Industry criticises RBZ’s monetary policy for ignoring value loss and low exchange rate

Industry criticises RBZ’s monetary policy for ignoring value loss and low exchange rate 1

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has been criticised for failing to deal with value loss in account balances and fixing an unreasonably low exchange rate in its Monetary Policy Statement (MPS).  According to a statement from the Confederation of Zimbabwe Industries (CZI) the policy also failed to address issues around people’s pensions after effectively introducing a new currency and pegging an exchange rate that was below market forces. The industry lobby body in the statement released Wednesday argues that critical issues which will address a smooth…

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Tobacco sellers urge immunity from 2 % mobile transfer tax

Tobacco sellers urge immunity from 2 % mobile transfer tax 3

By Alois Vinga BOKA Floors managing director, Chido Nyakudya says the 2 percent mobile transfer tax introduced last October by government must not apply on all tobacco related transactions to avoid erosion on tobacco farmers’ incomes. “We are facing challenges with the 2 percent tax…and we are currently engaging the Finance Ministry over the matter,” Nyakudya told parliament’s lands committee Tuesday. “For the farmers to be able to conduct their sales, the merchants need to bring the money to the country and the money needs to be transferred to us…

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WorldRemit registers 30% monthly increase in CBZ transfers

WorldRemit registers 30% monthly increase in CBZ transfers 5

WorldRemit, a leading online international money transfer company, has seen a rapid uplift in customers sending money to Zimbabwe using its guaranteed cash pickup service. Transfers sent for cash collection at CBZ Bank locations alone have risen by 30% per month. To make it easier for people living in urban and rural areas to receive vital funds from loved ones abroad, WorldRemit has more than doubled its network of cash pickup partners in Zimbabwe in the past six months. The company now offers cash pickup in USD at over 250…

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Chrome miners reject RBZ 30 day deadline to use export earned forex

Chrome miners reject RBZ 30 day deadline to use export earned forex 6

By Alois Vinga CHROME Miners have rejected the Reserve Bank of Zimbabwe (RBZ) blanket directive on exporters to use all forex proceeds within 30 days. Speaking at a Zimbabwe Miners Federation meeting held in Harare this week, players argued that the nature of the mining industry required more planning time going beyond the stipulated timeframe. Chrome Miners Association representative, Masango Masasa said that the arrangement could cripple the sector in the long run. “The challenge we are experiencing in our sector is that the mining sector requires long term planning…

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Only 20kgs gold remitted to Fidelity since RBZ’s policy statement

Only 20kgs gold remitted to Fidelity since RBZ’s policy statement 8

By Alois Vinga DEPUTY Mines Minister, Polite Kambamura says that gold remittances to Fidelity Printers and Refiners (FPR) have reduced significantly since the Reserve Bank of Zimbabwe (RBZ) monetary policy announcements made last week. Briefing guests on challenges being experienced in the mining sector at a breakfast meeting held in Harare on Tuesday, Kambamura revealed that there were serious problems at hand. “The bad news is that for the month of February, we are much lower in gold receipts than before especially after the RBZ governor, John Mangudya announced the…

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Govt says to introduce cheap bread with 100 percent local ingredients

Govt says to introduce cheap bread with 100 percent local ingredients 10

By Staff Reporter GOVERNMENT says it is in the process of engaging a baker who will produce a standard loaf of bread with 100 percent of locally produced ingredients. This comes as bread shortages persist in the country while hard-pressed local bread makers have demanded autonomy in the pricing of the staple food. Addressing a post-cabinet media briefing Tuesday, Information Minister Monica Mutsvangwa said persistent bread shortages on the market, coupled with price increase pressures brought by continued reliance on imported wheat. “In the context of the Buy Zimbabwe Campaign,…

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Presidential input support helps farmers double 2017 cotton yield

Presidential input support helps farmers double 2017 cotton yield 12

By Alois Vinga ZIMBABWE has produced 140 000 tonnes of cotton owing to the presidential input support scheme which capacitated local farmers with resources to double their 2017 yield in 2018. This was confirmed by Association of Value Adders of Zimbabwe (AVAZ) director, Admire Masenda while speaking to NewZimbabwe.com Business this week. “Cotton output in the 2018 marketing season rose to 140 000 tonnes, from 70 000 tonnes last year, owing to increased government support to farmers. “The quantities have not been achieved for over half a decade and this…

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

Business forum ‘The Shift’ set for London launch; AAG president to keynote 14

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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South Africa to loan $5 billion to ailing state power firm

South Africa to loan $5 billion to ailing state power firm 16

21st February 2019 Business, Markets By Associated Press JOHANNESBURG: South Africa’s minister of finance says that the government will loan the troubled state power company, Eskom, 69 billion rand ($4.9 billion) to help it service its debts. Delivering the 2019 budget to parliament, Finance Minister Tito Mboweni said the loan would help Eskom provide a stable power supply to the country. South Africa, Africa’s most industrialised country, has experienced several power cuts in recent weeks because Eskom has not been able to generate adequate electricity. Eskom’s debt is currently estimated…

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Black market forex rates fairly stable since January

Black market forex rates fairly stable since January 17

By Alois Vinga BLACK market foreign currency exchange rates have remained fairly stable for almost two months with dealers attributing the trend to a reduction in demand. A random assessment by NewZimbabwe.com Business confirmed that the rates have not shifted much over the past two months. “If one exchanges one United States dollar, they receive $3.30 cash in bond notes or $3.80 through Ecocash and RTGS,” said one forex dealer operating at Eastgate Shopping Mall. “Just a week ago, the transfer exchange rate reached a peak of $4 against USD$1…

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