Chasi demands Gwanda solar completion

Business Reporter ENERGY and Power Development Minister Fortune Chasi has demanded completion of the multi-million dollar 100 megawatts Gwanda solar project saying he wanted to see electricity being generated from the power station after Government paid US$5,1 million in tax payers’ money for its construction. The energy minister also said …

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US$645m traded on interbank market

Tawanda Musarurwa Senior Business Reporter About US$645 million has been traded on the interbank market since the platform was established in February this year, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya has said. “As at the end of June 2019, foreign exchange to the tune of US$644 million had …

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Climate finance flows as Zim expects US$10m GCF grant

Climate Story Jeffrey Gogo The Green Climate Fund (GCF) was expected to approve a project grant of US$10 million over the weekend, to help 10 000 families in rural Masvingo and Rushinga cope with climate change.  Directors of the GCF board are meeting for the 23rd time at the Fund’s …

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ZTA advances township tourism

Kumbirai Tarusarira  and Michael Tome The Zimbabwe Tourism Authority (ZTA) continues to direct its efforts towards the advancement of township tourism and last week the organisation took to the streets of Mbare to promote the suburb as a tourist destination. Ministry of Environment, Tourism and Hospitality Industry  in collaboration with …

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OK welcomes new currency

Retail firm, OK Zimbabwe on Friday  said introduction of the local currency, the Zimbabwe dollar, has  stabilised retail prices and expects them to drop further as the new  currency gains momentum. As part of wider economic reforms, government re-introduced the local  currency late last month, declaring it the sole legal …

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Border Timbers in revenue growth

Milling and timber manufacturing company, Border Timbers, posted sharp increase in revenue to $20,7 million for the 9 months to March 31, 2019 compared to $15,7 million recorded in the prior year comparative. Growth in revenue translated to a upward movement in profit before tax from $3,8 million recorded in …

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‘Long-term interest rates won’t spike’

Tawanda Musarurwa Senior Business Reporter Zimbabwe’s fiscal and monetary authorities say the removal of the cap on banks’ lending rates will only affect short-term borrowings while long-term borrowers, especially corporates, remain insulated. The central bank’s interest rate policy plays a key role in the formulation of effective monetary policy market …

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Electricity tariffs hike looms

By Staff Reporter Government says it will soon review electricity tariffs to reflect costs because current charges are no longer sustainable. Zimbabwe is currently facing its worst power shortages in years after low water levels at Kariba Dam forced the power utility to cut generation levels. Kariba, the country’s largest …

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Zim accumulates trade deficit of $32,15bn

BY MTHANDAZO NYONI ZIMBABWE has, since 2009, accumulated a trade deficit of $32,15 billion, a development that has left the country battling with persistent foreign currency shortages, a government official has said. Giving her welcome remarks at the ninth Buy Local Summit in Bulawayo yesterday, Bulawayo Metropolitan Provincial Affairs minister …

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