Business

The Reserve Bank of Zimbabwe suspended the new managed floating exchange rate and introduced the fixed exchange rate of US$1 to ZW$25 on March 26, 2020. Two weeks earlier (on March 11), the Treasury department had announced the introduction of a managed floating exchange rate so as to bring the …

Zimbabwe this week entered the second phase of the injection of new banknotes into circulation since the reintroduction of the local currency in 2019. Firstly, the second phase of the introduction of new notes represents the first time since de-dollarisation that the government has really introduced “new notes”. Besides the …

Listed agro-industrial firm Zimplow Holdings Limited is optimistic that there will be an improved performance across all its business units in full-year 2020 buoyed by various initiatives it has put in place. This follows a mixed performance across the group in full-year 2019, which saw Powermec and Mealie Brand increasing …

The Zimbabwe Environmental Lawyers Association (Zela) has urged the government to focus more on giving back to the artisanal and small-scale mining sector during the coronavirus-induced lockdown by ring-fencing gold royalties to fund personal protective clothing and hand sanitisers. Government imposed a national lockdown on March 30 to contain the …

Two local banks with links to the Zimbabwe government – Agribank and the Infrastructure Development Bank of Zimbabwe (IDBZ) – were this week removed from the United States (US) sanctions list. The American Department of the Treasury announced the decision. “The Department of the Treasury’s Office of Foreign Assets Control …

The District Development Fund (DDF) is rehabilitating 700 boreholes across Mashonaland West Province to provide people with clean and safe water. DDF Mashonaland West coordinator, Erikana Chikande said boreholes earmarked for rehabilitation were in all the seven districts across the province. “We are currently working to rehabilitate 100 boreholes in …

Two Bakers Inn employees in Harare who are members of the Johanne Marange apostolic sect risk losing their jobs after they declined to be tested for Covid-19 at work citing their religious beliefs. Bakers Inn recently tested all its employees for the novel pandemic but the two workers rejected to …

Black market dealers gouging the public with overpriced essential goods in short supply and thieving vendors offering “bargains” of repackaged underweight groceries are not helping the many sympathisers of the poor who want authorities to find a way of reopening the informal sector safely. Sometimes criminals in the informal sector …

The Zimbabwe Teachers Association (ZIMTA) has urged the government to divide classes and recruit more teachers in public schools in order to reduce overcrowding in the wake of the devastating coronavirus outbreak. President Emmerson Mnangagwa last Saturday announced that schools, colleges and universities would reopen soon to allow students writing …

Some banks yesterday started issuing new $10 notes to customers queuing for cash, although others said they would only start availing them today. The red $10 notes were put into circulation by the Reserve Bank of Zimbabwe (RBZ), with the new blue-grey $20 notes going public in the first week …