor
ZIMBABWE can successfully track and recover billions of dollars that have been illegally siphoned out of the country using modern integrated information communication technology (ICT) government systems, an expert has said.Chris Ndlovu, who is founder and chief executive officer of Duodecimar Technologies PL, a Bulawayo-based ICT firm, says the government needs to establish a financial intelligenc
U.S Dollar Continues To 'Vanish'As the shortage of cash in Zimbabwe’s financial institutions continues, there is a mounting call for the adoption of the South African rand as a major currency in the country instead of the American dollar, which is now scarce in commercial banks.During his time as finance minister, Tendai Biti proposed that Zimbabwe should join the Rand Union but this was not ado
Government has set June 30 as the deadline by which State institutions, parastatals and local authorities should have embraced multi-currency arrangements in payment transactions to promote financial sector stability. The move is part of a plethora of measures introduced by Government through the Reserve Bank of Zimbabwe aimed at ensuring safety and soundness of the banking system and to alleviat
The Reserve Bank of Zimbabwe (RBZ) has, with immediate effect, reduced charges on all electronic transactions to ease pressure on banking clients and promote the use of electronic banking services.In a statement yesterday, the RBZ said a decision had been reached following discussions between the apex bank, the Bankers Association of Zimbabwe (BAZ) and payment systems providers to reduce electroni
RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya yesterday told Parliament the central bank had no authority to introduce the South African rand, as the country’s official currency or change from the multi-currency system.Mangudya said this when he appeared before the Finance and Economic Development Portfolio Committee, where MPs grilled him about the introduction of bond notes and other
ENERGY and power development are integral components in the implementation of the Southern African Development Community (Sadc) industrialisation agenda aimed at unlocking more opportunities and economic integration. At the centre of the regional economic strategy is revitalisation of regional integration and enhancing competitiveness through fostering robust industrialisation that is anchored on
The Reserve Bank of Zimbabwe says it is working hard to promote, restore and sustain the functionality and use of the multi-currency to mitigate concentration risk on the United States dollar. The multi-currency regime will work alongside bond notes, which will have equivalent unit value to the US dollars, to create an alternative medium of exchange only accepted in Zimbabwe.It is expected that bo
THE Zimbabwe Energy Regulatory Authority (Zera) has so far licensed 24 Independent Power Producers despite the fact that most of the projects are being undermined by the shortage of funds and lack of clear policies in the energy sector. Zera chief executive officer Gloria Magombo said among all the registered IPP programme only 10 are producing electricity to the national grid at low capacity.“W
ZIMBABWE and Zambia have potential to generate about $4,8 billion per year from tourist arrivals through Victoria Falls International Airport once the upgrading exercise is complete, a Cabinet Minister has said. In 2013, the government embarked on a $150 million rehabilitation programme of the airport, whose commissioning is expected at the end of next month.Responding to questions in Parliament l
VICE President Phelekezela Mphoko yesterday unveiled a poultry project for the Nketa-Emganwini constituency in Bulawayo by donating 3,000 chicks as part of government’s empowerment drive. The project, a brain child of VP Mphoko, is anchored on the country’s economic blueprint, Zim-Asset, which seeks to empower people through utilising local resources.More than 300 families in Nketa-Emganwini c
Zanu-PF National Consultative Assembly members have called for decisive action against government officials and party cadres engaging in corruption and amassing wealth at a time the economy is severely strangled. They observed that the media had been awash with several reports of financial impropriety by government officials.The NCA members made the plea on Friday during its meeting at the Zanu-PF
THE Reserve Bank of Zimbabwe has launched an operation targeted at assessing banking trends by high cash generators like wholesalers, retailers, mobile phone companies and fuel dealers amid revelations cash deposits fell by an average 40 percent last month. The operation by the RBZ is part of a cocktail of measures aimed at arresting the current cash shortages.This was revealed by the Minister of
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