FORMER Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono has broken his silence on the recent decision by his successor, John Mangudya to introduce bond notes into the economy.Gono left his job at the expiry of a turbulent 10-year tenure in 2013, after presiding over a record-breaking inflationary era widely blamed on his quasi-fiscal operations as central bank chief.During the period, Gono prin
Investigations into alleged looting of proceeds from the Chiadzwa diamond fields have extended to London following revelations by a British parliamentarian that some of the money was stashed in the United Kingdom.The Auditor-General’s Office has already invited local and international auditors to investigate firms that mined diamonds in Chiadzwa over the past decade until Government took over al
Government is urgently formulating a framework to promote use of multiple currencies in its departments, municipalities and parastatals to reduce over-reliance on the United States dollar.The Reserve Bank of Zimbabwe is also expected to reconfigure the local Real Time Gross Payment System (RTGS) to process multiple currencies, with the Finance Ministry saying Zimbabwe is “not a US dollar economy
THE Bankers Association of Zimbabwe (BAZ) is in talks with the central bank to review bank charges in line with prevailing market conditions, which would result in higher charges on cash requirements, as it moves to promote the use of plastic money.
Electronic transactions would attract lower costs, BAZ president, Charity Jinya told a parliamentary portfolio committee this week.
“What we
LAWYERS representing controversial businessman Wicknell Chivayo have taken steps to try to stop the Zimbabwe Power Company (ZPC) from cancelling multimillion-dollar energy deals awarded to his Intratek firm following pressure from the holding company, Zimbabwe Electricity Supply Authority (Zesa) board.Chivayo, a convicted fraudster, is a director of Intratek which was awarded tenders worth US$400
Meikles Limited group says it will not celebrate a court ruling this week in which more than 45 former workers’ bid to contest the termination of employment contracts on notice failed.The group’s legal secretary Thabani Mpofu said although the workers lost their case in the Labour Court against the employer, the company would consider recalling them in future as the group continues with its ex
THE Bankers Association of Zimbabwe (BAZ) plans to import more point-of-sale (POS) machines to widen the use of plastic money, as the economy grapples with a cash crisis.
“We are pursuing the importation of POS machines to widen the use of plastic money and other electronic platforms to lessen reliance on cash for day-to-day transactions,” BAZ president, Charity Jinya told a local publ
A $14 MILLION mega shopping mall is under construction in Gweru funded by the Zimbabwe Electricity Industry Pension Fund (ZEIPF).The new shopping mall — dubbed Gweru Megawatt Shopping Complex — is located just outside the Central Business District along Bulawayo Road.ZEIPF acting general manager Noel Jakaza told Chronicle Business that the company has engaged Drawcard Enterprises as the princi
BON Journee Restaurant and Steakhouse in Bulawayo’s Central Business District has shut down operations after more than 60 years of service.Management cited a harsh economic environment for winding down operations and the move has left 16 workers jobless.Workers who reported for the morning shift last Friday were met with termination letters at the door.A letter shown to Business Chronicle reads:
A shift towards the rand is inevitable as dollars imported to facilitate transacting do not stay within the country, FBC Holdings chairman Herbert Nkala said at the launch of the 2016 CASE Handbook. “The multi-currency system is certainly the only way forward, but we need to be honest here. We know that the money we import to facilitate transacting does not stay here, and in the months ahead, we
THE Zimbabwe National Road Administration (Zinara) yesterday unveiled $1,7 million for a roads condition survey to determine the level of service and maintenance required.Speaking at the survey launch in Harare, Zinara acting chief executive Moses Juma, said the country last conducted a national roads condition survey in 1999.“There have been various figures flying around as to the cost of
Employers say they do not want to pay retrenchment packages when they lay off employees because workers have other benefits that they are entitled to such as pensions and gratuities.The Employers’ Confederation of Zimbabwe (EMOZ) wants the Labour Amendment Act that was passed into law last year to be further amended and remove the provision where employers have to pay retrenchment packages.EMOZ
A TOTAL of 13 major and three temporary company closures have been recorded in the Midlands province since 2009 rendering 4,185 employees jobless, Confederation of Zimbabwe Industries (CZI) Midlands Chamber president, Matthias Ruziwa has said. Ruziwa said last week that companies in the Midlands were grappling with economic woes, which include the prevailing cash shortage, lack of raw materials an
THE price of locally manufactured cooking oil has increased marginally in what producers have attributed to the recent increase in the price of crude cooking oil on the international market.Oil Expressers’ Association of Zimbabwe president Busisa Moyo confirmed the development saying local producers have of late been facing difficulties in paying for imported crude cooking oil, which is refined
BANKS have admitted that banking charges currently prevailing are high will immediately start conversations around lowering them while Steward Bank will with effect from today halve the charges on Real Time Gross Settlement transactions. The average charge on an RTGS is $10 while withdrawal fees are on average at $3 inside brick-and-mortar banking halls and $2-$2,50 for withdrawals done on ATMs.Ba
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