RBZ offers banks cheap money to increase private sector lending

RBZ offers banks cheap money to increase private sector lending 1

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has moved to offer banking institutions in the country a cheaper financing facility in a bid to boost credit availability to the private sector and economic growth support. Speaking in a recent Monetary Policy Statement, RBZ governor John Mangudya expressed deep concerns about the depressed levels of productivity and their implications on both exchange rate stability and potential output of the economy. “In this regard, and consistent with the monetary targeting framework, the bank will introduce measures and incentives to encourage…

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Namibia to auction 763 seized vehicles destined for Zimbabwe

Namibia to auction 763 seized vehicles destined for Zimbabwe 3

Staff Reporter Namibian authorities are reported to have approved a proposal to auction at least 763 second-hand vehicles impounded in that country while destined for Zimbabwe. The vehicles were seized after the owners failed to pay import duty or used fraudulent papers to clear the cars. The proposal, which was recently approved at a Cabinet meeting, was made by the Ministry of Finance, media reports in that country said. Namibia’s Ministry of Finance spokesperson, Tonateni Shidhudhu confirmed the seizure of the vehicles at the Port of Walvis Bay. He said…

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Bvute’s Metbank caught in US$1,6 million mess

Bvute’s Metbank caught in US$1,6 million mess 5

By Mary Taruvinga METBANK Limited was this week taken to court by Higher and Tertiary Education minister, Amon Murwira after students’ funds amounting US$1, 6 million got stuck in the bank. The Ozias Buvte led bank is under fire after Murwira filed summons against the financial institution this Wednesday seeking an order compelling it to release the funds which have been stuck since 2013. The Reserve Bank of Zimbabwe (RBZ) was also cited as a respondent in the summons. According to summons filed at the High Court, the ministry, through…

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Tanzania begins shipments of maize to drought-hit Zimbabwe

Tanzania begins shipments of maize to drought-hit Zimbabwe 7

By Fumbuka Ng’wanakilala |Reuters| Tanzania said on Friday it had begun the first shipments of maize to Zimbabwe after an El Nino-induced drought wilted crops and triggered food shortages in the southern African nation. MOZAMBICAN-registered trucks line up to offload imported maize at the Grain Marketing Board in Murewa on Monday, July 17, 2017 (Picture by Freedom Mashava) Tanzania plans to export 700,000 tonnes of the staple food to Zimbabwe. A United Nations agency has said up to 5 million Zimbabweans, one-third of the population, need food aid. Related Articles…

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July Moyo denies owing Zesa US$414 000

July Moyo denies owing Zesa US$414 000 8

By Mary Taruvinga LOCAL GOVERNMENT Minister, July Moyo is denying owing the Zimbabwe Electricity Supply Authority (Zesa) US$314 000 in unpaid bills. He was recently dragged to court after the power utility announced it is owed millions of dollars by top government officials. This comes at a time when Zesa has introduced rolling power cuts with consumers enduring up to 20 hours a day without electricity. A High Court Judge will this Thursday hear a the case in which Moyo is denying the allegations arguing he does not owe a penny. “This is denied.…

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Health Workers threaten to disrupt UZ graduation ceremony

Health Workers threaten to disrupt UZ graduation ceremony 10

By Thandiwe Garusa STRIKING health workers have threatened to disrupt this year’s University of Zimbabwe graduation set to be presided over by President Emmerson Mnangagwa on Friday. The workers in the country’s health delivery system have downed their tools protesting the abduction of Zimbabwe Hospital Doctors Association acting president Peter Magombeyi. Magombeyi was seized by three unknown men on Saturday and is still to be found. Government says it has launched a manhunt for Magombeyi and claims there is a third hand in the spate of abductions that have rocked…

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School wrecked by freak storm

School wrecked by freak storm 12

By Bulawayo Correspondent CYRENE Mission in Matabeleland South, was on Wednesday hit by strong winds which destroyed property worth thousands of dollars while leaving hundreds of students without accommodation. According to the school headmaster Charles Bhebhe, the whirlwind blew off the roofs of Patterson Block which houses form three, four and five students. The heavy winds hit the school at around lunch time when most of the students were out of the dormitories. “The winds descended on the school all of a sudden. Within minutes, the whole Patterson block had its…

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Mthuli Ncube: 2% transactional tax going nowhere

Mthuli Ncube: 2% transactional tax going nowhere 14

By Anna Chibamu GOVERNMENT will continue to levy the 2% transactional tax despite a High Court judgment early Wednesday that invalidated Statutory Instrument (SI) 205/2018, Finance Minister Mthuli Ncube has said. High Court Judge Justice Happius Zhou earlier in the day ruled in favour of a local activist Mfundo Mlilo who last year approached the courts with an application arguing Ncube had not followed rules in introducing the tax that came into effect in October. In a statement late Wednesday, Ncube said the judgment will not affect the collection of the…

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Mthuli Ncube: Transactional tax going nowhere

Mthuli Ncube: Transactional tax going nowhere 16

By Anna Chibamu GOVERNMENT will continue to levy the 2% transactional tax despite a High Court judgment early Wednesday that invalidated Statutory Instrument (SI) 205/2018,Finance Minister Mthuli Ncube has said. High Court Judge Justice Happius Zhou earlier in the day ruled in favour of a local activist Mfundo Mlilo who last year approached the courts with an application arguing Ncube had not followed rules in introducing the tax that came into effect in October. In a statement late Wednesday Ncube said the judgment will not affect the collection of the tax…

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Zim’s health workers down tools over Magombeyi abduction

Zim’s health workers down tools over Magombeyi abduction 18

By Alois Vinga ZIMBABWE’s Health Apex Council (HAC) has notified government members were withdrawing their services until abducted union leader, Doctor Magombeyi is returned safe. HAC is the highest organ representing six unions across the country. In a letter dated September 17, 2019 addressed to Health Minister, Obadiah Moyo, HAC said workers across the country were seriously affected by the recent abduction of Zimbabwe Hospital Doctors Association acting president Peter Magombeyi by suspected State security agents on Saturday. “As a result of such public sentiment, there has been a spontaneous…

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