Jittery day for rand

The rand swung wildly in the early hours of yesterday, jumping from R13,68 to R13,72 to the dollar at 3am, in what is likely to be a jittery day for currencies. “Major currencies were on tenterhooks on Thursday on the eve of Washington’s deadline to impose tariffs on Chinese imports …

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Ballooning RTGS indicate lack of lending: RBZ

THE Reserve Bank of Zimbabwe says the ballooning Real Time Gross Settlement (RTGS) account balances are an indicator of lack of lending by mainstream banks to the productive sectors. Treasury has admitted that one of the key challenges facing the economy is budget deficit whose financing through issuance of Treasury …

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Oil prices slide

Oil slid after a government report showed a surprise increase in US crude stockpiles. Futures dropped as much as 1,7 percent in New York following the US Independence Day holiday. Inventories rose 1,25 million barrels last week, the first rise in four weeks, according to data from the Energy Information …

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‘Economy on growth trajectory’

RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya yesterday said the economy is on a positive growth trajectory as evidenced by increased capacity utilisation and surging demand for fuel. Dr Mangudya said this during the official launch of the EmpowerBank, a youth focused deposit taking microfinance institution. EmpowerBank was …

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Milk imports decline

Investments made in the dairy sector at both farm and processing level coupled with the implementation of SI64, have seen the amount spent on importation of milk and milk-based products reduce significantly in the last few years. According to Zimbabwe Dairy Industry Trust chairman Theodora Marimo, the country used to …

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Pay back loans: ED

PRESIDENT Emmerson Mnangagwa yesterday said youths that will access loans from EmpowerBank must develop a culture of honouring their obligations, adding that the high default rate recorded under the Youth Development Fund, would never be tolerated. The President said this while officially opening the EmpowerBank, which is designed to finance …

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Old Mutual’s centre to jumpstart informal sector

ZIMBABWE Stock Exchange-listed financial services group, Old Mutual, says its $21,4 million state-of-the-art small to medium enterprises (SMEs) Eastgate Market in Harare would be opened next month. BY MTHANDAZO NYONI Speaking during the Zimbabwe National Chamber of Commerce annual congress held in Victoria Falls last week, an Old Mutual official …

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RBZ embraces blockchain tech

THE Reserve Bank of Zimbabwe (RBZ) has put into motion studies to investigate blockchain technology as it is a new developing global innovation. BY TATIRA ZWINOIRA RBZ governor John Mangudya told guests attending Alpha Media Holdings’ Banks and Banking breakfast meeting in Harare yesterday that the central bank wanted to …

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Banks to prioritise importers over depositors

BANKERS Association of Zimbabwe (BAZ) vice-president Benefit Washaya says banks were still to decide whether they should continue importing cash to distribute to the depositors considering that the money was not coming back to the banks. BY TATIRA ZWINOIRA Washaya made the remarks at the Alpha Media Holdings Banks and …

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Canning industry set for rebound

The canning industry in Zimbabwe is set for a rebound after the introduction of demand-driven bean cultivar needed for production of canned beans, an official has said. BY FREEMAN MAKOPA Department of Research and Specialist Services director Dumisani Kutywayo said the release of the new variety was a result of …

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