ZIMBABWE’S year-on-year inflation rate for the month of June 2019 rose sharply by 77,75 percentage points to 175,66% from 97,85% in May 2019, driven by increases in the price of basic goods, the statistics agency reported yesterday. “The month-on-month food and non-alcoholic beverages inflation rate stood at 55,07% in June...
GOVERNMENT has instructed its insurer to compensate holders of nostro accounts in closed banks in either US dollars or the equivalent in local currency, it was revealed. Currently, the Deposit Protection Corporation (DPC) is overseeing the liquidation of six banks, namely, Genesis Bank, Royal Bank, Trust Bank, Interfin Bank, Allied...
Zimbabwe Association of Pension Funds (ZAPF) is saying the introduction of Statutory Instrument (SI) 142 has reduced confidence in policyholders and shareholders in the pensions industry that has been on recovery path during the multi-currency regime. The multi-currency regime was introduced in 2009 after a decade-long hyperinflation which eroded prescribed...
Harare - Zimbabwe's Metbank has set the tone for innovative digital banking with its intentional and strategic 'branchless banking', and has been hailed for creating employment opportunities for several impoverished youths in the country. The bank, which has kept its branch footprint low, in comparison to other local and international banks...
A RUDIMENTARY bread oven that was officially opened by two ministers in Makonde amid pomp and fanfare has been closed barely 24 hours after it became operational When NewsDay visited the place at Portlet in Makonde district yesterday, the oven, in an open maize field, was deserted as villagers said...
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...