Business forum ‘The Shift’ set for London launch; AAG president to keynote

Business forum ‘The Shift’ set for London launch; AAG president to keynote 1

By Tidi Kwidini LONDON: Affirmative Action Group (AAG) president, Dr Chamu Chiwanza, is scheduled to keynote at the launch of The Shift UK, a business enterprise scheme that brings together corporate leaders to discuss key issues affecting the African continent. The Shift was established over five years ago by Dr Chiwanza, who is the patron, as well as businessman, Custon Dzinoreva. The Zimbabwe-based entrepreneurs saw a gap in the market to mentor, support, develop and help transform the lives of young men and women seeking to go into business. Farai…

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RBZ says exchange rate to strengthen as peg abandoned

RBZ says exchange rate to strengthen as peg abandoned 3

By Bloomberg News THE government expects the exchange rate of what is in effect a new currency to strengthen from its current black market level when it starts trading. The political opposition isn’t so sure. On Wednesday, central bank Governor John Mangudya said the government will no longer insist that quasi-currencies known as bond notes and RTGS dollars, an electronic equivalent, are worth the same as real US dollars. They will be merged and allowed to trade freely in an inter-bank market. Those instruments were trading at between 3.66 and…

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Zimbabwe Starts Currency Trading in Bid to End Dollar Dearth; RBZ says initial rate 2.5 per U.S. dollar

Zimbabwe Starts Currency Trading in Bid to End Dollar Dearth; RBZ says initial rate 2.5 per U.S. dollar 5

By Bloomberg News Zimbabwe began formal trading of what’s effectively a new currency as it tries to ease a shortage of dollars that’s crushed the economy. The initial rate for the southern African nation’s currency, known as RTGS dollars, will be 2.5 per U.S. dollar, central bank Governor John Mangudya told business leaders Friday in Harare, the capital. The rate was agreed on with commercial lenders, he said. Ecobank Transnational Inc.’s local unit and Steward Bank Ltd. were among lenders quoting prices, with rates between 2.44 per dollar and 2.53.…

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Why it is important to start investing at a young age

Why it is important to start investing at a young age 7

One of the greatest writers of all time Harry A. Hopf said, “Often greater risk is involved in postponement than in making a wrong decision.” The reason for this is you can wait so long to do something that you miss out on the opportunity entirely. If you procrastinate because you are fearful of making a poor choice, life is going on without you and you might end up regretting your procrastination. When you’re younger, saving for something that’s years away like retirement may not seem important. But that is…

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Diaspora remittances drop

Diaspora remittances drop 9

On Feb 22, 2019 25,466 0 By Natasha Chamba Diaspora remittances into Zimbabwe dropped by 11,4 percent in 2018 to $619, 2 million from $699 million received in the prior year, the Reserve Bank of Zimbabwe (RBZ) has said. The Reserve Bank of Zimbabwe (RBZ) Dr John Mangudya Diaspora remittances are a critical source of liquidity in the economy with more families relying on the revenue stream for support from their loved ones who work outside the country. Presenting the 2019 Monetary Policy Statement on Wednesday, RBZ Governor Dr John…

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NetOne board speaks on Muchenje return

NetOne board speaks on Muchenje return 10

By Africa Moyo Netone Cellular board chairman James Mutizwa says the company is pleased that a solution regarding the status of chief executive officer, Lazarus Muchenje, has been found, and is expecting him to continue the turnaround efforts that saw the parastatal recording its first month-on-month profit during his reign. Former Minister of Information Communication Technology (ICT) and Cyber Security Mr Supa Mandiwanzira seen here with Lazarus Muchenje Mr Muchenje, who was suspended in August last year for alleged “gross misconduct” relating to how he handled expired contracts for nine…

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Banking sector stable, but assets quality deteriorates

Banking sector stable, but assets quality deteriorates 11

BY MISHMA CHAKANYUKA ZIMBABWE’S banking sector remained generally stable and adequately capitalised during the year ended December 2018, but the quality of assets deteriorated as reflected by the increase in the average non-performing loans (NPLs) to total loans ratio, the central bank has revealed. The country has 19 banking institutions, which include commercial banks, building societies and a savings bank. Presenting the Monetary Policy Statement on Wednesday, Reserve Bank of Zimbabwe governor John Mangudya said the banking sector’s aggregate core capital had increased by 15,32% to $1,58 billion as at…

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Processed transactions value surge 62% to $151,75bn

Processed transactions value surge 62% to $151,75bn 13

BY FIDELITY MHLANGA Zimbabwe registered a 62% increase in the value of transactions processed on its payment system to $151,75 billion in 2018 from $93,83 billion in the prior year, driven mainly by real time gross settlement (RTGS) transactions, official data has shown. According to the Monetary Policy Statement (MPS) released on Wednesday, the volume of transactions on the national payment system surged by 98% to 1,96 billion from 988 million in 2017. The national payment stream is characterised by RTGS and mobile financial services, cheque, automated teller machines, points-of-sale…

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US$ remains the base currency for trading: Zimcodd

US$ remains the base currency for trading: Zimcodd 15

Zimcodd executive director Janet Zhou BY MTHANDAZO NYONI THE Zimbabwe Coalition on Debt and Development (Zimcodd) says the United States dollar will remain the base currency for trading purposes in Zimbabwe because businesses prefer trading in a stable currency. In his monetary policy statement on Wednesday, central bank governor John Mangudya effectively brought back the local currency after denoting the existing electronic balances, bond notes and coins in circulation as real time gross settlement (RTGS) dollars, making them official legal tender alongside a basket of other currencies. “As the country…

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Meikles swindled $1,7 million

Meikles swindled $1,7 million 17

BY CHARLES LAITON LISTED conglomerate Meikles Limited has approached the High Court seeking an order compelling a local firm, Wide Free Investments (Pvt) Ltd T/A Core Solutions, to reimburse it over $1,7 million it received as payment for facilitating the recovery of a debt owed by government. According to court papers, on December 27, 2013, Meikles Limited and Wide Free Investments entered into a memorandum of engagement in terms of which Wide Free Investments offered to provide services to Meikles by facilitating the repayment of a debt owed by the…

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