DELTA Corporation yesterday said it would start selling all its products in foreign currency with effect from tomorrow, a decision described by the Government as unacceptable and illegal. Analysts also warned that the decision by Delta could backfire as most Zimbabweans were paid in Bond notes or RTGS. In an...
GOVERNMENT’s Monday move to dump its basket of foreign currencies, opting to use its own currency in local transactions, triggered chaos on the market yesterday, with some retailers closing shop for the better part of the day, while some financial experts described the legal instrument used to effect the...
FOREIGN currency retention thresholds for exporters have not changed following the proclamation of Statutory Instrument 142 of 2019 that scrapped the multi-currency system and replaced it with a local currency, the Zimbabwe dollar. This was said by Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya in response to enquiries...
Government has paid US$10 million to South African power utility, Eskom, and paid off $20 million to Zesa Holdings to clear its debt. Zesa Holdings is also expected to get an advance of $20 million from Government, in a move expected to improve power generation. This was said by Information, Publicity...
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya yesterday reiterated that companies and individuals can still withdraw their money held in foreign currency accounts, adding that NGOs can still pay their employees in forex. Further, Dr Mangudya clarified that possession of forex remains in...
BUSINESSMAN Frank Buyanga faces civil imprisonment over a US$172 000 debt. He has been taken to the High Court for failing to service a 2014 debt that emanated from a property dispute. The High Court has since ordered Buyanga to pay Mr Patison Sithole the amount, but he has not...
The two-year delay in constructing the 100MW Gwanda solar plant has prejudiced the Zimbabwe Electricity Supply Authority (Zesa) of more than US$50 million in unrealised revenue, a Cabinet Minister has said. Speaking in an interview after visiting the site on Friday, Energy and Power Development Minister Advocate Fortune Chasi...