‘Negotiate rescue package from region’

Government should negotiate a rescue liquidity package from the region, particularly South Africa, to buttress economic stabilisation efforts and steer business growth, economic analysts have said. Contributing during a discussion to review the mid-term monetary policy statement organised by the Zimbabwe National Chamber of Commerce (ZNCC) Matabeleland Chapter in Bulawayo, …

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Rand steady

The South African rand was steady early yesterday, after strengthening the previous day on news that President Cyril Ramaphosa had appointed former central bank governor Tito Mboweni as finance minister. The rand was 0,03 percent stronger at 14,5500 per dollar at 0700 GMT, having closed in New York at 14,5550. …

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Oil edges lower

Oil prices edged lower yesterday after the IMF lowered its global growth forecasts but prices were supported as Hurricane Michael churned toward Florida, causing the shutdown of nearly 40 percent of US Gulf of Mexico crude output. Brent crude LCOc1 futures were down 21 cents at $84,79 a barrel by …

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Hwange in $7,6 million arrears

Africa Moyo Senior Business Reporter Weak management systems have seen Hwange Colliery Company Limited (HCCL) defaulting on the Scheme of Arrangement it entered into with creditors, amid indications the firm has plunged into $7,6 million arrears. HCCL, which owes various creditors $352 million, entered into a Scheme of Arrangement with …

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‘Civil service crucial for Vision 2030’

Ishemunyoro Chingwere Business Reporter The Civil Service has an important role to play towards the attainment of the country’s Vision 2030 as enunciated by President Mnangagwa, Civil Service Commission chairman Dr Vincent Hungwe, has said. Dr Hungwe said this in a speech read on his behalf by Commissioner Ozias Hove …

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Govt to raise $3,4bn from 2 cents tax

GOVERNMENT has potential to raise about $3,4 billion annually through the newly introduced Intermediary Money Transfer Tax of two cents, which will widen room for capital funding and retooling of the manufacturing sector, a tax expert has said. Last Friday, Finance and Economic Development Minister Professor Ncube announced upper and …

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Statutory protection for nostro accounts

Tawanda Musarurwa Senior Reporter Government will soon announce a Statutory Instrument to further protect nostro accounts for individuals and the private sector, Finance and Economic Development Minister Professor Mthuli Ncube has said. Nostro account refers to an account that a bank holds in a foreign currency in another bank. Nostros …

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Cooking oil producers say supply is adequate

At a time the country is battling cooking oil shortages, oil producers say they have sufficient crude oil to meet demand. BY FIDELITY MHLANGA United Refineries, the edible oils producer said it received close to 10 000 metric tonnes of soya beans from the Grain Marketing Board between May 2018 …

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ZSE market capitalisation breaches $16bn mark

THE Zimbabwe Stock Exchange (ZSE) market capitalisation hit $16,7 billion on Tuesday, about 67% of the gross domestic product, as investors took shelter in equities to escape Zimbabwe’s currency crisis. BY TATIRA ZWINOIRA Reserve Bank of Zimbabwe governor John Mangudya on October 1 ring-fenced bank accounts by introducing nostro foreign …

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Govt urged to ring-fence RTGS accounts

GOVERNMENT has been urged to de-dollarise only bank balances built after October 1 when bank accounts were separated into US dollar and real time gross settlement (RTGS) accounts, to protect people’s savings. BY MTHANDAZO NYONI Speaking during the Zimbabwe National Chamber of Commerce Matabeleland Chapter policy review in Bulawayo on …

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