Zimbabwe

Zimbabwe

Zimbabwe’s Trade Deficit Surpasses US$200M in June

Zimbabwe's trade deficit surged in June 2024, reaching over $200 million. The latest data from Zimstat shows the deficit rose by 39.6% to $218.9 million, up from $156.8 million in May 2024. A trade d

Jul 29, 2024
Zimbabwe
Exports Trade Mix: Gold Lose Lustre, Nickel Mattes Gain Ground

Zimbabwe's gold exports for June 2024 remained the top export, but fell to 30.5% according to data released by the country's statistics agency, ZIMSTAT. This is down from a higher of 42.8% in May, a

 Jul 29, 2024
Zimbabwe
Mid-Term Budget’s Tax Position: Reforms Fall Short of Expectations, New Levies Introduced

In the latest mid-term budget announcement, Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, has fallen short of meeting the diverse fiscal expectations of b

 Jul 26, 2024
Zimbabwe
ZiG's Harrowing Dance with Devaluation: Exposing Cracks in Currency Reserves

The embattled ZiG, a currency embroiled in a fierce battle for survival, has found itself in a perilous state, trading at an alarming rate of 13.7689 against the mighty U.S. dollar on July 24th, 2024

 Jul 25, 2024
Zimbabwe
Government Downplays Auditor General's Exposé

Following a concerning 2023 Auditor General's report that exposed high-level corruption in government parastatals, the Finance Permanent Secretary, George Guvamatanga, has claimed that the Auditor Gen

 Jul 24, 2024
Zimbabwe
Zimswitch Payment Conference Set to Revolutionize the Financial Landscape with Cutting-Edge Insights.

Zabron Chilakalaka, Zimswitch CEO, expressed his enthusiasm, "We are thrilled to present the Zimswitch Payments Conference, which promises to be an enriching and transformative experience for all atte

 Jul 17, 2024
Zimbabwe
Gold Reclaims Top Export Position in May

In a remarkable turn of events, the precious mineral, gold, has reclaimed its coveted position as Zimbabwe's primary export commodity, accounting for 42.5% of the nation's overall exports as of May 2

 Jul 02, 2024
ZiG Opens July with 1% Official Market Slump

The local unit, the Zimbabwe Gold (ZiG), has exhibited a week-over-week depreciation of 0.9% against the United States Dollar (USD), opening the new month of July at a spot rate of ZiG13.7026, as per

Jul 01, 2024
Zimbabwe's Inflation Flatlines at 0% in June

Zimbabwe's month-over-month headline inflation rate moderated to a zero percent print in June 2024, having receded from the prior negative territory of -2.4% observed in May, according to the nation's

Jul 01, 2024
RBZ Holds Benchmark Rate at 20% for Third Consecutive Period

The Reserve Bank of Zimbabwe, the nation's central banking authority, has elected to maintain the benchmark interest rate at its current level for the third consecutive period, as evidenced by the lat

Jun 27, 2024
Zimbabwe's Construction Prowess: Drives PPC's Stellar 2023 Performance

Pretoria Portland Cement (PPC) has reported a robust group performance for the full year 2023, driven primarily by strong results from its Zimbabwean operations. Cement consumption in Zimbabwe has be

Jun 24, 2024

ZiG Experiences First Formal Forex Depreciation

The ZiG has experienced its inaugural depreciation in the formal forex market since its inception, as per the data reported by the Central Bank. On a week-over-week basis, the ZiG was quoted at 13.581

Jun 24, 2024

ZiG's Formal Market Stability Offsets Inflationary Upswings

The Zimbabwe Gold (ZiG), has continued to maintain stability on the formal market since its inception, helping to curb inflationary pressures. On June 17th, the currency traded at ZiG13.4910 per US do

Jun 17, 2024

Corruption and Economy: ZACC to Probe Wicknell Chivhayo Over 'Online' Corruption Allegations

he Zimbabwe Anti-Corruption Commission (ZACC) has announced that it will interview three prominent Zimbabwean businessmen - Wicknell Chivhayo, Mike Chimombe, and Moses Mpofu - regarding leaked audios

Jun 17, 2024

$80 Million Partnership: Unpacking CBZ, Afreximbank’s Landmark Financing Agreement

BZ Bank and African Export Import Bank (Afreximbank) have signed two financing facilities worth a total of US$80 million to support Zimbabwean exporters. The first facility is a US$60 million line of

Jun 17, 2024

NRZ Seeks $400M Bailout to Link Manhize Steel Plant to Rail

The National Railways of Zimbabwe (NRZ) faces a daunting challenge in supporting the country's economic recovery and the ambitious Manhize steel project. With equipment and infrastructure long past i

Jun 17, 2024

Zimbabwe Zero Rates Gold Deliveries: Uncovering Incentives Behind the Policy Shift

The government has implemented a zero-rating policy for gold deliveries to Fidelity, the state-owned gold buying entity. This policy change comes after gold deliveries have been sustaining a downward

Jun 13, 2024

Assessing ZiG’s Performance in 2 Months: Currency Gamble Implodes, Worst in Decade

In the latest currency saga in Zimbabwe, the newly introduced Zimbabwe Gold (ZiG) has struggled to maintain stability against the US dollar. Since its launch just two months ago on the parallel market

Jun 10, 2024

Gold Deliveries Plunge 5% YoY in May

Amid a foreign currency crunch and the instability of the ZiG currency exchange rate which requires immense gold backing, Zimbabwe's gold deliveries have continued to plummet according to the latest d

Jun 07, 2024