Business

Government’s implementation of the de-dollarisation policy to safeguard its monetary sovereignty is a failed policy as the market has rejected the local currency in favour of the greenback, multiple economists and captains of industry have said. The push for the greenback has seen several companies coming up with dollarised packages. …

Prominent Dubai-based businessman Mr Shaji Ul Mulk arrived in Zimbabwe yesterday to explore areas of cooperation in various sectors of the economy. Mr Mulk, who is the chairman of Mulk Holdings and Abu Dhabi T10, met with President Mnangagwa, Government officials and other investors at the Expo 2020 Dubai, in …

The International Monetary Fund (IMF) has warned that Zimbabwe’s debt burden will worsen considerably due to the country’s inability to compensate its displaced white former farmers, and the Reserve Bank of Zimbabwe’s failure to fully compensate for losses incurred when the country embarked on currency reforms. In the 2022 national …

THE Insurance and Pensions Commission (Ipec) says it is seized with putting in place measures to improve benefits for pensioners after 53% of the complaints it handled in the fourth quarter of 2021 were related to low pension values. These were occasioned by the currency conversion of 2009 with most …

FINANCE and Economic Development minister Mthuli Ncube unconstitutionally transferred over ZWL$100 billion to line ministries without parliamentary approval, taking advantage of poor accounting systems at the Treasury, Auditor General Midlred Chiri said in her latest annual report. The audit was for the year 2020. Chiri said the approved budget for …

The economic malaise has deepened in recent weeks as the cost of living is spiralling out of control with prices soaring by about 30% during the first week of April. This has plunged households into extreme poverty as workers, whose salaries are being eroded by the stratospheric inflationary increases, struggle …

The government has tabled fresh security mechanisms to make the 99-year leases bankable as it seeks to help resettled farmers get funding from banks, Business Times can report. The move comes as lenders  have been rejecting the leases as collateral due to tenure uncertainty.  The lenders want immovable assets, which most farmers do not …

ZISCOSTEEL board chair Martin Manuhwa says Kuvimba Mining House’s undertaking to revive Ziscosteel is the best deal the former steel-making company has had. Kuvimba, linked to tycoon Kuda Tagwirei, is set to inject about US$1 billion towards the resuscitation of Ziscosteel over a three year period. The former integrated steelworks …

A TOTAL of 23 senior and junior managers plus 140 general workers have quit Vumbachikwe Gold Mine in Gwanda, Matabeleland South, within the past two months. According to an internal memo seen by Chronicle, the resignations started soon after the company instituted investigations on February 7 following the discovery of …

The new $100 notes that will soon be introduced by the Reserve Bank of Zimbabwe will not be inflationary, but instead, improve convenience for the transacting public as the use of small-value denominations has been rendered more cumbersome by inflation, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has …