Business

Prominent businessman Cde Ben Mucheche has been declared a national hero in honour of his contribution to the country before and after independence. Cde Mucheche succumbed to heart failure at his farm in Beatrice on June 14 at the age of 96. The conferment of national hero status was announced …

Zimbabwe’s official foreign currency exchange rate breached the 3 500 mark at the close of Tuesday’s Reserve Bank of Zimbabwe (RBZ) foreign currency exchange auction. The auction ended with the Zimbabwe dollar officially trading at a weighted average of $Z3 673.77 per United States dollar. Last week the rate shot …

The official auction and interbank exchange rates rose by about 100% and 150%, respectively, last month marking a significant depreciation of the Zimbabwe dollar, a new report has found. At the start of last month, the official auction and interbank forex rates were US$1:$1 070,41 and US$1:$1 059,65, respectively. However, …

The decision by Finance minister Mthuli Ncube to announce fiscal and monetary policy measures to save the Zimbabwe dollar from collapse has raised eyebrows over Treasury’s overlapping roles on traditional central bank duties. Desperate to save the domestic currency from collapse ahead of the general elections, Ncube this week announced …

The currency volatility in the economy has led to an increasing number of workers who are paid in Zimbabwe dollars to plead incapacitation. The rapid depreciation of the Zimbabwe dollar which is now trading at nearly ZW$4000 to the United States dollar which is more than double the rate at …

Zimbabwe is facing more difficult times ahead of elections set for August 23 this year with various shocks ravaging the economy, captains of industry said yesterday. The captains of industry said the economy now stands at a crossroad, suffering from the rising inflation, currency crisis, exchange rate volatility and weak …

The government will not dump the Zimbabwe dollar even if it loses value to unsustainable levels amid fears that the authorities will be forced to abandon all infrastructure developments that they are currently undertaking, Business Times can reveal. Zimbabwe is undertaking several infrastructure development projects which include the Beitbridge-Masvingo-Harare road …

Captains of the industry and analysts have called for the shutdown of the forex auction system saying the meagre US$5m cap on weekly foreign currency allocation was only fit for Small to Medium Enterprises (SMEs) and admission on the need to dollarise. These comments came after Finance and Economic Development …

Hwange Thermal Power Station Unit 7, which was recently taken off the national grid for further tests, was successfully put back on Monday, adding 300 MW to the national output. The 300 MW Hwange Unit 7 had been disconnected from the grid for system evaluation before beginning the final commissioning …

A majority of Zimbabwe’s 300,000 civil servants find themselves in a predicament as the economic state of the southern African nation spirals out of control. The country is beset by a ruinous economic crisis exacerbated by fluctuations in the currency, resulting in steep increase in the prices of goods and …