Business

The interbank exchange rate has been set as the sole exchange rate to be used in commercial and other transactions and anyone selling goods and services, who uses any other rate faces a minimum civil penalty of $20 million. The new legislation does allow a 10 percent addition to the …

Opposition political parties have demanded that Finance minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya resign, accusing them of crafting anti-poor policies that are worsening the plight of the majority in the country. Economists yesterday took a dig on government’s 200% interest rate hike on bank …

Zimbabwe’s state-owned electricity transmission company ramped up blackouts on Tuesday because of a technical fault in a thermal power station in the country’s west. Power cuts will be increased until July 1, the Zimbabwe Electricity Transmission and Distribution Co said in an emailed statement. The Hwange Thermal Power Station is …

Zimbabwean billionaire Strive Masiyiwa has seen his net worth fall by more than US$2.5 billion since the first week of May, as the market value of his stakes in publicly traded companies on the Zimbabwe Stock Exchange (ZSE) continues to fall amid a heightened sell-off of equities by investors. According …

Government transport operator ZUPCO’s Masvingo depot is currently engaged in a retrenchment exercise as contractors continue to pull out of the franchise, it has emerged. The company which had enjoyed monopoly in the transport sector for over three years is now feeling the heat after government opened up the transport …

ZimSwitch, a payments technology company in Zimbabwe, has announced a review of ZIPIT Limits from the weekly set thresholds to monthly limits, effective 21 June 2022. In a statement seen by Pindula News, ZimSwitch said: Dear Valued Customer, Zimswitch is pleased to advise that ZIPIT Limits have been reviewed from the …

In March 2018, Belarus’ autocratic President Alexander Lukashenko dispatched his right-hand man Viktor Sheiman to Zimbabwe to negotiate trade and business deals on the government’s behalf. Sheiman has been one of Lukashenko’s closest allies ever since the 1994 electoral campaign that brought the strongman to power. After Sheiman returned from …

ZIMBABWE should align its legal framework that regulates gemstones with international best practice to curb the illicit trade in minerals, if the country is to benefit from natural resources in a similar manner to Botswana, mining law experts have said.  There are serious gaps in policy, legal and institutional frameworks …

The Bulawayo City Council (BCC) has been urged to be transparent on the Public-Private Partnerships (PPPs) it enters into in order to curb corrupt practices and promote stakeholder involvement. Public-private partnerships involve collaboration between a government agency and a private-sector company that can be used to finance, build, and operate …

The Reserve Bank of Zimbabwe (RBZ) will introduce gold coins as it moves to create a new avenue for investors, central chief John Mangudya has said. The move comes as there has been increased demand for the United States dollar as a store of wealth leading to the sharp depreciation …