Archived News, Statements, Speeches & Events

Revenue collections surpass target
Revenue collections surpass target

04 August 2011

THE Zimbabwe Revenue Authority's total gross revenue collections for the six months to June 30 stood at US$1,3 billion, ahead of a target of US$1,15 billion.

This was largely driven by revenue performance for the second quarter of the year, which saw total gross collections amounting to US$675,9 million against a set target of US$595,6 million.

Zimra board chairman Mr Sternford Moyo noted that Value Added Tax was the main contributor to total collections during the half-year.

"Most of the revenue was realised from VAT, individual tax, and customs duty which contributed US$507,1 million, US$268,9 million and US$163,1 mil...

Multicurrency, rand or Zimdollar?

21 May 2010

ALMOST 15 months have elapsed since Zimbabwe demonetised its currency, substituting it with a multi-currency basket (US dollars, South African rand, Botswana pula, British pounds and the euro). Despite the passage of time, arguments rage on as to whether Zimbabwe should continue with the multi-currency basket, or should only utilise the rand (possibly joining a rand monetary union), or should revert to its own national currency.

Those who vigorously contend that Zimbabwe should reintroduce its own currency primarily base that contention on the premise that using other countries’ currencies constitutes a sur...

Vibrant stastistics system expected soon

13 May 2010

Business Reporter

THE Zimbabwe National Statistics Agency, formerly the Central Statistical Office has moved a gear up towards the established of a National Strategy for the Development of Statistics that should result in a vibrant statistics system in the country.

Credible statistics, adhering to international standards are expected to provide a platform for sound economic and social policies and programme formulation and implementation.

Challenges that the country has faced in the medium to long-term have laid an enormous burden on the Central Statistical Office...

Zim to get more loans

13 May 2010

PTA Bank regional manager (Southern Africa) Mr Gift Madlayo said Zimbabwe was now a preferred candidate for loan advancement following dollarisation of the economy, which has effectively wiped out currency risk exposure to lenders.

"With dollarisation, Zimbabwe is now a very strong candidate for transactions than most other African countries were we still have to deal with issues of currency risk," he said.

Speaking at a breakfast seminar on capital raising prospects in Zimbabwe organised by Fin360 Research in Harare yesterday, Mr Madlayo said the multilateral lender was finalising a numb...

Zim-EU trade ties set to improve

12 May 2010

Business Reporter

TRADE relations between Zimbabwe and the European Union are set to improve as the economy recovers.

The two partners recorded a significant decline in trade volumes over the past few years although the EU has remained one of Zimbabwe’s major trading partners.

In a statement to mark Europe Day on Monday this week, the EU said between 2002 and 2008 exports and imports went down by 49 percent and 28 percent respectively with Zimbabwe enjoying positive trade.

"In 2008 imports from the EU amounted to 121,6 million euros, where...

Perils of Ponzis

11 May 2010

ONE hundred and fifty years after Charles Dickens wrote in Little Dorritt about London investors succumbing to the fraudulent investment schemes of Mr. Merdle’s bank, trusting victims are still tempted by such get-rich-quick swindles.

Ponzi schemes, which lure investors by paying high returns from other investors’ money, thrive even in developed countries. The sophisticated regulatory framework in the United States did not prevent the rapid growth and collapse of Bernard Madoff’s $65 billion scheme in late 2008 or the subsequent collapse of several others during the global financial crisis.

New board for RBZ

05 May 2010

Business Reporter

FINANCE Minister Tendai Biti yesterday appointed a new board for the Reserve Bank of Zimbabwe in yet another major step towards refocusing the bank to core functions and solving challenges it is facing, which include writs of execution and viability issues.

RBZ Governor Dr Gideon Gono chairs the new board with Mr Charles Kuwaza as his deputy.

Other board members include Secretary for Finance Mr Willard Manungo, retired judge Justice George Smith, lawyer Mr Modercai Mahlangu, labour expert Dr Godfrey Kanyenze, academic Professor Primrose Kurasha, ...

Mining shares hit by 40% tax in Australia

03 May 2010

Peter Smith in Sydney, 6:25, Monday 3 May 2010

The shares of mining companies dropped in Australia on Monday after Canberra announced at the weekend that it would impose a new 40 per cent tax on profits generated by resource companies.

Fears that mining groups would lose billions of dollars in profits to the new tax saw London-based Rio Tinto (LSE: RIO.L - news) share fall as much as 6 per cent while Melbourne-based BHP Billiton (LSE: BLT.L - news) , the world's biggest mining group, was down as much as 4 per cent.

The so-called resources super profits tax, which ...

US$4m ZSE demutualisation begins

03 May 2010

By Kudakwashe Mutandi

THE demutualisation of the Zimbabwe Stock Exchange (ZSE) is now at an advanced stage after it managed to raise part of the funds needed to kick-start the exercise.

The initial budget for the exercise has been pegged at US$4 million.

Demutualisation refers to the transformation of an organisation, normally a club or society, into a commercial entity or a company owned by shareholders.

This development will see the ZSE become the second listed bourse in Africa after the Johannesburg Stock Exchange.

The ZSE intends to complete the programme by September.

After demutualisat...

Tobacco earnings rise to US$96.4 million

29 April 2010

Business Reporter

THE country has so far earned US$96,4 million from the sale of 30,9 million kg of flue-cured tobacco, under both the contract and auction systems, since the beginning of the 2010 tobacco marketing season just over two months ago.

The figures for this year compare favourably with the US$95,6 million that was realised from the sale of 32,7 million kg that was sold during the corresponding period last year.

Prices per kg for this year are much firmer than last year with the seasonal average being US$3,12 per kg against US$2,84 per kg for last season...