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Stock Market / Finance in Zimbabwe

  • Zimbabwe’s new leader issues ultimatum for externalised funds

    ZIMBABWE, 2017/11/29 Zimbabwe’s new president on Tuesday gave a three-month ultimatum for the return of funds siphoned out of the country by individuals and corporations, as he moves to stem graft and revive the moribund economy. “The government of Zimbabwe is gazetting a three-month moratorium within which those involved in the malpractice can bring back the funds and assets, with no questions being asked or charges preferred against them,” Emmerson Mnangagwa said in a statement.
  • Zimbabwe’s y-on-y inflation rises to 0.78% in September

    ZIMBABWE, 2017/10/17
  • Zimbabwe: Major Councils Owed $1bn in Unpaid Bills

    ZIMBABWE, 2017/07/07 Major local authorities are owed over $1 billion in unpaid bills by residents, Government, industry and commerce, a situation half to blame for poor service delivery by most councils. Some local authorities are reportedly failing to collect refuse and provide other basic services and to pay salaries. Residents, commerce and industry are said to be the biggest culprits. Harare finance director Mr Tendai Kwenda said Harare was owed over $658 million and the city was using various strategies inclunding evictions of those leasing council properties inclunding issuing summons against defaulters in an attempt to recover its dues.
  • Zimbabwe: Bond Notes Protesters Trial Set for February

    ZIMBABWE, 2017/02/05 Three suspected leaders of activist group # Tajamuka arrested while addressing journalists on bond notes last year will presently go on trial next month. Magistrate Rumbidzai Mugwagwa set the trial date for Promise Mukwananzi, 35, and co-accused Mehluli Dube, 35, and Kudakwashe Manjonjo, 23, to February 24. They are being charged with participating in a gathering with the intention to incite public violence and for being a public nuisance.
  • In Zimbabwe, a strange black market where the American dollar trades against itself

    ZIMBABWE, 2017/01/09 IN Zimbabwe—the country that once suffered 500 billion % inflation—one dollar may presently cost you as much as $1.07. A shortage of banknotes is resulting in a new black market additional than seven years next Zimbabwe abolished its own money, the Zimbabwean dollar, and adopted the greenback and other foreign currencies to avoid exactly that sort of unofficial trading. The shortage of cash has intensified in recent weeks, according to central bank Governor John Mangudya, forcing banks to limit withdrawals and shut down some ATMs. Zimbabwe implemented a multi-currency system in 2009 next its economy collapsed in the wake of a campaign to seize white-owned commercial farms and hand them over to black subsistence farmers, triggering a near decade-long recession as exports from tobacco to roses slumped.
  • Zimbabwe: Once You Dollarises There Is Just No Going Back, History Suggests

    ZIMBABWE, 2015/01/06 FEBRUARY 2015 will mark six years since Zimbabwe adopted the multi-currency monetary system, commonly referred to as dollarisation. The move was in response to the chaotic hyperinflationary period that had defined the Zimbabwean economic environment for almost a decade prior to February 2009. Most Zimbabweans still are haunted by the memories of that era at the same time as the country's again legal tender, the Zimbabwe dollar entirely lost its usefulness as a medium of exchange, store of price, unit of account and means for deferred payments- all considered features which give any monetary currency its price. Looking through history, it's interesting to note that there has not been any economy that has reverted back to its local currency once it has dollarised. Panama, widely considered as the closest the strategy of dollarisation has come to being successful, Ecuador and El Salvador all still use the US dollar a lot of years next dollarising. The logic behind dollarising is that the government would be aiming to reduce inflation whilst reaping the economic benefits of "co-opting" an extra country's currency.
  • Zimbabwe expands multi-currency regime to nine

    ZIMBABWE, 2014/03/02 Four new currencies are to be legal tender in Zimbabwe: the Australian dollar, the Chinese yuan, the Indian rupee and the Japanese yen. They join the Botswana pula, the British pound, the euro, the South African rand and the US dollar as the options in a country whose own currency, the Zimbabwe dollar, collapsed in 2008-9 next a period of astronomical hyperinflation. Monetary policy has stabilised since again, largely thanks to a additional moderate coalition government which lasted until the 2013 election, which again returned power to the Zanu-PF party whose disastrous reign had caused Zimbabwe’s monetary collapse. Exporters and the public can presently open accounts in any of the currencies.
  • Contractor Dragged to Court Over Inflated Input Prices IN Zimbabwe

    ZIMBABWE, 2013/11/19 PROBLEMS associated with arrangement farming have been exposed by a Centenary farmer who has sued Zimbabwe Leaf Tobacco alleging he ended up with a huge deficit because of inflated prices of inputs and the usurious costing structure of the transaction. Tobacco farmer Mr Israel Chirangwana told the High Court on Friday that the structuring of the arrangement he signed was not consistent with public policy and applied an arbitrary costing structure. High Court judge Justice Lavender Makoni reserved judgment in the case in which Mr Chirangwana is challenging provisions of the arrangement farming agreement which left him saddled with a US$50 000 deficit.
  • Gweru Mulls Slashing Industrial Debts in Zimbabwe

    ZIMBABWE, 2013/11/19 Gweru City Council is contemplating slashing debts owed by Gweru industries by half to enable the distressed and ailing companies in the city to resuscitate inclunding scale up production, the local authority's chairperson for the finance committee, Councillor Albert Chirawu has said. As of June, Gweru City Council was owed US$17 million by the Gweru companies and industries. Speaking during a dinner organised by the Confederation of Zimbabwean Industries (CZI) in Gweru on Thursday, Cllr Chirawu said Gweru City Council had realised that due to the dire economic situation these industries were exposed to a few years back, there was need for the local authority to reduce the burden on the companies to ensure resuscitation.
  • Zimbabwe Wants Exclusive Black Stock Exchange

    ZIMBABWE, 2013/08/11 As Zimbabwe’s liquidity declines and its stock market slumps, President Robert Mugabe’s Zanu-PF party says it will any minute at this time launch a racially exclusive stock exchange in which only black people will be able to trade shares in foreign-owned companies it plans to seize. The plan to grab mining companies – and the major ones are South African-owned – without compensation follows Mugabe’s landslide victory in elections last week which the opposition Movement for Democratic Change party and a lot of civil rights groups say were rigged.