Govt losing war on money changers

Govt losing war on money changers 1

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 2

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 3

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 smezim.com) 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 4

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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Forex dealer jailed as crackdown starts

Forex dealer jailed as crackdown starts 5

On Nov 29, 2018 24,355 0 By Pauline Hurungudo Government has handed a prison sentence to a trader selling foreign currency outside the official exchange rate, marking the advent of the crackdown on a black market it says destabilizes the country’s currency. File picture of forex dealers in Zimbabwe This comes after promulgation of new laws prescribing that unlicensed foreign currency traders face up to 10 years in jail if convicted and loss of their money and assets. Police spokesperson senior assistant commissioner Charity Charamba said in a statement yesterday…

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Duty on vehicle imports gazetted

Duty on vehicle imports gazetted 6

By Zvamaida Murwira Finance and Economic Development Minister Professor Mthuli Ncube has invoked the Customs and Excise Act and imposed duty in foreign currency on an array of goods that include vehicles and meat, in line with the 2019 National Budget Statement he presented last week. Mthuli Ncube The other affected imports include horticultural products, cosmetics and selected fruits. The announcement was made in a Government Gazette published last Friday in terms of Section 115 (3) of the Customs and Excise Act (Chapter23:02) and would be known as (Designation of…

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Duty in forex for car imports

Duty in forex for car imports 7

By Prosper Ndlovu Importers of motor vehicles will pay customs duty in foreign currency with effect from today as Government moves to control the surge in the importation on non-productive goods while businesses that price products in forex will be required to pay tax in the same currency. Announcing revenue enhancing measures in his 2019 National Budget statement in Parliament yesterday, the Minister of Finance and Economic Development, Professor Mthuli Ncube, said the measures were critical in redirecting use of scarce foreign currency to the productive sector and implementation of…

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Minister reads riot act

Minister reads riot act 8

By Tendai Madhomu Industry and Commerce minister Mangaliso Ndlovu yesterday met with manufacturers and retailers in a heated closed door meeting, with the minister emphasising the need to bring sanity to the pricing regime. Industry and Commerce Minister Mangaliso Ndlovu and his deputy Raj Modi follow proceedings during a meeting with manufacturers and retailers on price hikes in Harare yesterday. — Picture by Memory Mangombe The tense meeting that lasted nearly three hours did not yield much positive results, with stakeholders reportedly clashing in angry scenes. Manufacturers vowed that as…

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