Business in mixed feelings over Govt scrapping of multi-currencies

Business in mixed feelings over Govt scrapping of multi-currencies 1

By Alois Vinga THE business community in Zimbabwe has expressed mixed feelings over government’s move to ban the multi-currency system in favour of the Zimbabwean dollar. Most players in the economy’s key strategic areas underscored the need for further clarification by authorities on the policy. According to Statutory Instrument 142 of 2019 which came into effect Monday, government, scrapped the multi-currency system which was in place since 2009 and effectively criminalised its use alongside the local RTGS$ recently announced as a stand-alone currency. In separate interviews with NewZimbabwe.com Business, economists…

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Zim urged to adopt crypto-currency

Zim urged to adopt crypto-currency 3

By Matabeleland North Correspondent ZIMBABWE needs to adopt adopt cyber currency to solve its monetary problems which have seen prices souring beyond reach of many, a Zambian tax expert has said. The country continues to be haunted by foreign currency shortages, exacerbated by stunted industrial production and a failure to sustain its own currency value. Speaking in Victoria Falls recently, Zambia’s National Economic Advisory Council Oswald Mungule said Zimbabwe should learn from the World Bank which invested in Tether (USDT). Tether (USDT) is a crypto currency with a value meant…

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June pension pay-outs t risk as Paynet suspends service to all banks

June pension pay-outs t risk as Paynet suspends service to all banks 5

By Anna Chibamu FEARS abound that the National Social Security Authority (NSSA) might not be able to process this month’s pension payouts after service provider of the payment platform (Paynet) used by banks to process transactions this week suspended services demanding payment in foreign currency, Newzimbabwe.com has learnt. In a notice Friday, NSSA) told pensioners that pay-outs that were due on 13th of June, 2019 might come “a little later” due to Paynet’s move to shut out all banks in Zimbabwe from accessing and using its service. Part of the…

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ZIMRA’s cargo tracking system scares off fuel cartels

ZIMRA’s cargo tracking system scares off fuel cartels 7

By Alois Vinga ILLICIT fuel dealing has significantly reduced after the Zimbabwe Revenue Authority (Zimra) adopted an Electronic Cargo Tracking System (ECTS) in 2016, Commissioner General Faith Mazani said Friday. The ECTS system tracks and monitors transit cargo from the point of entry into Zimbabwe to the point of exit using electronic seals attached to the cargo, covering containerized and break bulk cargo as well as fuel tankers. Mazani told the official launch of the tracking system in Harare Friday, that the tax collector has noticed significant decline in the…

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Economists dismiss Ncube’s US$443 million budget surplus

Economists dismiss Ncube’s US$443 million budget surplus 9

By Alois Vinga Top economists, John Robertson, Persistence Gwanyanya and Prosper Chitambara have dismissed Finance Minister, Mthuli Ncube’s budget surplus of US$443 million recorded in the first quarter of 2019 for failing to address the plight of ordinary Zimbabweans. Speaking in seperate interviews with NewZimbabwe.com Business, the three called on government to do more in terms of right sizing expenditure. According to Ncube’s recent treasury update on the 2019 first quarter expenditure, revenues, at RTGS$1.9 billion outperformed targets of RTGS$1.8 billion. This led to savings of RTGS$219 million and a…

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Rand falls as ANC squabbles over central bank

Rand falls as ANC squabbles over central bank 11

7th June 2019 Business, Economy Moneyweb South Africa’s rand fell early on Thursday to its lowest this year as a dispute within in the ruling African National Congress over the central bank weakened demand. At 0800 GMT, the rand was 0.15% weaker at 14.88 per dollar compared with an overnight close of 14.86. It tumbled to a session low of 14.9625, its weakest since October, before settling near 14.80. The currency has been hurt by the ANC’s internal squabble over whether the central bank should do more to promote jobs…

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Nyamupinga’s Borrowdale property to be auctioned over Agribank debt

Nyamupinga’s Borrowdale property to be auctioned over Agribank debt 12

By Alois Vinga FORMER Goromonzi West legislator, Biata Nyamupinga’s Borrowdale property is set to be auctioned to offset an unspecified debt which the ex-lawmaker owes a local financial institution. Papers signed by Choruma Marias Valuation and Estates Executives (Pvt) Limited seen by NewZimbabwe.com revealed that Nyamupinga owes Agribank Zimbabwe an undisclosed amount which she has failed to pay. “Duly instructed by Agribank of Zimbabwe Limited we have on offer the following properties for sale by public auction. “In the case of Biata Nyamupinga versus Agribank ,the defendant’s right and interest…

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Gold producers bemoan foreign currency disbursement delays, high production costs

Gold producers bemoan foreign currency disbursement delays, high production costs 14

By Alois Vinga DELAYS in the disbursement of the foreign currency component due to gold producers by Fidelity Printer and Refineries, has negatively affected operations in the sector, the Chamber of Mines of Zimbabwe Gold Producers Association (CMZGPA) has said. CMZGPA chairman, Thomas Gono said this in a speech at the Zimbabwe Annual Mining conference, underway in the resort town of Victoria Falls. “Gold producers are also facing delays in the disbursement of foreign exchange for gold delivered to Fidelity Printers. These delays, which average three weeks, have further worsened…

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RBZ admits black market exchange rate dilemma

RBZ admits black market exchange rate dilemma 16

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ), has expressed deep concern over the spiraling parallel market exchange rate, which has seen the local currency trading at a ratio of 1:8 against the United States dollar. RBZ Deputy Governor, Kupukile Mlambo, Thursday told NewZimbabwe.com Business that there is a serious mismatch between bank balances and the rate at which exchange rates are increasing. “When we analyse the amount of money which depositors in the country have in their bank accounts and the rate at which parallel market rates are…

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Super profits making companies offer poor salary increments

Super profits making companies offer poor salary increments 18

By Alois Vinga COMPANIES in Zimbabwe continue to offer paltry salary increments despite inflation pressures spiraling out of control, while they continue reporting super profits a development that has pushed workers into poverty. Information gathered by NewZimbabwe.com Business revealed that most employers have so far given their workers salary increments not exceeding 50% across most sectors. The Agriculture sector recently awarded workers a 47% salary increment to cushion them from current economic hardships which will see the lowest paid employee getting ZWL$131 while the highest paid will earn ZWL$259. Workers…

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