RBZ draws $450m from nostro facility

Happiness Zengeni Recently in Davos, Switzerland— The Reserve Bank of Zimbabwe (RBZ) has drawn down $450 million out of the latest $600 million nostro stabilisation facility secured from the Afreximbank last year, Reserve Bank of Zimbabwe governor Dr John Mangudya has said. The first draw down of the facility – secured in September last year –…
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Govt cuts diamond ground fees

Tinashe Makichi Business Reporter— GOVERNMENT has significantly reduced ground rental annual fees for diamonds to $225 per hectare from $3 000. The reduction is in line with Government’s ease of doing business reforms to facilitate investment in the diamond sector. Mines and Mining Development Minister Winstone Chitando had recently indicated that the Government was going to come up…
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ZSE stocks continue to fall unabated

Business Reporter The weakness on the Zimbabwe Stock Exchange persisted last week with all four indices closing in the negative territory as panic increases due to inflation fears work their way out. At the close, the main industrials index had lost 3,29 percent in the week, while the newly introduced ZSE All Share Index was down…
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OPC spearheads Brand Zimbabwe campaign

Business Reporter The Office of the Present and Cabinet is spearheading an all-stakeholders process for a national branding strategy that will inform the world that Zimbabwe is open for business and has functional institutions to support the exploitation of business and investment opportunities. The campaign focuses on key result areas as well as institutions that…
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Creditors now owed $190m

Business Reporter SIX failed banks that owe creditors have slim chances of recovering depositors’ money as it has emerged the financial institutions have an aggregate net liability of over $190 million. Allied, Interfin, Royal, Trust, Genesis Investment and the now defunct Afrasia (formerly Kingdom) banks, have failed to pay the bulk of their creditors given…
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Hwange $1,5bn upgrade gets China boost

Business Reporter Work on the 600 megawatt extension of Hwange Power Station will start soon, after China reaffirmed its commitment to facilitate the $1,5 billion upgrade, among several other potential areas of trade and investment cooperation with Zimbabwe. The contract for the expansion of Hwange Power Station was awarded in October 2014 to Chinese company,…
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50 000 more POS machines in 100 days

Africa Moyo Business Reporter Government is working on providing foreign currency for the acquisition of 50 000 new point of sale machines in the next 100 days as part of broadening the use of plastic money. President Emmerson Mnangagwa has set 100-day deliverables for line ministries, as he seeks to inculcate a new work ethic aimed at turning…
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DPC hopes against hope

Africa Moyo Business Reporter Debt collection and disposal of AfrAsia Bank Zimbabwe Limited’s assets is still underway as the liquidator battles to raise funds to pay depositors due to an illiquid market. The development comes at a time when a paltry $4,8 million has been paid out of claims of $61 million that were provisionally accepted by…
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Govt seeks solution to stop price hikes

Africa Moyo and Livingstone Marufu Government is engaging the manufacturing and retail sectors with a view to establishing their operational challenges, which have recently resulted in arbitrary price increases that are beyond the reach of many low income earners. The National Competitiveness Commission (NCC), a successor body to the National Incomes and Pricing Commission (NIPC), is…
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