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...
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...
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...
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...
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...
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...
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...