Reprieve for tobacco farmers as RBZ relaxes forex retention period to 180 days

Reprieve for tobacco farmers as RBZ relaxes forex retention period to 180 days 1

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has granted large scale tobacco farmers permission to retain foreign currency earned from the initial 30 to 180 days with authorities triggering the “use it or lose it” policy to liquidate the accounts at the prevailing bank rate beyond the period.  In a statement the central bank governor, John Mangudya said small scale farmers are allowed to retail their hard currency earnings for an indefinite period. “Large scale tobacco growers with more than two hectares of tobacco crop, are entitled to…

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Women’s bank keeps tight leash on non-performing loans

Women’s bank keeps tight leash on non-performing loans 3

By Idah Mhetu THE Zimbabwe Women’s Microfinance Bank (ZWMFB) has disbursed loans worth close to RTGS$4 million having opened over 50 000 accounts nationwide, since it started operating June last year, with Midlands topping the list officials said last week. ZWMFB chief executive officer Mandas Marikanda told a familiarisation tour of the bank by the Women Affairs and Small to Medium Enterprises Parliamentary Portfolio Committee that the Midlands had disbursed over RTGS$1 million thus far. “We have opened slightly below 50 000  accounts these are spread across all sectors and…

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Private investors welcome to venture into power related projects, Gumbo

Private investors welcome to venture into power related projects, Gumbo 5

By Alois Vinga ENERGY Minister, Joram Gumbo says private investors are welcome to venture in power related projects in a move that could see the country leapfrog in its bid to establish a US$8 billion worth energy infrastructure needed to address the nation’s power deficit. In a speech read on his behalf by his deputy at a recent Zimbabwe Infrastructure Summit, Gumbo said government alone does not have capacity to raise enough capital to put in place the required infrastructure to end the nation’s power woes. “With the cost of…

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Whats in a name? All you need to know about Zim’s new currency

Whats in a name? All you need to know about Zim’s new currency 7

Fin24 Late in February, Zimbabwe introduced a new currency called the RTGS, or real-time gross settlement dollar, in the process abandoning its long held 1:1 parity between the US dollar and its local transactional instrument – the bond note. “We have introduced the RTGS dollar. Citizens have to accept the introduction of the RTGS dollar. Whether you like the name or not, it is the domestic currency now – let’s respect it and support it,” Finance and Economic Development Minister Mthuli Ncube told a Youth Indaba on Thursday. But why…

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Free duty car imports for civil servants

Free duty car imports for civil servants 9

By Alois Vinga FINANCE Minister, Mthuli Ncube has given civil servants the greenlight to import vehicles without paying duty in a move aimed at placating distressed government workers. Statutory Instrument 52 of 2019 released Friday indicates that the directive is with effect from January 2019 and will see senior civil servants importing vehicles or taking one out of a bond without payment of duty. The duty refund shall be granted on a motor vehicle with a maximum import value of US$10 000 being imported by any serving government employee for…

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World Remit cash inflows into Zimbabwe grow by 150 percent

World Remit cash inflows into Zimbabwe grow by 150 percent 11

By Alois Vinga ONLINE money transfer entity, WorldRemit says its cash inflows into Zimbabwe from various countries across the globe grew by almost 150 percent in a development signifying that the brand is gaining a considerable market share in the cash transmission sector. In an interview with NewZimbabwe.com Business, Thursday, WorldRemit country director for Zimbabwe, Pardon Mujakachi revealed that the entity’s aggressive strategy is reaping good results. “The volume of inflows into Zimbabwe for collection as cash grew by almost 150 percent last year mainly because we guarantee cash in…

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Finance Secretary, Guvamatanga grilled fuel hike refund

Finance Secretary, Guvamatanga grilled fuel hike refund 13

By Alois Vinga ENERGY parliamentary portfolio committee chairperson, Simbaneuta Mudarikwa has expressed concern over the failure by several businesses to access refund for extra costs they incurred as a result of fuel price increases effected early this year. Mudarikwa, the Zanu PF lawmaker for Uzumba, quizzed Finance Ministry Secretary, George Guvamatanga when he appeared before the parliamentary portfolio committee on energy, Thursday, over why access to the fund was difficult. “We are aware of the fact that the Finance Ministry extended the refund program in January this year and a…

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Zimbabwe to scrap platinum and diamond mine ownership rules

Zimbabwe to scrap platinum and diamond mine ownership rules 15

Bloomberg News Zimbabwean Finance Minister Mthuli Ncube said a rule requiring local investors to control platinum mines will be scrapped and foreigners will be allowed to own 100% in a bid to revive investment. “We are removing that indigenisation rule, which is discouraging foreign direct investment,” Ncube said in an interview with Bloomberg Television in Washington. “We say Zimbabwe is open for business; you can only be open if you allow ownership of 100%.” The new rules could be extended to diamond mining, Mines Minister Winston Chitando said in a…

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Foreign investors can finally take money out of Zim, but at a huge discount

Foreign investors can finally take money out of Zim, but at a huge discount 17

Fin24 Foreign investors on the Zimbabwe Stock Exchange are likely to take a huge foreign exchange loss on their investments, but at least they can now have their money back following a new directive by the Reserve Bank of Zimbabwe (RBZ) for commercial banks to prioritise 15% of all foreign payments towards disinvestment by portfolio investors on the ZSE. For years, foreign investors on the ZSE have been struggling to take out their investments – now amounting to more than $120m – out of Zimbabwe, but the latest move by…

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South Africa’s rand weakens

South Africa’s rand weakens 19

Africa News The South African rand weakened early on Friday after breaching the crucial 14.00 to the dollar mark following a selloff in emerging market currencies. Escalating tensions between India and Pakistan, the breakup of the U.S.-North Korea summit without a deal and fading optimism over a U.S.-China trade deal had all put the rand and other emerging market currencies under pressure on Thursday as investors opted for safe-havens like the dollar and Japanese yen. While there was some relief for emerging markets after Pakistan said it would release an…

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