Business

RBZ issues new Exchange Control Directive – Full-text

Reference is made to the Press Statement issued by the Governor on 20 May 2019 on the payment arrangements for fuel through the interbank foreign exchange market and the drawing down of US$500 million offshore line of credit. In order to operationalize the foreign exchange measures contained in the Press Statement by the Governor, Exchange Control in terms of Section ...

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Mutsvangwa pins parallel market financial distortions on Old Mutual

FORMER Presidential Advisor Ambassador Chris Mutsvangwa has blamed Old Mutual for causing parallel market financial distortions where the exchange rate has “inordinately” risen due to the Old Mutual Implied exchange Rate (OMIR). Speaking on ZBCtv current affairs programme, Face the Nation, on Wednesday night, Amb Mutsvangwa said the OMIR was being used on the Zimbabwe Stock Exchange (ZSE) to determine ...

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Chasi guns for State-owned firms

ENERGY and Power Development minister Fortune Chasi yesterday said he will be tough on the petroleum and electricity sectors and will target State-owned companies failing to meet expected performances. “I am going to focus very tightly on implementation of projects,” Chasi told journalists after his swearing-in as a full Cabinet minister at State House yesterday. “I believe there are many ...

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Zimra dollarises border charges

Government has made sweeping changes to its warehousing and physical examinations charges at Beitbridge Border Post with all foreign-registered vehicles now being levied in hard currency. Previously, charges were paid in local currency and the new changes, to be effected next Monday, are likely to see most imported goods being charged in foreign currency. It will also mean that shipping ...

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Zimbabwe open to renegotiate 99-year leases with banks

FINANCE and Economic Development Minister Professor Mthuli Ncube has said Government is open to renegotiating with banks to make 99-year leases acceptable to financial institutions. The Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya is on record as saying banks have agreed to accept 99-year leases as collateral after Government tweaked the leases to be transferable and bankable. However, ...

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RBZ statement on the payment arrangements for fuel through interbank foreign exchange market

The Reserve Bank of Zimbabwe has advised the public that with effect from 21 May 2019, the procurement of fuel by the Oil Marketing Companies (OM.) shall be done through the interbank foreign exchange market. There shall be only one foreign exchange rate to be used in the market for the importation of all goods and services. This means that ...

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Kombi operators shut down Bulawayo

Public transporters in Bulawayo have withdrawn kombis from the road in protests against fuel price hikes and what they termed unfair competition from government Zupco buses. According to a statement attributed to the three biggest transport associations in the city, the business is no longer economically viable. Thousands of commutters city-wide were this morning stranded as only a handful of ...

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DIDG loses exclusive rights to NRZ deal

GOVERNMENT has removed the exclusivity clause for the US$400 million National Railways of Zimbabwe (NRZ) recapitalisation deal after investors for the project failed to provide proof of funding within 12 months of the framework agreement. In 2017, the Diaspora Infrastructure Development Group (DIDG)/Transnet consortium won a tender to recapitalise and rehabilitate the strategic railways firm. Under the framework arrangement, investors ...

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RBZ fast tracks fuel deliveries

The Reserve Bank of Zimbabwe (RBZ) says it has worked out a mechanism to ensure Letters of Credit (LCs) for the procurement of fuel overlap to minimise supply side gaps causing shortages that manifest in long queues in most parts of the country. This comes as it emerged that many fuel dealers do not have adequate local currency to match ...

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NRZ / DIDG deal hits a funding snag

TRANSPORT minister Joel Biggie Matiza yesterday told the National Assembly that the $400 million National Railways of Zimbabwe and DIDG Transnet deal which President Emmerson Mnangagwa commissioned last year, had hit a funding snag. Matiza said the problem was a contractual issue, where DIDG Transnet was awarded the deal to refurbish NRZ under the condition that they would raise money ...

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