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Market Watch

Breaking News: Zim drops multicurrency regime.

Government has dropped the multicurrency regime nearly 10 years after adopting it to tame runaway inflation. According to Statutory Instrument 142 of 2019, the Zimbabwe dollar will be the sole currency for legal tender.

Zim forges ahead with debt clearance plan Zimbabwe will turn to G7 countries to secure bridge financing for its arrears and debt settlement programme, Finance minister Mthuli Ncube has said. View: Zimbabwe owes the World Bank US$1,4bn, African Development Bank (US$678m) and US$309m to the European Investment Bank. The failure to resolve the external debt has stymied efforts to access cheap lines of credit to reboot the economy. The country’s debt and arrears settlement plan is tied to a raft of political and economic reforms Wage deal for civil servants Government has fended off a potentially crippling industrial action in the civil service after President Emmerson Mnangagwa assented to a pay increase for the restive workers effective next month. The new deal will see the least paid government worker being paid RTGS$1000 from RTGS$600. View: Budget has projected a RTGS$2billion budget overrun this year and while treasury currently has a surplus, this position will change due to growing expenditure mainly driven by wages and salaries. Zimra to engage companies over tax compliance The Zimbabwe Revenue Authority has intensified its tax compliance drive to widen revenue inflows. With no budgetary support, Zimbabwe
solely relies on taxes to finance its operations. View: Official figures show that the country’s tax agency is currently owed RTGS$4 billion by companies and individuals in unpaid taxes and duties. This exercise is seen as one of the measures to grow the revenue bases. Meikles Hotel sale approved The Competition and Tariff Commission has approved the sale of five star hotel Meikles to Dubai-based entity Albwardy Investment. In a board resolution released last week, the CTC said it had approved without conditions the proposed acquisition of the iconic hotel. View: While the deal was approved by the CTC is still has to go through other regulatory authorities such as the Zimbabwe Stock Exchange, the Securities and Exchange Commission and the Reserve Bank of Zimbabwe. t also awaits approval from the company’s shareholders

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