BUSINESS NEWS

'Trade in forex, pay tax in forex'

The Zimbabwe Revenue Authority has directed businesses that are trading in multi-currencies to remit taxes in the same currency in which the goods have been sold. "Zimbabwe Revenue Authority has notic...

By Staff reporter | Published: 6 hours ago

BUSINESS NEWS

Bulawayo City Council wants to charge in forex

THE Bulawayo City Council has formulated a policy designed to raise foreign currency through giving a 50 percent discount to individuals who pay bills in United States dollars after service providers ...

By Staff reporter | Published: 16 November 2018

INDUSTRIALS & ENERGY

URL soap-making division slips on forex crunch

DIVERSIFED agro-processor United Refineries Limited (URL) last month sent home its entire workforce in the soap department due to shortage of raw materials, an official said yesterday.URL chief execut...

By Staff reporter | Published: 15 November 2018

BUSINESS NEWS

Mnangagwa to monitor companies allocated forex by RBZ

GOVERNMENT has proposed the establishment of a Foreign Currency Utilisation Monitoring Mechanism to monitor companies that receive foreign currency from the central bank.Addressing a Press briefing af...

By Staff reporter | Published: 15 November 2018

BUSINESS NEWS

Zimbabwe's $800m forex reserve gap

Zimbabwe requires a foreign currency cover of US$1 billion, against current reserves of US$200 million and needs to further increase production to narrow the gap, an official has said.Ms Jesimen Chipi...

By Staff reporter | Published: 30 September 2018

ECONOMC INDICATORS

Imports rise 26%, forex pressures worsen

ZIMBABWE'S import bill rose 26% in the six months to July 31 this year, driven by firming demand for fuel and food.Data for January is missing.The growing import pressures also saw the country's trade...

By Staff reporter | Published: 12 September 2018

BUSINESS NEWS

Zimbabwe pins hope on China for forex

Zimbabwe is pinning hopes on Chinese banks to extending significant lines of credit to ease a serious shortage of foreign currency following a sharp rise in demand by businesses resulting from improve...

By Staff reporter | Published: 07 September 2018

BUSINESS NEWS

Forex crisis weighs on Zimbabwe's command agriculture

THE deepening foreign currency crisis in Zimbabwe is hampering government's efforts to mechanise the agro sector through the Command Agriculture programme, the Office of the President and Cabinet said...

By Staff reporter | Published: 06 September 2018

INDUSTRIALS & ENERGY

Forex shortages frustrate Bulawayo clothing factory

ONE of Bulawayo's clothing factories, Femina Garments, is operating at 30 percent capacity utilisation due to persistent foreign currency challenges, blamed for frustrating operations.The company's ma...

By Staff reporter | Published: 26 July 2018

BUSINESS NEWS

Net foreign currency inflows surge

ZIMBABWE'S net foreign currency inflows surged over 1 700 percent to $192,4 million in the first quarter, buoyed by tobacco earnings, latest central bank data indicates.As Society for Worldwide InterB...

By Staff reporter | Published: 23 July 2018

INDUSTRIALS & ENERGY

Delta bemoans forex shortages

Beverages giant, Delta Corporation Limited has said foreign currency shortages continue to have a knock on effect on its business especially packaging material, although earnings were positive in the ...

By Staff reporter | Published: 13 July 2018

BUSINESS NEWS

Tobacco fails to deliver Zim forex relief

IH Securities says the economy is yet to feel the impact of the tobacco export proceeds despite being over 90 days into the season.In IH Securities outlook for the month released recently, the local f...

By Staff reporter | Published: 13 July 2018

BUSINESS NEWS

Continuous importation of forex fuels blackmarket

ANALYSTS agree that the continuous importation of hard cash into the economy will not improve the prevailing cash shortages in the country, but further fuel the parallel market.This comes as Reserve B...

By Staff reporter | Published: 11 July 2018

BUSINESS NEWS

'RBZ has failed in forex allocation'

ZIMBABWE Textile Manufacturers' Association (Zitma) says local banks should handle the foreign currency allocation system as the central bank has failed to allocate forex to the industry and was now f...

By Staff reporter | Published: 10 July 2018

BUSINESS NEWS

RBZ to bring more forex

RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya says they will continue to source foreign currency to support the multi-currency regime, which is expected to remain in force for the foreseeab...

By Staff reporter | Published: 05 July 2018

MINING & RETAIL

Forex crisis hits Hwange underground mining

RESUMPTION of underground mining operations at Hwange Colliery Company Limited (HCCL) has been affected by the foreign currency shortages crippling the country, a report by Parliament has indicated.In...

By Staff reporter | Published: 22 June 2018

BUSINESS NEWS

RBZ must 'delegate forex allocation to banks'

THE Reserve Bank of Zimbabwe should abandon its foreign currency allocation framework and delegate the role to individual banks as this gives the impression of a distorted economy, the Zimbabwe Nation...

By Staff reporter | Published: 19 June 2018

INDUSTRIALS & ENERGY

Pepsi boss bemoans forex shortages

Zimbabwe needs to fix its foreign exchange shortage if it is to attract more investment, RJ Corporation chairperson Ravi Jaipuria said.RJ Corporation owns Varun Beverages which in turn holds the Pepsi...

By Staff reporter | Published: 14 June 2018

BUSINESS NEWS

Forex shortages frustrate industry revival

THE Confederation of Zimbabwe Industries (CZI) Matabeleland Chapter says foreign currency shortages facing the country continue to derail efforts to resuscitate industries in Bulawayo.Once the industr...

By Staff reporter | Published: 14 June 2018

BUSINESS NEWS

Forex dealers pushed back for Mnangagwa's arrival

Security details yesterday pushed back illegal foreign currency dealers from the Meikles Hotel where President Emmerson Mnangagwa was meeting a high-profile delegation of Chinese investors.Mnangagwa a...

By Staff reporter | Published: 12 June 2018

BUSINESS NEWS

Zimbabwe forex receipts up to $2.8bn

Zimbabwe's economy has made a remarkable upswing since the beginning of year, with foreign currency receipts rising to $2,8 billion in the first five months of the year from the same period a year ago...

By Staff reporter | Published: 10 June 2018

BUSINESS NEWS

Japan tells Zim to fix forex crisis

ZIMBABWE has been urged to tackle its foreign currency crisis and take more actions to improve the business environment to instill confidence in foreign investors.Japan's ambassador to Zimbabwe, Toshi...

By Staff reporter | Published: 07 June 2018

BUSINESS NEWS

Mnangagwa to support Sable with forex

PRESIDENT Emmerson Mnangagwa yesterday said Government is going to support Sable Chemical Industries, the sole Ammonium Nitrate fertiliser manufacturer in the country, with foreign currency it needs t...

By Staff reporter | Published: 07 June 2018

BUSINESS NEWS

Liberalise forex market

CZI says government should introduce an importer financed export incentive scheme and liberalise the foreign currency market to improve the foreign currency situation in the country. CZI President Sif...

By Staff reporter | Published: 31 May 2018

LANDS & AGRICULTURE

Forex shortages bite agric firm

A Gweru-based firm, Linfield Farm, which is in the business of exporting peas and other horticultural products to Europe, is failing to expand its operations due to foreign currency shortages.The firm...

By Staff reporter | Published: 31 May 2018
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