NRZ to save Zimbabwe foreign currency

NRZ to save Zimbabwe foreign currency 1

By Oliver Kazunga The National Railways of Zimbabwe (NRZ) says its engineering unit, Inter-Rail-Tech, will be participating at this year’s Mine Entra with focus on saving the country foreign currency through import substitution initiatives. NRZ public relations manager Mr Nyasha Maravanyika yesterday said the unit, which will be exhibiting at the expo for a third year-running was established in 2017 to unlock the railways firm’s engineering expertise and capacity. “Inter-Rail-Tech will be participating at the 2019 Mine Entra with emphasis to save the country foreign currency through import substitution initiatives,”…

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Archer Clothing struggles to secure foreign currency

Archer Clothing struggles to secure foreign currency 2

By Oliver Kazunga Bulawayo based firm, Archer Clothing, says it is struggling to secure foreign currency to boost its operations and has complained over the suspension of the export incentive. Archer Clothing in Bulawayo The export incentive, which was introduced under the bond note facility in 2016, fell by the way side when Government in February this year dumped the parity rate between the surrogate currency and the greenback in favour of the interbank exchange system. Paramount Garments managing director, Mr Jeremy Youmans, told Business Chronicle that despite their growth,…

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Fuel crisis: Queue brawls increase

Fuel crisis: Queue brawls increase 3

By Farayi Machamire Getting fuel in Zimbabwe’s capital can now cost you a bloodied nose, well at least if the sporadic brawls breaking out at fuel stations around Harare are anything to go by. In this photo taken on Friday Dec, 21, 2018, a driver takes a nap with his feet sticking out of the car while in a fuel queue in Harare. The Christmas lights are up in Zimbabwe’s capital but the mood is less than festive as the country grapples with an economic crisis that prevents many families…

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BCC insists on forex for stands

BCC insists on forex for stands 4

By Tendayi Madhomu The Bulawayo City Council (BCC) has shattered the dreams of scores of locals wishing to own homes, telling them to “shut-up” if they cannot afford housing stands that have been priced in foreign currency (forex). Bulawayo City Council This comes at a time residents have challenged the city fathers over the decision which they say discriminates against the majority of residents who are seeking land to build houses. In December, council approved the sale of housing stands in United States dollars (USDs); a move residents said was…

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Govt losing war on money changers

Govt losing war on money changers 5

By Blessings Mashaya Despite introducing a heavy penalty aimed at deterring would-be offenders, government is losing the war on illegal money changers in Harare as they are now fully back on the streets operating openly. File picture of forex dealers in Zimbabwe Towards the end of last year, the government crafted a law prescribing a 10-year custodial sentence for illegal foreign currency traders. And with the police at their back they seemed to have disappeared for a few weeks although they are back at their usual operating points at Copacabana…

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NatPharm to open pharmacies

NatPharm to open pharmacies 6

By Blessings Mashaya Government run National Pharmaceutical Company of Zimbabwe (NatPharm) is set to open pharmacies throughout the country to bring sanity to the pharmaceutical sector, Health and Child Care minister Obadiah Moyo has said. Then Acting President Constantino Chiwenga and Health and Child Care Minister Obadiah Moyo (right) are led on a tour of NatPharm Warehouse in Harare by Natpharm Stores Pharmacist Rumbidzai Matambanadzo. — (Picture by Justin Mutenda) Moyo told the National Assembly mid last week that the parastatal will open its own pharmacies to end the current…

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Seed Co mulls rice, potato seed production

seed Co mulls rice

By Michael Tome Zimbabwe Stock Exchange (ZSE) listed seed producer, Seed Co Limited, says it is considering venturing into rice and potato seed production in a move that will help the country cut on a huge import bill for the crops that is gobbling significant amounts of foreign currency. Seed Co Limited group finance director John Matorofa (left), group chairman David Long and group CEO Morgan Nzwere at the group’s financial results presentation The Southern Africa country imports over 95 percent of the rice it consumes, translating to nearly $100…

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Zimra revenue declines by $27million

Zimra revenue declines by $27million 7

By Thupeyo Muleya The Zimbabwe Revenue Authority (Zimra) has recorded a decline of $27 million from commercial and vehicle imports in the first 10 days after Government legalised the payment of duty on specified goods in foreign currency, it has emerged. ZIMRA offices in Harare (Picture by Zimra collects about 30 percent of Government revenue. In addition, 70 percent of the parastatal’s money is collected at Beitbridge Border Post alone where they rake in around $400 million annually. Related Articles Finance and Economic Development Minister Professor Mthuli Ncube recently…

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Fuel companies call for 2-week forex cover

By Tawanda Musarurwa  Fuel firms operating in the country have said Government should supply them with two-week worth of foreign currency cover to ensure there are no gaps that “exaggerate” the fuel shortages. Motorists wait to fill up their tanks at a fuel station in Harare, Tuesday, Oct, 9, 2018. As Zimbabwe plunges into its worst economic crisis in a decade, gas lines are snaking for hours, prices are spiking and residents goggle as the new government insists that the country somehow has risen to middle income status. (AP Photo/Tsvangirayi…

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Sex workers dollarise

Sex workers dollarise 8

By Gibson Mhaka Grief is the real price men pay for sex! with the festive season around the corner, some commercial sex workers in Bulawayo are literally running a promotion in which they are reportedly offering extra-sexual services to clients who would have paid for their services in foreign currency. Commercial sex workers are now demanding foreign currency for their goods and services. The seemingly shocking move which prostitutes say is to offset the “free-falling” bond, came hard in the wake of a number of companies and service providers who are now…

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