Business

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Exchange Rate Stabilises

Zimbabwe’s official exchange rate stabilised Tuesday after three weeks that marked a rapid depreciation of the local currency largely blamed on currency manipulators in the market. Tuesday’s Reserve Bank of Zimbabwe (RBZ) foreign currency exchange auction closed with the Zimbabwe dollar officially trading at a weighted average of Z$6 926.57 …

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Econet Trebles Data Tariffs

Econet Wireless Zimbabwe, the country’s largest mobile network operator has with effect from today (Tuesday) hiked data bundles by up to 300 percent. “We are reviewing our ZWL data and SMEs bundle prices effective Tuesday, 20 June 2023,” it said in a brief notice. An 8 gig private WIFI data …

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20 Chinese Firms Eye US$13bn Mapinga Industrial Park Project

About 20 Chinese investors with cumulative turnover of nearly US$40 billion have shown keen interest to invest in the proposed US$13 billion mine-to-energy industrial park in Mapinga, Mashonaland West Province. The development of the multi-billion dollar industrial park is firmly on course with the investors awaiting the Government to finalise …

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Businessman Ben Mucheche Declared National Hero

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 …

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Official Zim Dollar Exchange Rate Breaches 3 500 Mark

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 …

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May: A Black Month For The Zimdollar

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, …

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Finance Minister Usurps Central Bank Functions

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 …

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‘Economy Implosion Imminent’ Ahead Of Elections

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 …

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Zimbabwe Dollar To Stay

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 …

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