Zimbabwe | - Part 2

Zimbabwe dollar to be taken out of circulation

Harare, Zimbabwe (Capital Markets in Africa) — Zimbabwe’s government has announced it will officially discard the Zimbabwean dollar, formalizing a multi-currency system introduced in 2009 to help stem inflation and stabilize the economy. The central bank will offer $5 for every 175 quadrillion, or 175,000 trillion, Zimbabwean dollars, Governor John Mangudya said in an e-mailed statement from the capital, Harare. While it marks the official dropping of the currency, transactions in the southern African nation…

Zimbabwe beats Q1 tax target but company tax, mining royalties fall

Posted on by The Editorial Team

HARARE (Reuters) – Zimbabwe’s tax collections were five percent above target at $897 million during the first quarter of this year but revenue from companies and mining royalties fell, the head of the national tax agency said on Sunday. Zimbabwe finances its entire budget from taxes because lenders like the International Monetary Fund (IMF) and World Bank have said they will only resume lending to the country once it clears its debts with the global…

Zimbabwe: Multi-currency revives housing projects

Posted on by The Editorial Team

The introduction of the multi-currency regime in the country revived the construction industry in Zimbabwe resulting in a boom in housing developments, especially in Harare where statistics show that over 15 000 housing stands have been developed since 2009. Housing development had been constrained in the last days of the Zim dollar. The construction of houses in Harare has become a noticeable feature whichever side of the city one decides to pass through. There are…

Mangudya hails bond coins

Posted on by The Editorial Team

At least $4 million in bond coins have been distributed in the economy, accounting for a penetration rate of 75%, the Reserve Bank of Zimbabwe (RBZ) has said. Zimbabwe unveiled bond coins in December last year to buttress the multicurrency regime through the provision of change and to necessitate correct pricing for goods and services which hitherto was constrained by the absence of an appropriate system of coins. RBZ governor John Mangudya told Standardbusiness that…

Zimbabwe domestic borrowing up 52 pct to $544 mln y/y in Jan

Posted on by The Editorial Team

HARARE (Reuters) – Zimbabwe government’s domestic borrowing jumped 52 percent to $544.03 in January year-on-year from $358.80 percent in the same period a year ago, the central bank said on Thursday. The southern African country is struggling with falling revenue from taxes, which stood at $469 million in January against a target of $542 million, as the economy stalls and businesses are forced to lay-off workers or shut down. The central bank said the government…

Zimbabwe seeks Berlin talks to resolve $739 mln debt it owes Germany

Posted on by The Editorial Team

HARARE (Reuters) – Zimbabwe is planning talks with Germany on how to resolve a $739 million debt it owes to euro zone’s biggest economy, the southern African nation’s finance minister said on Tuesday. President Robert Mugabe’s government owes foreign creditors, including the International Monetary Fund and World Bank, $9 billion and is intensifying efforts to have the debt cancelled or rescheduled to allow it to access new loans. Finance Minister Patrick Chinamasa said Harare wanted…

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