BUSINESS NEWS

Tough rules for forex account holders

Zimbabweans employed by exporting companies and earn their salaries in foreign currency will now have their money converted into local currency or only withdraw the forex after getting approval from t...

By Staff reporter | Published: 06 October 2019

INDUSTRIALS & ENERGY

Foreign currency shortages derail Paramount Garments

LEADING textile firm, Paramount Garments' exports have dropped by 14 percent while prospects of growing its Bulawayo clothing manufacturing unit, Archer Clothing Manufacturers are in limbo due to adve...

By Staff reporter | Published: 06 October 2019

FINANCIAL SERVICES

'Bureaus not allowed to transact with corporates'

Bureaux de Change are not allowed to transact with corporates or enter into twining arrangements with customers to prefund foreign currency purchases, according to a directive from the Reserve Bank of...

By Staff reporter | Published: 05 October 2019

FINANCIAL SERVICES

IPEC sets terms on forex denominated insurance policies

The Insurance and Pensions  Commission (IPEC) made a statement on the forward going policy for foreign currency dominated insurance policies. The development comes in the midst of a growing confi...

By Staff reporter | Published: 02 October 2019

MINING & RETAIL

Makomo Resources hit by forex shortages

COAL miner Makomo Resources is only getting about 50% of its foreign currency requirements for the importation of critical inputs like spares, a situation that has crippled its production, an official...

By Staff reporter | Published: 28 September 2019

INDUSTRIALS & ENERGY

Forex earnings boost Afsun H1 as group embarks on major soft refurbishments

Foreign currency earnings, which constituted 45% of revenue, helped African Sun post a 765% increase in the bottom-line for the half year to June 30.  This is in spite of a drop in occupancy leve...

By Staff reporter | Published: 28 September 2019

ZIMBABWE

Govt vows to close forex loopholes

Government will continue to monitor the architecture of the country's financial system to close all loopholes that unscrupulous dealers could use to manipulate the exchange rate, Finance and Economic ...

By Staff reporter | Published: 27 September 2019

BUSINESS NEWS

Forex speculators hit hard

Currency speculators who, last week, disposed of their Zimbabwean dollars for the US dollar at very high exchange rates with the expectation that the local currency will plunge further, are counting t...

By Staff reporter | Published: 24 September 2019

BUSINESS NEWS

RBZ takes aim at forex speculators

Government says the sharp hike of the overnight bank rate by the Reserve Bank of Zimbabwe to support the domestic currency will discourage borrowing for currency speculation as well as protect the val...

By Staff reporter | Published: 03 July 2019

BUSINESS NEWS

Mthuli Ncube tightens forex controls

ZIMBABAWE has tightened controls on access to foreign currency for companies as authorities battle to stem a thriving parallel market for the scarce currency.Corporates in the southern African economy...

By Staff reporter | Published: 27 June 2019

BUSINESS NEWS

International remittances recipients to get forex

Recipients of international remittances will continue receiving money in hard currency following the abolishment of multi-currency system or can be paid in local currency at a prevailing official exch...

By Staff reporter | Published: 27 June 2019

BUSINESS NEWS

Big retail shops comply with forex directive

A snap survey conducted yesterday revealed that several retail shops in Bulawayo had already complied with the new policy and were selling their products in local currency. Although others had adjuste...

By Staff reporter | Published: 26 June 2019

FINANCIAL SERVICES

MFIs mull forex lending

THE Zimbabwe Association of Microfinance Institutions (Zamfi) is considering foreign currency lending to assist producers in securing critical imports based on the anticipated effectiveness of the int...

By Staff reporter | Published: 13 June 2019

BUSINESS NEWS

Industry embraces Cabinet’s forex decision

INDUSTRIALISTS have embraced Cabinet's decision to craft measures that would see manufacturers being allocated foreign currency to procure key raw materials to reduce the cost of production and conseq...

By Staff reporter | Published: 05 May 2019

OPINION

Mystery of Zimbabwe's forex market

"Zimbabwe's tobacco sales have reached a record high of 237,1 million kg with a week to go before the selling season ends, official data showed" - Reuters (July 23 2018)."Gold deliveries to Fidelity P...

By Chigogwana, Sikhosana and Mashozhera | Published: 03 May 2019

INDUSTRIALS & ENERGY

Delta to revive malt exports as forex shortages continue to bite

Delta Corporation has invested close to US$4m in its barley contract-farming scheme, targeting a yield of 35,000 metric tonnes this year and with an objective of earning foreign currency from malt exp...

By Staff reporter | Published: 03 May 2019

BUSINESS NEWS

Mnangagwa's Cabinet okays provision of forex for basic goods

Cabinet has resolved to avail foreign currency to manufacturers of basic goods for the acquisition of raw materials so as to arrest the unjustified price increases obtaining in the country. The decisi...

By Staff reporter | Published: 02 May 2019

TRANSPORT & TOURISM

RTG goes regional to raise forex

Hotelier, Rainbow Tourism Group (RTG) is working on securing management contracts for hotels in the region as part of measures to augment the company's capacity to generate foreign currency.RTG chief ...

By Staff reporter | Published: 30 April 2019

BUSINESS NEWS

Zimbabwe industry frets over interbank forex market

INDUSTRY has called on government to fine-tune the interbank currency market for foreign exchange, saying the current conditions are not favourable to both buyers and sellers.The government launched t...

By Staff reporter | Published: 28 April 2019

INDUSTRIALS & ENERGY

Major shareholder cuts off forex support to Nampak

PACKAGING manufacturer Nampak Zimbabwe says it has been cut off by its major shareholder Nampak Holdings, which has been assisting it with foreign currency due to non-payment of outstanding debts.The ...

By Staff reporter | Published: 07 February 2019

BUSINESS NEWS

TSL seeks forex to stay afloat

Industrial holdings group Tobacco Sales Limited (TSL) says it will this year focus on partnerships with international firms to generate foreign currency to cushion its operations.TSL's plan comes at a...

By Staff reporter | Published: 03 February 2019

MINING & RETAIL

Mining sector to meet Chitando over forex allocation

MINE workers and the Chamber of Mines have agreed to approach the government and table a request for the sector to get at least 80% of their foreign currency earnings, businessdigest has learnt.This c...

By Staff reporter | Published: 19 January 2019

OPINION

Delta debacle: Dialogue key

The debacle between Government and Delta Corporation over the latter's announcement that it intended to price its products in foreign currency, brings to the fore the dire need for a social contract b...

By Africa Moyo | Published: 06 January 2019

BUSINESS NEWS

Consumers appeal for protection against wave of pricing in forex

THE Consumer Council of Zimbabwe (CCZ) has appealed for urgent Government intervention in protecting consumers against the tide of foreign currency pricing of goods and services at a time when a major...

By Staff reporter | Published: 04 January 2019

BUSINESS NEWS

Delta reverses forex decision

Delta Corporation has reversed a decision to sell its products in foreign currency after the Reserve Bank of Zimbabwe (RBZ) yesterday assured the beverage manufacturer it would provide the forex requi...

By Staff reporter | Published: 04 January 2019
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