New Finance Minister Aiming To Implement Currency Reforms By Year End

Image result for mthuli ncubeNew Minister of Finance and Economic Development Professor Mthuli Ncube has said that he will prioritise currency reforms as the current currency approach is not working. Speaking to the Sunday Mail, Ncube said

I am very clear that there have to be currency reforms and the (current) currency approach is not working.

In doing so, there are three choices that I will explore and pursue with urgency: One, adopt the US dollar only and remove the bond notes from circulation through a demonetisation process and also liberalise exchange controls.

Two, adopt the rand by negotiating to join the Rand Monetary Area, and this will close the gap in loss of competitiveness against our largest trading partner, South Africa. Read more

South Africa’s economy slips into recession

South Africa?s economy slips into recession six months after?President?Cyril Ramaphosa?assumed officeThe South African economy on Tuesday slipped into a technical recession according to Bloomberg.

The latest economic data by the country’s statistics agency showed second quarter gross domestic product (GDP) declined by about -0.7 per cent, driven by the poor performance in key sectors, including agriculture, transport and retail businesses.

It is the first time since 2009 that the South African economy, the second largest in Africa after Nigeria, will be going into recession. Read more

Zimbabwe poised for new gains in China

President MnangagwaZIMBABWE is expected to sign new deals in China this week, as President Emmerson Mnangagwa’s Government upscales its economic growth agenda.

President Mnangagwa is in Beijing for the Forum for China-Africa Co-operation (Focac), and is scheduled to hold bilateral talks with the host, President Xi Jinping, on Wednesday.

He is one of the select African leaders who will have bilateral meetings with the leader of the world’s second-largest economy.

China’s chief envoy to Harare Ambassador Huang Ping accompanied President Mnangagwa on his latest visit. Read more

ZTA allays tourists’ fears over post-election violence

news-imageZIMBABWE remains a safe tourist destination and travellers should not panic or fear coming into the country on the back of the recent isolated post-election violence in Harare, the Zimbabwe Tourism Authority (ZTA) has said.

About six people died while property worth thousands of dollars was damaged following violent protests by the MDC-Alliance supporters in the capital last Wednesday, police reported.

“The ZTA would like to inform all valued tourists from both the domestic and international markets that, notwithstanding the post-election violence witnessed on 01 August 2018 in the capital city, Harare, Zimbabwe remains a safe destination for any travel,” chief executive officer, Karikoga Kaseke said in a statement. Read more

Cash Problems not a disadvantage, Zim will be first Cashless Economy In SADC

Related imageReserve Bank of Zimbabwe (RBZ) Deputy Governor, Dr Jesimen Chipika has said that Zimbabwe’s cash problems had actually allowed the country to progress to becoming a cashless society. Addressing stakeholders at the Ecobank Emerald Club launch on Tuesday, Chipika said

Yes, you may want to have cash but the world over even in the United States they use plastic money… Read more

Pepsico considering Zimbabwe and other countries for a Snack Plant

AMERICAN conglomerate PepsiCo is looking at Zimbabwe among three other countries in the region to set up a snack plant.

Speaking to NewsDay after the launch of the Pepsi plant under Varun Beverages Zimbabwe Private Limited in Harare on Wednesday, PepsiCo sub-Sahara African GM vice-president Sarah-Anne Orphanides said the market was attractive.

“We are looking at how we now take the success we have had in South Africa into other markets. Read more

Zimbabwe now manufactures 75% of products sold in shops

Speaking at the opening of Davipel’s $12 million snack manufacturing plant at the firm’s headquarters in Sunway City 2 weeks ago, Industry Minister, Mike Bimha said 75% of products in shops are locally manufactured because of Statutory Instrument 122 of 2017.

Bimha said the opening of Davipel’s $12 million snack manufacturing plant was a result of Statutory Instrument 64 of 2016, which is now Statutory 122 of 2017.

We are happy to tell the nation that the opening of this state- of –the-art plant is a result of Statutory Instrument 64 of 2016, which is now Statutory 122 of 2017, which was critical for assisting increased domestic production and capacity utilisation. Read more

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