Business

In a recent report, Acting Auditor General Rheah Kujinga has raised concerns about the worsening state of governance within Zimbabwe’s state entities, despite notable progress in financial compliance. Kujinga’s 2023 audit reveals a sharp increase in governance-related issues, rising from 170 in 2022 to 310 in 2023, while financial reporting …

A fresh crackdown on illegal currency traders by Zimbabwean authorities has resulted in the arrest of 10 suspects. The operation, a joint effort by the police and the Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU), targets illegal money changers nationwide. National police spokesperson Commissioner Paul Nyathi confirmed that the …

President Mnangagwa declared Zimbabwe’s commitment to a phased de-dollarisation strategy, emphasizing the necessity of transitioning away from foreign currencies amid geopolitical tensions. Speaking at the commissioning of a fruit juice and water processing plant, he underscored the introduction of the Zimbabwe Gold (ZiG) currency earlier this year as pivotal to …

The Financial Intelligence Unit (FIU), under the Reserve Bank of Zimbabwe (RBZ), has intensified efforts to enforce compliance with the Zimbabwe Gold (ZiG) currency, particularly focusing on the informal sector. This move comes as part of measures to curb currency manipulation, which has been identified as a threat to the …

Zimbabwe’s upcoming economic census, slated for next year, aims to comprehensively evaluate the nation’s economic landscape by including small, medium, and large businesses, the Zimbabwe National Statistics Agency (ZimStat) has announced. With estimates indicating that 70% of the economy operates informally, ZimStat underscores the need for accurate data to gauge …

The Reserve Bank of Zimbabwe (RBZ) has come under scrutiny for its directives regarding foreign currency (forex) management, with accusations of undue interference in companies’ cash flow operations. Recently, RBZ Governor Dr. John Mushayavanhu stated that companies should prioritize using their foreign currency account (FCA) balances before accessing forex from …

Zimbabwe has asked for public input on cryptoasset operations as it works on regulatory policy for the sector. “In line with global trends and best practices, Zimbabwe is embarking on an exercise to assess and understand the cryptocurrency landscape,” the government said in a statement published in state-run Herald newspaper …

Zimbabwe is working on new measures to stabilise its local currency including linking the exchange rate to hard assets such as gold and creating a currency board, Finance Minister Mthuli Ncube said on Monday. The Zimbabwean dollar has fallen about 40 percent since the start of the year, hurt by …

Twenty-one public entities, mostly enterprises where the State is just an investor rather than a manager, including the Reserve Bank of Zimbabwe and its subsidiaries, have been exempted from the requirements of the Public Procurement and Disposal of Public Assets Act. The Act allows the President, after consulting the Procurement …

Zimbabwe’s state sovereign wealth fund has now acquired all of state mining company Kuvimba Mining House Ltd., in a bid to end speculation about its ownership. Kuvimba holds some of Zimbabwe’s best mining assets, which were once owned by a company controlled by US- and UK-sanctioned tycoon Kudakwashe Tagwirei, an …