“ Labour Act Amendment
No. 5 to be adjusted ”A Bill to legislate the voluntary Tripartite Negotiating Forum and guide relations among Government, business and labour will soon be introduced to parliament, a senior Government official has said. The TNF bill is aimed at legalising the forum to make its decisions binding, among other issues. “Plans to legalise the TNF framework are at an advanc
“
Govt Lying To The People ”
FORMER Finance minister Tendai Biti has accused his successor, Patrick Chinamasa and Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya of lying that the bond notes were meant to address the cash crunch, yet it was a clandestine way to replace the $1,8 billion illegally withdrawn from the central bank’s Real Time Gross Settlement (RTGS) balances to monetise
RBZ
keen on getting dividends from the diaspora
Speaking during the partnership launch last Wednesday, Deputy Governor of the Reserve Bank of Zimbabwe Dr Kupukile Mlambo said the central bank would continue to put in place effective systems to encourage the use of formal channels by Zimbabweans in the Diaspora.Zimbabwe’s mobile money service, EcoCash and Zambia’s MTN Mobile Money laun
...Mangundya says corruption has killed the economy IS the country, once a breadbasket in southern African, broke or broken?Economists and analysts are divided, but many agree the situation is cause for grave concern.While others agree that Zimbabwe is now broke, Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya, insists it is not broke, but has been damaged by errant entrepreneurs and rogue
....Treasury
extends begging bowl
GOVERNMENT faces a financing gap of $800 million this year due to low revenue and high expenditure, amid fears it will borrow from the domestic market to plug the hole.“The projected domestic loan repayments of $678,6 million and a budget deficit of $150 million, result in a financing gap of$828,6 million for the year 2016,” the Finance ministry said in its f
THE National Building Society (NBS) is likely to attract average Zimbabweans who have been struggling to secure loans from banks due to overly high interest rates. The new financial institution opened its doors yesterday, offering the lowest interest rates of 9,5% for mortgage lending, with a tenure of 25 years, the longest on the market.Mortgage lending in the market hovers at around 12%, with a
Special Excise Duty is charged in terms of Section 172 of the Customs and Excise Act [Chapter 23:02]). It is a tax levied on sale, transfer or disposal of second-hand motor vehicles on change of ownership.A second hand motor vehicle is a registered motor vehicle, and includes vehicles required to be registered according to the Vehicle Registration and Licensing Act, which is sold or disposed of to
The new Banking Act came into effect on Friday last week, giving the Reserve Bank of Zimbabwe more latitude to tighten bank supervision, monitoring and control while diluting controlling individual or bank holding shareholder influence on banks. The new legislation also affects other Acts apart from the Banking Act. It amends the Reserve Bank of Zimbabwe Act, Deposit Protection Corporation Act, Re
THE Minerals Marketing and Exploration Corporation Bill, which is set to become law, will give the Government authority to probe irregularities in mineral exports including before the new law came into force. Already there is deep seated suspicion that Zimbabwe is losing millions of dollar through under declaring the amount and value of minerals.Through the Bill, Government will set up the Mi
The media has a responsibility to report responsively and positively not create unnecessary panic and cause alarm and despondency, so just in case you may think I’m ignorant of the cardinal rules, l bet l could spell them better with deep honesty.While we have a mandate to inform and educate the nation, we are also equally responsible for telling the truth as is lest we judged
In his Independence Day speech in April, President Robert Mugabe said there were “signs of recovery”. Last week, his Industry Minister, Mike Bimha, said “we are recovering”, and that there were “pockets of recovery”.But the government’s own numbers tell a different tale.Poring over the Ministry of Finance’s bulletin for the first three months of this year, a picture of decline emer
Zimbabwe’s cash crisis has led to questions about the government’s management of the country’s financial systems, with indications that its increasing borrowings on the domestic market have created a financial black hole for the banking sector and the economy.The government, with no access to foreign funding, resuscitated the Treasury Bill (TB) market in October 2012. After initially struggl
Zimbabwe will soon introduce vehicle tracking devices at major border points to monitor movement of some trucks who falsely declare that they have goods in transit, yet they would be destined for the local market. Speaking during a Zanu-PF extraordinary provincial coordination committee meeting at Mutare Polytechnic College yesterday, Finance and Economic Development Minister Patrick Chinamas
Nigerian billionaire Aliko Dangote has said he is not turning his back on the promised Zimbabwean investment, amid rumors that the billionaire had grown cold feet due to the country's economic slurp.In an interview on the sidelines of the World Economic Forum on Africa here yesterday, Dangote said a team was in the country finalising logistics while another would soon be in Zimbabwe as preparation
Mobile money agencies have in the past few days recorded low business due to the cash crisis that hit the country in recent weeks.The three companies-Econet, NetOne and Telecel run mobile money transfer services called EcoCash, Netcash and Telecash respectively.“The whole of last week we were operating with limited cash and the business was very low. Like in my case, there are some days that I c
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