Business

Mthuli Ncube opens up

Zimbabwe is on a journey of reform. Nobody ever said it wouldn’t be a bumpy ride; but the most important thing is that the journey has begun, and we are heading in the right direction. The Transitional Stabilisation Programme, the first step of government’s economic reform programme, was launched in October 2018. Its goal was clear: To stabilise the economy, ...

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Zimbabwe bank employees demand US dollar salaries

BANK employees are pilling up pressure on their employers to pay salaries in United States dollars arguing that the local currency has become worthless. “We are pushing for banks to pay the USD salaries that we are contractually entitled to or be paid the equivalent. We are already preparing to go to court for this. We are in disagreement (with ...

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Inter-bank, parallel market rates won’t converge: Analysts

ANALYSTS say claims by monetary and fiscal authorities that the interbank market and the parallel market for foreign currency will converge are highly unlikely in the absence of a sustained supply of foreign currency. Both the Minister of Finance, Mthuli Ncube and the Reserve Bank of Zimbabwe governor John Mangudya have, in the past, insisted that the interbank market which ...

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NetOne’s night bundle bounces back

State-owned telecommunications firm NetOne has introduced a new mobile data package in a bid to cushion its customers in the face of rising costs, ZimTechreview reported. Last month, mobile network operators hiked data tariffs by more than 100%, a development which squeezed consumers who are already struggling with falling disposable incomes. In a statement, NetOne spokesperson Eldrette Shereni said the new package ...

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Market anxiety batters Zimbabwe’s RTGS$

The RTGS dollar continues to take heavy battering against most major currencies – amid worrying indications that it may soon trade above 10 to the American unit, as the country’s hard cash shortages escalate. This comes as Zimbabwe’s official inflation has hit a 10-year high of 75 percent, thereby piling more pressure on already-stressed local businesses – as commerce and ...

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Economy on the mend, says Mthuli Ncube

FINANCE minister Mthuli Ncube yesterday insisted that the economy has turned around “after six months” as per his promise last October, boasting the turnaround is being witnessed on the fiscal side. Ncube made the claim in Parliament yesterday after he was asked by Parliament’s Public Accounts Committee chairperson and newly-appointed MDC vice-president Tendai Biti on why the economy was in ...

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Mthuli Ncube savaged, under pressure

Zimbabweans are increasingly turning against under pressure Finance minister Mthuli Ncube, as the country’s economy continues to die – amid high prices and shortages of basic consumer goods Zimbabweans are fearful that the country’s troubled economy is once again hurtling towards another major crisis akin to the horrific 2008 hyper-inflationary era which decimated both lives and businesses. This comes as ...

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Business sabotaging Zimbabwe economy

Tales of the liberation struggle for Zimbabwe bring out, among other issues, how important a good operating environment is for one to thrive in their endeavors. We are told of how the guerrillas regarded the indigenous people as the water, without which they – the fish, would not survive.  The guerrillas relied heavily on the support rendered by the indigenous ...

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Government speaks on fuel price

The Zimbabwe Energy Regulatory Authority has issued a statement informing the public that the price of fuel remains the same as before. The statement was necessitated by social media news that fuel was costing above RTGS$7. “ZERA would like to advise the public and stakeholders that current fuel price of RTGS$4.89 and RTGS$4.97 foe diesel and blend respectively shall continue ...

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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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