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By Staff Writer President Emmerson Mnangagwa has announced a ZW$18 billion stimulus package for the economy which took a cough due to the COVID-19 pandemic. Experts have however warned that while the package is long overdue, the rescue plan could result in money supply growth which is inflationary and could also fuel corruption in the …
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By Staff Writer Zimbabwe’s tax agency (Zimra) surpassed its revenue quarterly target by 10,42% to ZW$13.88 billion during the first three months of the year but predicted that collections will plunge in the next quarter on the backdrop of looming job cuts driven by the COVID-19 pandemic. Official figures on the spread of the virus …
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By Staff Writer Zimbabwe’s central bank has reduced bank rates to 15% from 25% per annum with effect from Friday this week as authorities move in to ease the cost of borrowing against the backdrop of an economic implosion triggered by COVID-19. Zimbabwe’s economy is floundering and expects project the Gross Domestic Product to contract …
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By Staff Writer Zimbabwe’s central bank has reduced bank rates to 15% from 25% per annum with effect from Friday this week as authorities move in to ease the cost of borrowing against the backdrop of an economic implosion triggered by COVID-19. Zimbabwe’s economy is floundering and expects project the Gross Domestic Product to contract …
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By Staff Writer Imara Capital, one of the country’s leading investment firms has advised President Emmerson Mnangagwa’s administration to push for political negotiations with Nelson Chamisa, as well as to adopt sound economic reforms after warning that the country’s economy could this year shrink by double-digit figures. Zimbabwe and the world are currently battling the …
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Staff Writer Finance Minister Mthuli Ncube yesterday made a shock announcement when he suspended the fungibility of Zimbabwe Stock Exchange stocks for one year, a move traders said would unnerve the equities markets. Concerned with the depreciation of the domestic currency, authorities last week announced a cocktail of measures to liberalise the foreign currency exchange …
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By Dr Tapiwa Mashakada The causes of macroeconomic instability and monetary policy effectiveness have long been identified. These are (a) a debauched mono currency which has been rejected by the market (b) failure to de-dollarize because the market has self dollarized (c) inadequate forex to sustain a market-driven but managed float and hence the buoyance …
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In order to stabilise the exchange rate and hence, to lower inflation, the Government has decided to implement a holistic package of key policy measures. In this regard, a Currency Stabilisation Task Force has been set up. This will be spearheaded by the Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe …
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Public Accounts Portfolio Committee chairperson Honourable Tendai Biti has asked Parliament to compel about 12 parastatals to table their 2016 forensic audit reports as required by law. Biti said the audit reports were conducted by the Auditor-General and that his committee has written several letters to the concerned institutions with no success. Raising a matter …
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By Nkanyiso Ncube Shurugwi South legislator Edmond Mkaratigwa has told Reserve Bank governor John Mangudya to act on the economy by introducing meaningful measures and stop wishing and praying for inflation to go down. According to Mkaratigwa, all he is hearing from the RBZ boss were wishes and prayers which he said will not inspire …
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