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The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market. This latest injection follows previous interventions by the central bank, which poured $64 million into the market in September and $50 million in August, reported <a href="https://www.businessweekly.co.zw/rbz-intervenes-again-with-forex-to-cool-the-market/">Business Weekly</a>.
This comes after the central bank recently devalued the Zimbabwe Gold (ZiG) currency by 43%.
RBZ Governor John  Mushayavanhu said the RBZ will persist with its market interventions to support the willing-buyer willing-seller foreign exchange system. Said Mushayavanhu:
<blockquote>
The RBZ will continue to intervene in the market to augment the willing-buyer willing-seller market so as to ensure that all bona fide forex requirements are met. Last week we intervened to the tune of US$50 million but only US$34 million was bought.
</blockquote>
However, captains of industry interviewed by Business Weekly said the central bank is not doing enough to facilitate the smooth operation of the foreign currency market.
Kurai Matsheza, the former president of the Confederation of Zimbabwe Industries (CZI), said that while there may be multiple reasons for the low uptake, industry has various demands that require access to foreign currency. Said Matsheza:
<blockquote>
The money was released and available to our members, but what we are sure of is that the pipeline demand for foreign currency is much more than the figure that is being said. So it might be an issue of other measures of control by the Bank that has reduced demand.
</blockquote>
He suggested that one reason for the reduced uptake of foreign currency is the policy stating that a company cannot bid for foreign currency if it has existing nostro balances.
Matsheza confirmed that any company with foreign currency in its accounts is automatically disqualified from submitting a bid. He said:
<blockquote>
Yes, the meeting was held, and recommendations were made that the measure should be removed as companies hold foreign currency for different reasons.
It might be for obligations that are to be settled in a week or 10 days’ time and for some, it can be for capital expenditure which is budgeted for.
</blockquote>
Matsheza said stakeholders told the RBZ that members do not go to the market without a genuine cause.
Tapiwa Karoro, the president of the Zimbabwe National Chamber of Commerce (ZNCC), said:
<blockquote>
The US$50 million injection means that the RBZ is willing to keep the market well-oiled and our members have not yet said anything about being prevented from accessing the money on the market.
So, we should not speculate why the market uptake was not equal to the injection, because we cannot know the exact demand in a week.
</blockquote>
Industrialist Sean Muzangwa stated that although the recent forex injections by the RBZ have been beneficial, additional support is necessary to rebuild industrial confidence. Said Muzangwa:
<blockquote>
The RBZ’s actions are commendable, but what we need now is policy consistency. If businesses are to plan, they must be confident that the rules of the game will not change unexpectedly. Only then can we expect sustained growth and a stable currency.
Industries are struggling with delays in accessing foreign currency, which affects production timelines.
The RBZ must streamline its processes and reduce bureaucratic hurdles to ensure that the economy runs smoothly.
A responsive, agile system is critical to restoring confidence and keeping industries productive.
</blockquote>
Economist Gladys Shumbambiri-Mutsopotsi contended that although the RBZ’s intervention has offered temporary relief, the overall effect on the economy will hinge on implementing structural reforms. She said:
<blockquote>
Stabilising the exchange rate without addressing underlying issues like inflationary pressures and market confidence, is a short-term solution.
To ensure long-term stability, we need deeper fiscal discipline and enhanced transparency in the forex market…
The key issue right now is communication. The RBZ must clearly outline its long-term plan for the currency market.
Without a clear roadmap, market participants will remain cautious, and this will continue to hinder the efficient allocation of foreign currency.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The Reserve Bank of Zimbabwe put $50 million into the market to help it be stable. They previously put in $64 million in September and $50 million in August. The bank recently made Zimbabwe's currency less strong, causing a 43% drop in value. The bank will continue to help the market so people who want to buy and sell foreign money can do so easily. Some business leaders think the bank needs to do more to help the market work well. They want clearer rules and less bureaucracy. Experts say more changes are needed to make sure the market is stable in the long run.

RBZ Injects Additional $50 Million To Stabilise Market

The Bankers Association of Zimbabwe (BAZ) has warned that the recent devaluation of the Zimbabwe Gold (ZiG) by the Reserve Bank of Zimbabwe (RBZ) last week could lead to rising prices and shortages of essential commodities.
On September 27, the RBZ set the official exchange rate at ZiG24.3 per US$1, up from ZiG14.1 per US$1. On October 2, 2024, the official ZiG rate against the US dollar had fallen to ZiG25.2 per US$1.
The warning from BAZ is contained in a leaked internal document that outlined the topics discussed during a meeting between its members and RBZ Governor John Mushayavanhu on Tuesday of this week. Said BAZ:
<blockquote>
If market conditions remain unfavourable, such as high inflation, low investor confidence or trade imbalances, the ZiG will depreciate rapidly.
This can lead to higher costs for imports and inflationary pressures on goods priced in foreign currency.
There’s a need to ensure sufficient forex to meet demand. Demand can be limited by minimising creation of local currency.
</blockquote>
BAZ said if the exchange rate weakens significantly, it could result in higher prices for imported goods, further driving inflation in an economy that is already grappling with price instability.
The bankers warned that consumers would encounter rising costs for essential items such as fuel, food, and other goods priced in foreign currency. Added BAZ:
<blockquote>
Foreign investors may view a more flexible exchange rate regime as a positive sign, as it reduces the risk of sudden devaluations and allows them to assess currency risk more accurately.
However, short-term volatility may still make investors cautious. History does not work in our favour as the market holds inhibition around the local currency as long as the confidence levels remain low.
</blockquote>
BAZ also warned that limiting the amount of money individuals can take out of the country could disrupt the informal import trade and lead to job losses within the informal sector. It said:
<blockquote>
[We saw the] reduction of the foreign currency an individual can take out from the country from US$10 000 to US$2 000. [Thus the] reduction in externalisation of funds. [This will see the] disruption to informal import trade, with more transactions taking place underground.
</blockquote>
BAZ said job losses or decreased incomes for individuals in informal retail, transportation, and related sectors could occur, exacerbating economic difficulties, especially in a country where formal employment opportunities are limited.
The bankers also stated that the increase in the policy rate from 25% to 35% would affect borrowing costs and lead to higher prices, contributing to inflation. BAZ said:
<blockquote>
On the increase in policy rate from 25% to 35%, effective immediately, the implications are higher borrowing costs.
This may deter investment and expansion, as accessing capital becomes more expensive, potential to see an increase in NPL [non-performing loans, likely increase in prices and subsequently inflation, market likely to shun the local currency.
</blockquote>
BAZ said the 30% increase in statutory reserve requirements could lead to banks struggling to meet these obligations due to liquidity constraints, as their funds will be tied up in Treasury Bills, loans, coins, and other investments.
In response to BAZ, Mushayavanhu said the increase in the bank policy rate is a common policy measure to curtail market liquidity and control inflation.
Mushayavanhu defended the increase in statutory reserves to 30% saying it is intended to further tighten monetary conditions and support the stabilisation efforts.
The RBZ said banks unable to meet the new statutory reserve requirements can seek accommodation from the RBZ as the lender of last resort (unsecured) at 40% ZWG and 15% USD.
The central bank also rejected the proposal by BAZ to stagger statutory reserve payments.
The RBZ said the exchange rate will firm up once the policies of increasing the policy rate and statutory reserves are implemented.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Bankers Association of Zimbabwe warned that devaluing Zimbabwe Gold could make prices go up and cause shortages. The official exchange rate went up from ZiG14.1 to ZiG24.3 per US dollar. If the exchange rate keeps getting worse, prices may go up more. This could make it harder for people to buy essential things like food and fuel. The banks also said that changing the policy rate and reserve requirements could make borrowing more expensive. The Reserve Bank of Zimbabwe is trying to control inflation by making these changes, even though it might be hard for some banks to follow.

Bankers Warn Of Price Hikes And Shortages After Induced ZiG Devaluation

Established and upcoming artists are set to learn business and networking ropes during the well-structured two-day Stanbic Bank Jacaranda Business Conference which precedes the Stanbic Bank Jacaranda Music Festival from the second to the third of October.
The Stanbic Bank Jacaranda Business Conference will see top artists, and established business executives impart invaluable insights into how artists can maximise their talents to become successful businesspersons.
Stanbic Bank Jacaranda Music Festival spokesperson Tariro Chaniwa said the conference was established to create a platform for industry professionals, musicians, and stakeholders to discuss challenges, opportunities, and innovations within the music business. Said Chaniwa:
<blockquote>
The Stanbic Bank Jacaranda Music Business Conference started in 2018 and has grown significantly over the years. It aims to foster collaboration, share knowledge, and enhance the overall growth of the music industry in the region.
</blockquote>
The Business Conference precedes the country’s premier music festival, Stanbic Bank Jacaranda Music Festival which kicks off on the fourth and ends on the sixth of October.
Stanbic Bank is the headline sponsor of the Music festival to be held at the Thorn Park Polo Grounds. 
Chaniwa said the Stanbic Bank Jacaranda Business Conference is succeeding in achieving its intended goals with each year seeing increased participation from industry experts and emerging artists alike. 
She said the feedback from attendees reflects a growing awareness of music business issues, as well as an increase in networking and collaboration opportunities.
Chaniwa said the Conference is evolving but will retain some core elements from previous editions. She said:
This year, we are introducing more interactive sessions and panel discussions to encourage active participation. Additionally, there will be a greater focus on digital engagement and hybrid attendance options to accommodate a wider audience.
Chaniwa said the Ministry of Sports, Recreation Arts and Culture will deliver the keynote speech adding that there will be workshops focused on cultural infrastructure, music distribution, and IP issues.
The conference will also have networking sessions designed to connect emerging artists with established professionals. She said:
<blockquote>
The event slots have filled up so quickly to capacity, showing the hunger by artists to learn and develop themselves. This is pushing us to make this platform bigger and better to accommodate more people.
</blockquote>
Stanbic Bank Head of Enterprise Banking, Auxilia Kambasha said the Standard Bank Group subsidiary is pleased to expand its span of beneficiaries to include artists.
Kambasha said the Enterprise Banking unit caters for the needs of small to medium enterprises (SMEs) who benefit from well-thought-out initiatives by Stanbic Bank. Said Kambasha:
<blockquote>
To that end, artists both established and emerging are a perfect fit for us to work with as we seek to nurture and grow them into fully fledged businesses and entrepreneurs drawing from their talents.
Stanbic Bank organises financial fitness academies aimed at equipping SMEs with skills to handle their finances and artists fall perfectly into this category hence we are fully engaged in this business conference.
</blockquote>
Among speakers are local and regional artists such as Mantwa Chinoamadi (Standard Bank Joy of Jazz Festival Festival South Africa Creative Director); Connie Mazani, Artist Manager and Event Producer; Possenti N Sikosana (Skyz Metro FM; Tanaka Kachara, Scanlen and Holderness; David Molotlhanyi, Channel O South Africa); Prudence Mbofana; Gus Le Breton, Mlombo Music Festival among others.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Upcoming and established artists can learn about business at the Stanbic Bank Jacaranda Business Conference before the music festival. The conference will have talks on how artists can be successful. It aims to help the music industry grow. The conference will have interactive sessions and networking opportunities. There will be workshops on important topics. The conference is becoming more popular each year. Stanbic Bank is happy to support the artists and help them grow their businesses. The conference will have speakers from different fields in the music industry. It is a great opportunity for artists to learn and grow.

Stanbic Bank Conference Offers Business Insights For Artists

The Confederation of Zimbabwe Retailers (CZR) has warned the government against banning the existing multi-currency system and designating the Zimbabwe Gold (ZiG) as the exclusive legal tender to stabilise the rapidly depreciating local currency, reported <a href="https://www.newsday.co.zw/local-news/article/200033068/no-to-forced-de-dollarisation-retailers">NewsDay</a>.
On September 27, the Reserve Bank of Zimbabwe (RBZ) devalued the ZiG from 14.1 to 24.3 per United States dollar. 
In the wake of this devaluation, some economic analysts have urged the government to ban the use of the United States dollar and adopt the ZiG as the exclusive currency for trade.
However, in a report addressed to RBZ governor John Mushayavanhu on September 30, CZR president Denford Mutashu warned that enforced de-dollarisation could have “catastrophic consequences” for the economy. Said Mutashu:
<blockquote>
As the CZR, we strongly believe that any attempts to fully de-dollarise at this stage could have catastrophic consequences for both businesses and the broader economy.
A hasty transition will amplify current economic challenges rather than alleviate them.
</blockquote>
Mutashu warned that banning the US dollar for domestic transactions could lead to fuel shortages and severely impact the retail sector, along with other industries. He said:
<blockquote>
Any move to switch the currency of transaction, without adequate reserves and systems in place, will inevitably lead to scarcity, causing significant disruptions across all sectors.
The transportation industry, a critical player in the retail supply chain, would also be affected, driving up logistical costs and causing inflationary pressures.
With the current foreign currency exchange allocation system, there are already challenges in meeting the demands of industries for US dollars.
Full de-dollarisation would exacerbate these shortages as businesses will struggle to secure foreign currency to import essential goods and raw materials.
</blockquote>
Mutashu suggested that, for now, the government should permit the coexistence of both the US dollar and the ZiG to provide businesses and consumers with the flexibility necessary to adapt. He added:
<blockquote>
Gradually, as confidence in the local currency builds, the reliance on the US dollar can be reduced.
</blockquote>
In an interview with NewsDay, Economist Prosper Chitambara said de-dollarisation should be market-driven. He said:
<blockquote>
Well, my thinking is that the issue of de-dollarisation is a very sensitive matter and it is a matter that must be dealt with very circumspectly and also very cautiously.
It must not necessarily be a rushed exercise or a government-decreed exercise, but it must be an inclusive process that is based on a market-determined process that is tied to the attainment of certain key benchmarks around issues of production, issues of reserves, inflation and issues of informality.
</blockquote>
Economist Vince Musewe warned that forcing a local currency will collapse the economy. He said:
<blockquote>
Zimbabweans prefer the US dollar and that is not about to change. Unless there is a drastic change in policymaking, the same problems will continue to be faced by us beyond 2030. Forcing a local currency will collapse the economy.
</blockquote>
The ZiG, or Zimbabwe Gold, was launched in April 2024 and represents the country’s sixth attempt to establish a stable currency in the past 15 years.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Retailers in Zimbabwe are worried about the government changing the currency to only use the Zimbabwe Gold (ZiG) instead of the US dollar. They say this could have bad effects on the economy, like fuel shortages and higher prices. They want both currencies to be allowed for now, until people trust the ZiG more. Economists also think the change should be gradual and decided by the market, not rushed by the government. They are worried that forcing a new currency could make things worse for the country. The ZiG was started in 2024 as an attempt to make a stable currency.

Retailers Warn Government On Potential Risks Of De-Dollarisation

Prominent businessman Tawanda Nyambirai has called on the Reserve Bank of Zimbabwe (RBZ) to provide clarity regarding the sharp devaluation of the Zimbabwe Gold (ZiG) currency, especially since it is supposed to be backed by gold, which is experiencing rising prices.
On Friday, September 27, the central bank devalued the ZiG by over 40% against the US dollar, changing the exchange rate from 14.1 ZiG per dollar to 24.3 ZiG per dollar.
In a post on X, Nyambirai warned that an official devaluation without explanation about the expected relationship between the ZiG and gold prices raises significant concerns and undermines trust in the currency.
He added that this situation suggests the currency may be based on falsehoods, further questioning the Reserve Bank of Zimbabwe’s credibility in managing its currency. Wrote Nyambirai:
<blockquote>
The ZIG is supposed to be anchored on gold. Since its introduction, the gold price has gone up significantly. The ZIG has done the opposite. An official devaluation without explaining the correlation that is supposed to exist between the ZIG and the gold prices raises more questions than answers. It completely undermines trust in the ZiG. It creates the impression that a currency was anchored on lies! How can the RBZ undermine the basis on which it launched its own currency like this?
</blockquote>
When RBZ Governor John Mushayavanhu launched the ZiG on April 5, 2024, he stated that the new currency would be backed by foreign currencies, gold, and precious minerals. He also announced that the central bank would implement a market-determined exchange rate.
The day before the launch, Mushayavanhu claimed that the central bank held 1.1 tonnes of solid gold, nearly 1.5 tonnes stored abroad, and $100 million in cash and precious minerals, including diamonds.
Mushavanhu claimed that if these minerals were converted into gold, they would account for an additional 0.4 tonnes.
In total, he asserted that the reserves were valued at $285 million, which he said was “more than three times the cover for the ZiG currency being issued.”
On September 27, the central bank increased its policy rate in response to sustained pressure on the ZiG currency.
The ZiG represents Zimbabwe’s sixth attempt at establishing a stable currency in 15 years, following a period of hyperinflation under former leader Robert Mugabe.
Independent economist Hapi Zengeni, quoted by <a href="https://www.reuters.com/markets/currencies/zimbabwe-said-devalue-new-zig-currency-44-against-usd-bloomberg-news-reports-2024-09-27/">Reuters</a>, pointed out that the central bank has not clarified whether the currency will float freely or if it will continue to control the exchange rate after the devaluation.
She highlighted the complexities in Zimbabwe, where the official exchange rate does not align with the realities of the parallel market, leading to significant challenges for trade, investment, and consumer behaviour.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Tawanda Nyambirai wants Reserve Bank to explain why Zimbabwe Gold (ZiG) currency got devalued by 40%. He believes it should be linked to rising gold prices but is going down instead. Nyambirai questions if ZiG is based on truth. RBZ initially said ZiG backed by gold, foreign currencies, and minerals. Now, unclear if ZiG will float freely or if RBZ controls exchange rate. ZiG is Zimbabwe's sixth attempt at stable currency. Economist says official rate differs from parallel market, causing trade problems. RBZ needs to explain actions for trust in ZiG.

ZiG Currency: Gold-Backed Or Grand Deception?

The Reserve Bank of Zimbabwe (RBZ), on Friday, September 27, devalued the gold-backed currency, the Zimbabwe Gold (ZiG), by 44% against the US dollar, bringing the exchange rate to 24.3 ZiG per US dollar.
Despite this devaluation, the local currency is trading at a higher rate in the parallel market, which is currently at least 28 ZiG to the dollar, according to market observers.
The new official exchange rate represents a significant increase from the previous rate of 14.1 ZiG per dollar, announced earlier that same day.
This devaluation is expected to impact Zimbabwe’s financial sector and could have broad implications for businesses and consumers.
For the average consumer, this change may lead to higher prices for goods and services priced in ZiG.
Civil servants, who receive part of their salaries in ZiG, may be particularly affected, as their purchasing power has been significantly diminished.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe lowered the exchange rate of ZiG currency against the US dollar by 44% to 24.3 ZiG per dollar. Despite this, the unofficial market rate is even higher at 28 ZiG per dollar. This change will affect businesses and consumers as prices may increase. Civil servants, who get part of their salaries in ZiG, will find their money doesn't go as far. This shift will have big impacts on Zimbabwe's economy.

RBZ Devalues ZiG To 24.3 From 14.1 Per 1 USD

Zimbabwe’s new gold-backed currency, the ZiG, is trading at 14 per United States dollar, marking its weakest level on the official market since it began trading five months ago.
The ZiG is currently experiencing its longest losing streak against the dollar, having declined for 23 consecutive trading days.
On September 27, data from the Reserve Bank of Zimbabwe (RBZ) indicated that the ZiG was trading at 14.01 to the US dollar.
In contrast, the parallel market quotes the currency at 28, which is double the official rate, according to ZimPriceCheck.Com, a website that tracks both rates.
The widening gap between the official and parallel market rates is impacting formal businesses, according to the Confederation of Zimbabwe Industries, the nation’s largest manufacturing group.
In response to questions sent by <a href="https://www.bnnbloomberg.ca/investing/2024/09/27/zimbabwes-gold-backed-zig-weakens-past-14-per-dollar-to-record-low/">Bloomberg</a>, Sekai Kuvarika, the association’s chief executive officer, said:
<blockquote>
The central bank has suppressed the exchange rate for too long, resulting in a wide parallel-market premium.
This has also worsened the situation, which could have been improved by accepting that the parallel market also needs to be reined in.
</blockquote>
On April 5, the ZiG was introduced to replace the Zimbabwean dollar, which had depreciated over 80% against the US dollar in 2024 and consistently lost value throughout the year until it was phased out.
The gold-backed currency represents the nation’s sixth attempt to establish a stable local currency since 2009.
Kuvarika also said that committing to a market-determined exchange rate and allowing the ZiG to depreciate in response to market sentiments could help stabilise the currency.
She added that the Treasury could increase demand for the local unit by expanding the range of taxes payable in the currency, including pay-as-you-earn and value-added tax.
Currently, the ZiG is used in 40% of transactions, up from 15% at its inception, while US dollars continue to be used for a majority of transactions.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's new currency ZiG is not doing well, trading at 14 per US dollar, hitting its lowest level since it started. The ZiG has been losing value against the dollar for 23 days in a row. The official rate is 14, but on the parallel market, it's double at 28. This big gap is causing problems for businesses. The currency was introduced to replace the old one that lost lots of value. To make ZiG stronger, they need to let the market decide its value and make more payments in ZiG. Currently, US dollars are still used for most transactions.

ZiG Hits Weakest Level Yet, Trading At 14 Per US Dollar

One of Zimbabwe’s largest ferrochrome producers, ZimAlloys, located in Gweru, has resumed production after years of inactivity.
The company recently reignited the first of its three furnaces for the first time since shutting down in 2013.
Managing Director Deric Dube told <a href="https://newzwire.live/years-after-it-shut-down-zimalloys-is-back-in-production/">newZWire</a> that ZimAlloys is investing US$45 million to restart the remaining two furnaces, to achieve an annual ferrochrome output of 120,000 tonnes. Said Dube:
<blockquote>
We have resuscitated the first smelter and we are not stopping there. We plan to set up two more furnaces. 
We do have the resources to support that and we desire to see a return of ZimAlloys to the overall growth and development of ferrochrome production in Zimbabwe.
</blockquote>
Dube explained that ZimAlloys’ return to production follows a challenging period of capital raising.
The company successfully secured an initial US$2 million to restart the first furnace and plans to invest further in the mining sector to ensure a steady supply of raw materials for its operations. Said Dube:
<blockquote>
This means a lot to us, and to me personally, as I’ve had the privilege of being MD during the transition from no smelting to producing raw alloy.
We’ve undergone two rounds of fundraising that have brought these projects to life. As you can imagine, raising capital is tough when you don’t have much money.
</blockquote>
ZimAlloys holds approximately 20,000 hectares of chrome claims, though many of these areas have not been thoroughly explored.
The company estimates that it has a resource potential of 73 million tonnes of alluvial ferrochrome. Said Dube:
<blockquote>
We have a good resource which we intend to use to feed into three of our smelters. We have resuscitated three chrome concentrator plants.
This has almost doubled what we had in the same past month. This is all in light of reviving and restoring the business to what it used to be.
</blockquote>
ZimAlloys currently produces 8,000 tonnes of chrome concentrates and has plans to expand into smelting other alloys.
Dube said that the company intends to install solar and wind power systems, as ferrochrome producers in Zimbabwe consume up to 300MW of electricity.
Once owned by Anglo American, ZimAlloys was one of the largest ferrochrome producers in Zimbabwe.
In 2005, it was acquired by Benscore, a consortium led by businessmen Farai Rwodzi and Adam Molai.
However, production ceased in 2008 due to mounting debts following a commodity price crash, leading to the company being placed under judicial management in 2013.
In 2018, a US$90 million takeover bid by Indian firm Balasore, linked to the Mittal family, was unsuccessful.
Following its exit from judicial management in 2021, ZimAlloys was taken over by Kuvimba, which operates under the Mutapa Sovereign Wealth Fund.
Kuvimba now holds an 85% stake in ZimAlloys, with the remaining shares owned by a private investor and ferrochrome marketer Co-Metal.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZimAlloys, a big ferrochrome producer in Zimbabwe, has started making chrome again after years of being closed. They want to produce 120,000 tonnes of chrome every year. The company had to raise money to restart production. They own a lot of land with chrome, which they plan to use for their operations. ZimAlloys is now owned by Kuvimba and wants to use renewable energy like solar and wind power. They stopped production in 2013 but are now back in business and looking to grow.

ZimAlloys Resumes Production Years After It Shut Down

PowerTel Communications, an ICT subsidiary of Zimbabwe’s power utility ZESA Holdings, has invested over US$5.5 million in establishing a dual gateway between Zimbabwe and South Africa to improve local network connectivity.
A dual gateway is a network configuration that employs two separate gateways to manage traffic, offering benefits such as redundancy and load balancing. This means that if one gateway fails, the other can seamlessly take over, ensuring uninterrupted network connectivity.
In an interview with <a href="https://www.thestandard.co.zw/business/article/200032791/powertel-invests-us55m-in-dual-gateway-into-sa">NewsDay</a>, Powertel’s acting managing director, Willard Nyagwande, explained that the US$5.5 million investment is part of a larger strategy aimed at improving operational efficiency and providing more affordable connectivity options for users. He said:
<blockquote>
In terms of investment, remember our brand is 25 years old. We have continued to invest in fibre technology, wireless technology and geo technology.
This year, we have invested more than US$5,5 million in building another gateway, a dual gateway into South Africa through Beitbridge in trying to embrace our redundancy [in case] Mozambique, Beitbridge or Plumtree are down.
As you know, in Zimbabwe, the internet is very affordable through Beitbridge, so we have invested more than US$5,5 million and that link is almost done.
</blockquote>
Nyagwade added that PowerTel had also invested millions into the network to allow for the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) to connect miners such as Dinson Iron and Steel Company and Bikita Minerals. He said:
<blockquote>
We recently powered up Bikita Minerals and as we speak now, they are both electrified and “datafied” by ZETDC and Powertel, enjoying speeds of more than 100 gigabytes per second so that is our relationship. So, if we put that investment combined, it is a lot.
</blockquote>
Powertel’s network investment roadmap outlines plans to invest up to US$355 million in fixed access, with an additional US$50 million allocated for long-term evolution, fifth-generation internet, and the national backbone network.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

PowerTel Communications, a company in Zimbabwe, spent $5.5 million to create a dual gateway to South Africa. This helps with network connection and makes sure it stays up even if one gateway fails. This investment is part of a plan to improve efficiency and make internet more affordable. PowerTel also invested in other technology to help connect companies like Dinson Iron and Steel Company. They have big plans to invest more money in improving the network in the future.

Powertel Invests US$5.5 Million In Dual Gateway Into South Africa

Stanbic Bank Zimbabwe has once again come to the rescue of people living with albinism by donating an assortment of sun protection products worth US$ 25,000 to the Albino Charity Organisation of Zimbabwe (ALCOZ).
On Wednesday, the institution handed over 1000 units of sunscreen lotion; 1000 units of antibacterial soap; 1000 units of antiseptic liquid; 1000 units of lip balm and 1000 sunhats.
Stanbic Bank Head of Brand and Marketing, Palmer Mugavha said the institution was pleased to have supported people living with albinism for the last 9 years through the partnership with ALCOZ. 
Mugavha said Stanbic Bank is happy to meet the crucial needs of people living with albinism as the hot season sets in. Said Mugavha:
<blockquote>
Our partnership with ALCOZ is well calculated as Stanbic Bank fully understands the challenges people living with albinism face throughout the year such as weather elements, particularly the heat as summer sets in.
</blockquote>
He noted that people living with albinism need protection from the harmful effects of the sun owing to the lack of melanin in their skin which serves as a shield from the sun.
People living with albinism rely on sunscreen lotions, special oils and lip balm for protection from the sun hence Stanbic Bank has stepped in to meet their needs, especially in these challenging economic times.
Albinism is a rare, non-contagious, genetically inherited condition which occurs worldwide regardless of ethnicity or gender.
It commonly results in the lack of melanin in the hair, skin, and eyes, causing vulnerability to sun exposure.
ALCOZ Projects and Programmes Manager, George Mafararikwa said Stanbic Bank had now proved to be “an all-weather friend” given that the partnership was now in its ninth year in support of people living with albinism. He said:
<blockquote>
Stanbic Bank, our major partner in this worthy cause, has stood by us all these years in support of our initiatives.
We in turn as ALCOZ always see to it that the Stanbic Bank’s hand is well extended not only to beneficiaries in Harare and surrounding areas but that it reaches the most marginalized remote areas such as Binga in Matabeleland North, Matobo in Mat. South, Chiredzi Masvingo, Gokwe in Midlands, Chipinge in Manicaland, Mbire in Mashonaland central just to mention but a few.
</blockquote>
He said ALCOZ, just like Stanbic Bank, is committed to putting its shoulder to the wheel in supporting the government’s efforts to alleviate some of the challenges faced by people living with albinism.
Mafararikwa said the sun protection products will help the beneficiaries to integrate easily into their respective communities and see them doing their daily chores safely in the knowledge that their sensitive skin is protected from the harsh weather conditions that have been exacerbated by climate change due to global warming. He said:
<blockquote>
This support from Stanbic Bank resonates well with one of our program thematic areas running under the theme “MELTING UNDER THE DYING OZONE” which focuses mainly on mitigating the effects of climate change on persons with albinism.
Thank you to Stanbic Bank and the entire team that has been behind this compassionate gesture towards the albinism society for the past nine years.
We pray that this partnership continues at an even larger scale as we serve this marginalized society.
</blockquote>
Mugavha said the donation by Stanbic Bank was part of a broader and comprehensive Corporate Social Investment (CSI) strategy by the Standard Bank Group subsidiary to plough back into the communities in which it operates.
Stanbic Bank’s CSI initiatives cover four pillars namely Health and Sanitation, Education, the Environment and Sports.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Stanbic Bank Zimbabwe gave $25,000 worth of sun protection items to Albino Charity Organisation of Zimbabwe (ALCOZ). This includes sunscreen, soap, lip balm, and sunhats. The bank has helped people with albinism for nine years. People with albinism have little melanin, so they need protection from the sun. ALCOZ will share the donation with people in remote areas too. Albinism is a genetic condition where people lack melanin, affecting their skin, hair, and eyes. They may also have vision problems and are more sensitive to sunlight and risk skin cancer. ALCOZ thanks Stanbic Bank for supporting them and hopes for more support in the future.

Stanbic Bank Donates $25,000 To The Albino Charity Organisation

Zimbabwe’s largest retailers have warned the government that their businesses may face closure unless it addresses an exchange rate policy that is driving customers away from their stores.
Formal retailers are compelled to use an overvalued official exchange rate, making their products more expensive than those sold in unregulated tuckshops.
The Retailers Association of Zimbabwe (RAZ), which includes companies such as OK Zimbabwe, Pick n Pay, SPAR, and Edgars, said that the formal retail sector could collapse without government intervention and policy measures to protect it. They wrote:
<blockquote>
The situation is clearly untenable and will lead to company closures if authorities do not intervene with policy measures to protect the formal retail sector.
</blockquote>
The industry employs nearly 20,000 people and serves as a major revenue collection agent for the Zimbabwe Revenue Authority (ZIMRA), contributing significantly through key taxes such as Pay As You Earn (PAYE), Value Added Tax (VAT), Intermediated Money Transfer Tax (IMTT), various withholding taxes and corporate tax.
Retailers are obligated to use the official exchange rate, while suppliers operate with street rates. To mitigate their losses, supermarkets have been forced to raise prices to restock their inventory. RAZ said:
<blockquote>
In order to avert massive financial losses, formal retailers have had to take steep USD price increases to generate revenues at the WBWS Exchange Rate that would be commensurate with suppliers’ unit selling price into retail.
This inevitably leads to real USD inflation creep along with many other economic and social ills as consumers shun formal retailers in favour of informal channels.
</blockquote>
RAZ proposes two alternatives to bring back the stability of prices and trade in the formal sector.
The first proposal is a market-determined exchange rate, that is, the implementation of a pricing model that reflects real-time market exchange rate fluctuations which will help them remain competitive while managing costs.
The other proposal is discounted pricing. RAZ said this keeps the official exchange rate constant while formal retailers offer differentiated discounted pricing by product to reduce inflationary impacts in USD terms, incentivize purchases and stimulate demand. They said:
<blockquote>
RAZ can periodically compile market statistics to help Fiscal Authorities shape policy, as well as self-regulation on market wide acceptable exchange rates.
RAZ further proposes a review of the role of the Financial Intelligence Unit (FIU) to now evolve from monitoring and punishment to purely monitoring and advisory.
RAZ is available to share with the FIU, on either a monthly or quarterly basis, the exchange rate and inflation dynamics in the market for further policy refinement.
We need to establish a more cordial and productive relationship between FIU and formal retailers which has now deteriorated into policing and punishment status.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's big shops could close if government doesn't help them with money. Good shops must use expensive money rates while small shops use cheaper rates. This makes good shop stuff more pricey. Good shops want the government to help with new money rates and ideas to help them. If not, shops might close and many people will lose jobs. Good shops want to use cheaper rates or give discounts to keep prices fair. They also want to work with the government to make better rules to keep money fair for everyone.

In simple words, big stores in Zimbabwe are struggling because they have to sell things at high prices due to the official exchange rate. They want the government to help them with better rates or discounts to keep their business running.

Retail Giants In Zimbabwe Face Collapse Without Exchange Rate Reforms

The government has collected approximately US$18 million from the sugar tax since the beginning of the year, according to Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube.
This controversial sugar tax was introduced to raise funds towards the procurement of cancer treatment equipment and accessories.
Announced in the 2024 National Budget late last year, the tax came into effect at the start of the year as part of measures to reduce the consumption of high-sugar beverages.
During a question-and-answer session in Parliament last week, Luveve-Emakhandeni National Assembly legislator Discent Collins Bajila (CCC) inquired about the sugar tax collection for the first quarter of 2024. In response, Ncube said:
<blockquote>
Madam Speaker, special tax of beverages with sugar content for the first quarter amounted to ZiG7,9 million, cumulative collections to date amounted to ZiG248,9 million which is equivalent to about US$18 million.
Treasury is in the process of working on modalities to join in with the Minister of Health for the procurement of cancer machines and drugs for distribution in our hospitals.
We are working speedily with the Ministry of Health and Child Care through the procurement processes so that we can acquire these machines and drugs as soon as possible.
</blockquote>
In his 2024 budget presentation, Ncube proposed a levy of US$0.02 per gramme of sugar contained in beverages, excluding water.
However, following lobbying from the Confederation of Zimbabwe Industries (CZI), which argued that the initial figure was too high, Ncube later reduced the tax to US$0.01 per gramme.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government collected $18 million from a sugar tax to get money for cancer treatment equipment. The tax started at the beginning of the year. The tax is meant to decrease the intake of high-sugar drinks. They are working to get cancer machines and medicine for hospitals. At first, the tax was $0.02 per gram of sugar, but they reduced it to $0.01 due to complaints.

Sugar Tax Raises US$18 Million In 2024

Garikai Dzvoma, the founder of Zimpricecheck, emerged victorious in the 2024 “Value Creation Challenge”, securing a total of US$13,000 in seed funding. He triumphed over 11 other finalists in this competition for budding entrepreneurs, held last Friday, reported the <a href="https://www.chronicle.co.zw/zimpricecheck-founder-scoops-us13-000-entrepreneurs-challenge-seed-funding/">Chronicle</a>.
Zimpricecheck is a platform that provides up-to-date information on prices of various goods and services in Zimbabwe, as well as information on both official and unofficial exchange rates for the Zimbabwean currency.
The Value Creation Challenge (VCC) is an initiative sponsored by Old Mutual Zimbabwe in partnership with the British Council and the British Embassy.
It aims to empower young entrepreneurs by equipping them with the skills needed to turn innovative ideas into successful ventures. This year’s event attracted 646 entries.
Among the 12 finalists, Tsepo Manganda’s Pured Agro Processors was recognized as the top performer in emerging industries, while Dzvoma’s Zimpricecheck won in the innovative technology section.
Tafadzwa Nengare of Nengare Incorporated was awarded the top performer in the creative industry section, and Innocent Chigiya’s Crystal Cred received the sustainability award. Tafadzwa Zhawari’s Charis Nutrition Consultancy was named the incubatee of the year.
Each top performer received US$6,500 in seed funding, while all 12 finalists were awarded US$1,500 each.
Speaking at the finale, Deputy Minister of Finance, Economic Development, and Investment Promotion, David Mnangagwa, emphasized the importance of entrepreneurship in shaping Zimbabwe’s economy. Said Mnangagwa:
<blockquote>
I’ve seen how entrepreneurship is transforming our landscape. Zimbabwe holds immense potential, and initiatives like the Value Creation Challenge are key to harnessing innovation for community and economic solutions.
VCC is in line with the National Development Agenda and financial inclusion, youth empowerment and job creation are all at the core of the Government vision for Zimbabwe’s future as outlined in Vision 2030.
The ministry’s contribution to the ecosystem is in the form of the National Venture Capital Company (NVCC) formed in 2021, whose aim is to assist SMEs and high-potential startups ensure funding and strategic partnerships.
t is our desire to collaborate with private sector players who have knowledge and expertise in this domain and development partners through platforms such as the VCC as we foster an enabling environment for innovators to thrive.
</blockquote>
Peter Vowles, British Ambassador to Zimbabwe said:
<blockquote>
Zimbabwe aims to achieve upper-middle-income status by 2030, while Britain seeks to become the fastest-growing economy in the G7 by 2029.
Both nations recognize that entrepreneurship is key to growth through investment in creative ideas, business development, and job creation. Supporting Zimbabwe’s economic growth is important to us.
Remember, you cannot function in isolation. The British Embassy is here to help you forge those vital connections.
</blockquote>
Other finalists who presented their innovative ideas included African Fruit Company, Capital Kreatives, Honeyscoop, Kitchen Gardens by Joy, KumbaCare, Robust 365, and Ruby’s Touch Designs.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Garikai Dzvoma, founder of Zimpricecheck, won $13,000 in a competition for young entrepreneurs. Zimpricecheck gives prices of goods in Zimbabwe and exchange rates. The Value Creation Challenge helps young entrepreneurs. The top performers got seed funding. The Deputy Minister of Finance said entrepreneurship is important for Zimbabwe's future. The British Embassy supports Zimbabwe's economic growth through entrepreneurship. Other finalists had creative ideas too. The competition is about investing in new ideas and creating jobs.

Zimpricecheck Founder Wins US$13 000 Entrepreneurs Challenge Seed Funding

CBZ Holdings, the parent company of CBZ Bank, has initiated a restructuring exercise to adapt to the changing business environment and enhance its market position.
As part of this process, 13 senior executives will leave the company next month. The first phase of the restructuring will see these executives departing on October 1, with their contracts set to be mutually terminated by the end of the year. CBZ chief executive Lawrence Nyazema said in a statement:
<blockquote>
CBZ Holdings is embarking on a restructuring exercise across its group of companies, aimed at aligning the Group’s strategic thrust with the evolving business environment.
This move is part of our broader efforts to strengthen our market position and ensure long-term sustainability in our dynamic market.
The first phase of the process is at the executive level, resulting in the departure of thirteen (13) senior executives.
The executives will go on garden leave starting 1 
October 2024, with mutual termination of their contracts expected by 31 December 2024.
CBZ Holdings remains fully committed to fulfilling its obligations and delivering the high-quality service our customers have come to expect.
By streamlining our operations, managing costs effectively, and sharpening our strategic focus, we are better positioned to serve our clients and stakeholders more efficiently.
We are committed to continually improving our business processes and adapting to the changing needs of the market to ensure continued growth and success.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

CBZ Holdings, the parent company of CBZ Bank, is changing things to do better in business. They are making changes to their top people and 13 executives will leave next month. The company wants to be stronger and do well in the market. The executives will leave by the end of the year. The company wants to serve customers better and grow. They are working to be more efficient and successful by changing how they work. They want to adapt to the market and make sure they do a good job for their customers.

CBZ Holdings Embarks On Restructuring Exercise

The government is actively engaging with business entities that manipulate the exchange rate by relying on black market rates, urging them to adopt the official exchange rate instead.
According to statistics published on the Reserve Bank of Zimbabwe (RBZ) website on September 5, the average exchange rate was US$1 to ZiG 13.8742.
Reports indicate that some formal businesses are limiting their acceptance of the ZiG, while others are employing tactics such as dual pricing and inflating USD prices to bypass the interbank rate.
George Guvamatanga, Permanent Secretary in the Ministry of Finance, Economic Development and Investment Promotion, said that while the government plans to intervene, it aims to do so without disrupting the market. Said Guvamatanga:
<blockquote>
Indeed this is what is happening in the market by some unscrupulous businesses, not all of them, but we are taking note and will act decisively.
But remember, we need to consult and do so in a manner that does not disrupt the acceptance and performance of the ZiG so far.
I can tell you there is no reason why the ZiG should be devalued because it is backed by gold and foreign currency reserves.
</blockquote>
Zimbabwe National Chamber of Commerce chief executive officer, Christopher Mugaga told <a href="https://www.zbcnews.co.zw/local-news/government-intervenes-to-end-dual-pricing/">ZBC News</a> that there was no need for retailers and wholesalers to use parallel market rates. Said Mugaga:
<blockquote>
Indeed as big business we are witnessing those uncouth practices that are currently being employed by retailers and wholesalers in the market.
The ZiG has been widely accepted and the premium of the formal rate has largely widened, which requires business to work together.
</blockquote>
The Reserve Bank of Zimbabwe (RBZ) introduced the Zimbabwe Gold (ZiG) currency in April, following the collapse of the Zimbabwe dollar (RTGS and bond notes).
Just five months later, the new currency has experienced significant depreciation, now trading at US$1 to ZiG24 on the parallel market. At the time of its launch, the ZiG was valued at US$1 to ZiG13.50.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government is talking to businesses who cheat on exchange rates, urging them to use official rates. Some businesses are not happy using the Zimbabwe Gold (ZiG) currency and are charging higher prices in USD. The government is planning to stop this without causing problems. The ZiG currency is backed by gold and should not be devalued. Business groups say everyone should use the official exchange rate and work together. The new ZiG currency has dropped in value since it was introduced, now trading at US$1 to ZiG24 on the black market.

Govt Engaging Business Over Exchange Rate Manipulation - Guvamatanga

Zimbabwean banks are struggling to meet exporters’ foreign currency demands for importing raw materials due to severe liquidity constraints.
In an interview with <a href="https://newsday.co.zw/theindependent/business-digest/article/200031626/banks-struggle-to-fund-imports">The Independent</a>, Fanwell Mutogo, CEO of the Bankers Association of Zimbabwe, said that the ongoing foreign currency shortages have hindered banks’ ability to support both exporters and importers effectively. He said:
<blockquote>
The insufficient foreign exchange has had an impact on the importers and exporters, hence hindering the banks to meet the needs and demands of both exporters and importers.
</blockquote>
Mutogo said the situation might improve if the recently introduced Zimbabwe Gold (ZiG) currency gains value. He said:
<blockquote>
As the market accepts ZiG and uses it more for domestic transactions, banks are most likely to receive more voluntary foreign currency sales.
</blockquote>
Economist Prosper Chitambara said that building Zimbabwe’s foreign currency reserves is essential. He said:
<blockquote>
We look at several countries. South Africa has about US$62 billion in terms of reserves, Zambia has about US$4 billion, and Botswana, has about US$5 billion. So, Zimbabwe with about US$400 million, is probably not adequate.
So, I think we need to build our reserves, and we can always use those reserves again to liquidate in the interbank market.
</blockquote>
On Friday, Reserve Bank of Zimbabwe Governor John Mushayavanhu announced that reserves backing the structured currency, primarily gold, had risen significantly to US$375 million in June, up from US$285 million.
In his 2024 Mid-Term Monetary Policy Statement, Mushayavanhu said the central bank is implementing a strategy to build foreign reserves until they meet international standards. He said:
<blockquote>
Given the importance of foreign currency reserves in sustaining the ZiG, the Reserve Bank has a reserves accumulation strategy to ensure adequate foreign reserves are available.
The Reserve Bank will, therefore, remain resolute on its accumulation strategy until the country’s foreign reserves reach internationally acceptable levels.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwean banks are having trouble giving exporters enough foreign money to buy materials they need. The lack of foreign money is causing problems for both importers and exporters. To fix this, a new currency called ZiG might help by gaining value. An economist says Zimbabwe needs to build more foreign reserves to be stable. The Reserve Bank of Zimbabwe is working on a plan to increase foreign reserves until they are at the right level. This will help the country's economy.

Zimbabwean Banks Struggling To Meet Exporters’ Foreign Currency Needs

EcoCash, Zimbabwe’s leading mobile money platform, has announced a partnership with MultiChoice Zimbabwe to offer customers a convenient and secure way to pay their DStv subscriptions.
This collaboration allows EcoCash users to pay their monthly DStv fees directly from their EcoCash wallet, enabling instant activation of their DStv account.
With this partnership, EcoCash customers can access a wide range of international sports, entertainment, news, and current affairs from the comfort of their homes.
The mobile money firm aims to simplify the payment process, making it easier for customers to enjoy their favourite TV shows and sports.
DStv, offered by MultiChoice, provides exclusive content, including the latest movies and live sports, such as the English Premier League.
<img alt='May be an image of 2 people, people playing football, people playing American football, phone and text that says "DSt rates Dial *151# Follow These Simple FollowTheseSimpleSteps: Steps: 1.Select USD Currency Kickoff the soccer season with DSTV 2.Select Make Payments 3.Select Direct Payments 4.Select Pay DStv EooGaeh Downlcoo GooglePay AppStore www.ecocest.co.2W 5.Select Renew Subscription Live Life the EcoCash Way f·0® +203777222151- EcoCash"' decoding="async" src="https://scontent.fhre1-1.fna.fbcdn.net/v/t39.30808-6/456580890_935866775247652_1943021546478156632_n.jpg?_nc_cat=107&amp;ccb=1-7&amp;_nc_sid=833d8c&amp;_nc_ohc=KgxVqGz6Ei8Q7kNvgGiczcP&amp;_nc_ht=scontent.fhre1-1.fna&amp;oh=00_AYCWCi0SBRQ9Z7PkJ7jE3wSitQfl1-4waoQE9XBAQf13YQ&amp;oe=66D61D6D"/>
EcoCash encourages customers with smartphones to use the EcoCash app for fast and easy payments. 
Alternatively, customers can use the USSD channel to pay their DStv subscriptions, which will result in the automatic reactivation of their account.
This partnership demonstrates EcoCash’s commitment to adding value to its customers by creating convenient payment options.
By working together, EcoCash and MultiChoice aim to enhance the viewing experience for DStv subscribers in Zimbabwe.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

EcoCash and MultiChoice in Zimbabwe are working together to make it easy for people to pay their DStv subscription using mobile money. This means customers can watch their favorite shows and sports quickly and conveniently from their homes. EcoCash wants to make paying for DStv simple for its customers, whether they use their app or the USSD channel. This partnership is meant to improve the viewing experience for DStv subscribers in Zimbabwe. It's a way for both companies to help people enjoy their entertainment without any hassle.

EcoCash Partners With MultiChoice Zimbabwe For Convenient DStv Payments

After 80 years in Zimbabwe, British multinational company, Unilever, is exiting the country and will use local distributors instead.
The move continues Unilever’s broader strategy to scale back operations in some African markets.
According to <a href="https://newzwire.live/after-80-years-unilever-will-exit-zimbabwe-and-use-local-distributors/">newZWire</a>, Unilever’s exit casts new light on the decline of formal retail in Zimbabwe, and the pressures that investors face trying to navigate the country’s perennial currency changes. Unilever said in an internal memo:
<blockquote>
Unilever will move to a new model that serves Zimbabwean consumers through a network of Zimbabwean distribution firms rather than through Unilever-owned operations by the end of the year.
This new and more efficient business model will stimulate the growth of the business, better serve Zimbabwean consumers with the brands they love, and create jobs in sales, logistics and merchandising firms locally.
The new strategic direction regrettably involves the close of Unilever Zimbabwe’s current operations.
</blockquote>
Unilever’s exit from Zimbabwe has looked inevitable for years. It has significantly scaled back local production since the 2000s.
Unilever already relies on Distributed Group Africa (DGA), a unit of listed Axia, to distribute products made elsewhere.
Some of Unilever’s products under its US$12.5 billion beauty and wellbeing division include hair and skincare brands such as Dove, Sunsilk, and Vaseline.
Several prominent companies, both local and multinational, have closed or exited Zimbabwe over the years. These include well-known names such as Anglo American Plc, Lonmin Plc, HJ Heinz, BP, Shell, Harven Manufacturing, and Rio Tinto.
Airlines like British Airways, Lufthansa, and Qantas, as well as banks such as Barclays and Standard Chartered, have also withdrawn from the market.
These companies left or closed due to a challenging operating environment marked by policy contradictions and inconsistencies, including issues related to land reform and indigenisation, as well as mismanagement and corruption.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

After 80 years, Unilever is leaving Zimbabwe and will use local distributors instead. This is part of a plan to scale back operations in some African markets. The move shows the struggles of formal retail in Zimbabwe. Unilever's new model will help growth and create jobs locally. They have been scaling back production in Zimbabwe since the 2000s. Unilever's beauty products like Dove and Vaseline will still be available through local distributors.

Unilever Exits Zimbabwe After 80 Years, Shifts To Local Distributors

Business leaders have appealed to the responsible authorities to reconsider the current 75% foreign exchange retention policy, arguing that the allocated funds are insufficient to meet their operational needs.
In submissions made to the Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu, the Chamber of Mines of Zimbabwe (CoMZ) said the forex retention threshold policy has adversely impacted the mining industry. As a result, some companies have been forced to scale down their mining capacity. It said:
<blockquote>
Most mining companies are facing foreign exchange shortfalls to meet their operational requirements and funding of expansion projects.
The available foreign currency has been coming down largely due to falling mineral earnings (on the back of softening commodity prices), with the mandatory 75% now being applied on a shrinking foreign exchange base.
</blockquote>
The Zimbabwe National Chamber of Commerce (ZNCC) has voiced concerns over the serious foreign currency shortages faced by companies in the country and is calling for an increase in the forex retention threshold. The ZNCC said:
<blockquote>
We are engaging the central bank to increase the forex retention threshold further from the current 75% in order for our members to meet their forex requirements.
With the current system, companies are facing serious forex shortages. With most firms grappling to access forex on the willing buyer willing seller platform, the 75% forex retention threshold is affecting the companies.
</blockquote>
Under the current policy, companies are required to sell 25% of their foreign currency earnings to the Reserve Bank of Zimbabwe (RBZ), while retaining the remaining 75%.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Businesses in Zimbabwe want the government to let them keep more of the foreign money they make. Right now, they can only keep 75%, and have to give 25% to the bank. This is causing problems for mining companies who need more money to run and expand. The Chamber of Mines and the Zimbabwe National Chamber of Commerce are asking for the retention threshold to be increased to help companies do better. They say falling mineral prices are making things worse. The government is being asked to make changes to the policy to help businesses get the money they need to keep going.

Businesses Urge Government To Increase Forex Retention Threshold

Wiremit Money Transfer, a leading provider of remittance services, has launched a new promotion specifically designed for the Zimbabwean market, targeting those receiving remittances from the UK diaspora.
In a statement released on Tuesday, August 20, the money transfer agency announced that effective immediately, customers in the UK can use the promo code SEND10 when sending money to Zimbabwe through their online platform, <a href="http://www.wiremit.money/" rel="noopener" target="_blank">www.wiremit.money</a>. By doing so, the beneficiary in Zimbabwe will receive an additional $10 in cash, at no extra cost. Part of the statement reads:
<blockquote>
Wiremit Money Transfer is proud to launch an impactful new promotion tailored for the Zimbabwean market, specifically for those receiving remittances from the UK diaspora.
As part of our commitment to delivering value and convenience, we are introducing a special offer that makes every transaction even more rewarding.
Effective immediately, when customers in the UK send money to Zimbabwe via our online platform, <a href="https://www.wiremit.money/">www.wiremit.money</a>, and apply the promo code SEND10, the beneficiary in Zimbabwe will receive an additional $10 cash, completely free—no strings attached, just extra cash in hand!
With locations across Zimbabwe, including Harare, Bulawayo, Mutare, Gweru, Kwekwe, Beitbridge and beyond, Wiremit ensures that your loved ones can easily access this bonus wherever they are. Our expansive network, further strengthened by partnerships with local agencies, is here to support you and your family, making sure every dollar counts.
“We are thrilled to give back to our community with this promotion,” said Dexter Blackstock, CEO of Wiremit Money Transfer. “Our wide presence across Zimbabwe allows us to serve our customers more effectively and deliver the best possible value, no matter where they are located.”
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Wiremit Money Transfer is offering a $10 bonus to people in Zimbabwe who receive money from relatives in the UK. People in the UK can use the code SEND10 when sending money to Zimbabwe on Wiremit's website. This means the person in Zimbabwe will get an extra $10 for free. The CEO of Wiremit, Dexter Blackstock, says they want to help their community by giving this bonus. The company has many locations in Zimbabwe, like Harare, Bulawayo, and more, so it's easy for people to access the bonus. This is a special offer to make sending money more rewarding and convenient for families.

Wiremit Money Transfer Introduces US$10 Bonus For Zimbabwean Recipients

Qatar Airways Group has acquired a 25% stake in Southern Africa’s premier independent regional carrier, Airlink, as it further develops its operations across the African continent.
The investment in Airlink – which flies to more than 45 destinations in 15 African countries – will enhance a code-sharing partnership between the two airlines.
The deal will bolster Qatar Airways’ Africa growth strategy and cement its role as a key driver to the continent’s economic success.
On the announcement, Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer, said:
<blockquote>
Our investment in Airlink further demonstrates how integral we see Africa being to our business’ future.
This partnership not only demonstrates our confidence in Airlink, as a company that is resilient, agile, financially robust and governed on sound principles, but also in Africa as a whole, showing huge potential that I am delighted we can help start realising.
</blockquote>
Airlink Chief Executive Rodger Foster said:
<blockquote>
Having Qatar Airways as an equity partner is a powerful endorsement of Airlink and echoes our faith in the markets we currently serve and plan to add to our network.
This transaction will unlock growth by providing efficiencies of scale, increasing our capacity and expanding our marketing reach.
By bolstering Airlink and its business, this investment will strengthen all of the existing airline partnerships Airlink has nurtured over the years.
</blockquote>
The partnership between Qatar Airways and Airlink seeks to align both carriers’ loyalty programmes – Qatar Airways Privilege Club and Airlink Skybucks.
Qatar Airways currently flies to 29 destinations in Africa, and there’s been strong growth in the market with new destinations added to the Qatar Airways network on the continent since December 2020.
Abidjan, Abuja, Accra, Harare, Kano, Luanda, Lusaka, and Port Harcourt are the African cities newly added to the extensive Qatar Airways network, while Cairo and Alexandria were resumed.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Qatar Airways has bought 25% of Airlink, a airline in Africa. They will work together and share flights to more places in Africa. Qatar Airways believes in Africa's potential and wants to help it grow. Both airlines will work together to make flying better and reach more people. Qatar Airways now flies to 29 places in Africa and has added new cities recently. They are also working to make their loyalty programs match. This partnership will help both airlines and make flying in Africa easier and more exciting.

Qatar Airways Acquires 25% Stake In Airlink

Some supermarkets in Masvingo city are reportedly rejecting electronic payments in ZiG (swipe) and this has left many civil servants, who receive their salaries in ZiG currency stranded.
According to <a href="https://x.com/TellZimbabwe/status/1825862046841438362">TellZim News</a>, the shops rejecting ZiG swipe include Nyaningwe Supermarket and Bhola Hypermarket.
This comes as members of the public are struggling to access ZiG notes which remain scarce, four months after the launch of the currency.
Last month, the <a href="https://www.chronicle.co.zw/shops-continue-to-reject-zig/">Chronicle</a>, reported that some businesses in Bulawayo had resorted to feigning network issues with their point-of-sale (POS) machines as a pretext to exclusively demand foreign currency transactions.
The report identified Greens Supermarket and Oceans, two retail outlets in Bulawayo, among those that were allegedly turning away shoppers attempting to pay electronically in the local currency, claiming their POS systems were not functional.
Mthokozisi Nkosi, the chairperson of the Consumer Protection Commission (CPC), said the Commission would take action against shops that were unlawfully rejecting the ZiG as a means of payment. Said Nkosi:
<blockquote>
We understand technology fails at times. We equally understand that it is serviceable, hence no reason to continuously claim the system is out of order.
Let these businesses be warned that we cannot be bystanders when they flagrantly violate consumer laws.
The law is clear that we are in a multi-currency regime and consumers have a choice on which currency to use as they transact.
We are coming after these unscrupulous businesses. Our Bulawayo office is going to be descending on these rogue elements.
We strongly warn them to stop this practice forthwith.
</blockquote>
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu recently said the ZiG now accounts for approximately 30% of all transactions in the economy, up from 20% at the time of its introduction in April 2024.
When the ZiG was first introduced on April 5, 2024, the central bank estimated that between 80 and 85% of all transactions in the economy were settled using US dollars, with the remaining balance in the former Zimbabwean dollar, which was replaced by the ZiG.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Some supermarkets in Masvingo city are not accepting electronic payments in ZiG, leaving civil servants with no way to spend their wages. This is happening because ZiG notes are hard to find. Other businesses in Bulawayo are pretending their machines are broken so they can only accept foreign currency. The Consumer Protection Commission is taking action against these unfair practices. The ZiG now makes up 30% of all transactions in the country, up from 20% when it started in April 2024. Before ZiG, most transactions were in US dollars with some in the old Zimbabwean dollar.

Supermarkets In Masvingo Reject ZiG, Leaving Civil Servants Stranded

Business leaders and industry executives have called on the Reserve Bank of Zimbabwe (RBZ) to fully liberalise the foreign exchange market and allow market forces to determine the exchange rate.
Speaking to <a href="https://businesstimes.co.zw/liberalise-foreign-exchange-market-rbz-told/">Business Times</a>, Zimbabwe National Chamber of Commerce (ZNCC) president Tapiwa Karoro said:
<blockquote>
There is a need for a consistent implementation of a market-determined exchange rate system that will provide a more predictable and stable economic environment, reducing speculative market behaviours. 
The central bank should improve the availability and accessibility of foreign currency at banks for importers.
The RBZ should also ensure transparent and efficient processes for businesses to access foreign currency, which is crucial for import transactions and economic stability.
</blockquote>
Confederation of Zimbabwe Industries (CZI) CEO Sekai Kuvarika said that the managed currency rate regime has put companies in a difficult situation. She said:
<blockquote>
We have a badly misaligned exchange rate system in the country. What we need is stability and what we need is an efficient price discovery mechanism and well-functioning forex accessing platform.
…We need the forex to be correctly priced so that everyone benefits from it and that’s our constant position up to today.
</blockquote>
Also speaking to Business Times, Economist Prosper Chitambara said that the exchange rate seems to be managed, rather than allowed to float freely. Said Chitambara:
<blockquote>
The depreciation of the local currency is pointing to the rigidity of the interbank system. There is a need to fully liberalise the interbank bank system.
There is a huge mismatch between the demand for forex as there are so many willing buyers and very few willing sellers.
This makes forex scarce and this points to some distortions on the interbank systems which is causing the platform not to be fully reflective of that market dynamic forces of demand and supply.
The exchange rate seems like it is being managed and is not allowed to freely float. Liberalise the interbank to allow the forces to be fully reflected in the exchange rate.
</blockquote>
Another economist, Gift Mugano, also called on the Central Bank to fully liberalise the exchange rate for the Willing Buyer, Willing Seller (WBWS) system to work. He said:
<blockquote>
The governor of the RBZ must liberalise the exchange rate as there is clear evidence that the willing buyer willing seller is not working because the exchange rate is commanded by the central bank.
He must float the exchange rate to become a discovery mechanism in the market so that players can freely trade forex.
I don’t see the rationale of him [Dr John Mushayavanhu, the governor of the RBZ] running a controlled exchange rate in real practice.
It does matter how he tries to defend the Willing Buyer, Willing Seller (WBWS) system as banks are not giving bidding companies forex. What is that?
We are fooling ourselves.
Dr Mushayavanhu said all the companies with genuine need for forex should go to the bank and get it, he must walk the talk on that.
We don’t want to be told that reserves have increased from US$280m to US$350m, they mean nothing if we hear that we have a backlog of the same invoices.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Business leaders and industry executives want the Reserve Bank of Zimbabwe (RBZ) to let the market decide exchange rates. They say the current system is not working well and want more transparency and access to foreign currency. Some economists also believe the exchange rate should not be controlled by the central bank but should float freely. They think a Willing Buyer, Willing Seller system would be better. They say the RBZ needs to take action to make sure companies can get the forex they need without restrictions. People are asking for changes to make the system fairer for everyone.

Calls Mount For RBZ To Allow Market Forces To Set Exchange Rates

Confectionery producer Bakers Inn is undergoing significant staff cuts following a major restructuring effort aimed at streamlining its distribution processes after incurring a loss of US$1.08 million.
According to the <a href="https://www.theindependent.co.zw/business-digest/article/200030968/bakers-inn-restructures-cuts-staff-after-us1m-loss">Zimbabwe Independent</a>, Bakers Inn previously handled its logistics independently through Bakers Inn Logistics (Pvt) Ltd, a subsidiary of Innscor Africa Limited.
Simbisa Brands Limited, Bakers Inn’s parent company, was formerly part of Innscor before being unbundled into a standalone entity in 2015.
Simbisa has now decided to merge its sales and distribution operations with logistics under a single management structure within Bakers Inn.
This move has resulted in the redundancy of several positions, leading to a wave of retrenchments.
Documents obtained by the Zimbabwe Independent reveal that the restructuring was driven by escalating operational costs, which had severely impacted the company’s viability. The documents, dated July 1, read in part:
<blockquote>
Bakers Inn Logistics division has been operating as an independent unit from the Bakers Inn Sales and Distribution division.
The business has consolidated them both and this has eradicated the need for parallel structures, especially in the finance and administration department and the human resources department.
The employer has undertaken a restructuring exercise, which has resulted in the posts of the selected employees being redundant, thereby necessitating the termination of the contracts of employment by way of retrenchment.
The move to restructure the company has also been necessitated by high operational costs in an increasingly difficult macroeconomic operating environment.
</blockquote>
It has emerged that Bakers Inn has been operating at a loss for the past two years, primarily due to high exchange rate losses and the rising cost of doing business. The documents further state:
<blockquote>
For example, the company realised an after-tax loss of US$1,08 million for the nine months ended 31 March 2024 and an audited loss of US$1,14 million for the year ended 30 June 2023.
This has been a result of high operational costs in an increasingly difficult macroeconomic operating environment where business performance was impacted by large exchange losses from the weakening of local currency on ZWL-denominated receivables, an increase in the cost of doing business arising from the change in VAT (value added tax) status for the baking industry from zero-rated to exempt.
</blockquote>
According to the documents, the VAT change alone cost the company US$110,000 in the first quarter of the year.
As part of its restructuring efforts, Bakers Inn has handed over the operations of several depots to partners, who will take on the responsibility of supplying bread to those areas at their own expense.
This transition has resulted in the redundancy of numerous employees at those depots.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Bakers Inn is letting go of workers because they lost a lot of money. Before, they had a separate company for moving things, but now they are combining everything to save money. This means some people will lose their jobs. The company has been losing money for two years because of high costs and changes in taxes. They had to give control of certain areas to other companies to save money, which also led to more people losing their jobs. The workers who lost their jobs were given money but it was still sad for them.

Bakers Inn Restructures, Lays Off Workers After US$1.08 Million Loss

The government of Zimbabwe has terminated a US$130 million joint venture (JV) agreement with British investor Boustead Beef which was aimed at reviving the Cold Storage Company (CSC) five years after it was signed.
As reported by the <a href="https://www.theindependent.co.zw/local-news/article/200030967/csc-deal-collapses">Zimbabwe Independent</a>, Boustead Beef will exit the operation due to its failure to meet the terms of the agreement.
The deal stipulated that CSC could terminate the transaction if specific conditions were not fulfilled.
In June, John Mangudya, CEO of the Mutapa Investment Fund (MIF), indicated to the Independent that several key aspects of the 2019 JV had not been met.
During the official reopening of CSC in August 2022, Vice-President Constantino Chiwenga said that Boustead Beef had contributed only US$24 million to the operation, a stark contrast to the commitments outlined in the Livestock Joint Farming Concession Agreement (LJFCA).
A letter dated August 2, 2024, addressed to the Attorney General’s Office and obtained by the Independent, confirms the termination of the agreement.
The letter, signed by Garise Nheta, the permanent secretary in the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development’s legal advisor in the transaction, states:
<blockquote>
This letter serves to inform your office that we confirm that the agreement was duly cancelled.
</blockquote>
The letter also stated that any additional developments would be communicated in due course. 
A separate Supreme Court filing, also dated August 2, 2024, confirmed the cancellation. Reads the filing:
<blockquote>
Take note that the second respondent (the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development) hereby files the confirmation letter indicating that the agreement between the first respondent (Boustead Company Private Limited) and the second respondent was cancelled.
</blockquote>
The CSC was the applicant in the case, with the Master of the High Court listed as the third respondent.
Speaking in an interview with the Independent in June while on a trip to the Bahamas, Mangudya, who oversees the MIF, a sovereign wealth fund managing state-owned enterprises, including CSC, said:
<blockquote>
We have identified that we need to deal with the joint venture, which is not functioning the way it was expected.
That joint venture was signed on the 19th of January 2019. Five years down the line, nothing much has happened on the ground. It needs to be reviewed.
We (need to) pay the creditors, which are there, and it needs money to ensure that we spruce up abattoirs in Marondera, Masvingo and Chinhoyi so that we can start slaughtering and then export. I think Bulawayo is fairly okay.
We have engaged the joint venture holder, which is Boustead Beef, and we have advised them of the need for us to review it.
We have also been discussing with the business rescue practitioner on the same issue. So at the end of the day, we do things in a very amicable manner to ensure that we go forward.
</blockquote>
CSC’s creditors include the Zimbabwe Electricity Supply Authority (ZESA), the National Social Security Authority (NSSA), and the urban councils of Bulawayo, Harare, and Chinhoyi.
The 25-year JV gave Boustead control over CSC’s ranches, meat processing facilities, distribution centres, and residential properties in Harare, Gweru, and Mutare, with the promise to invest about US$130 million to rebuild the firm.
Of this, US$45 million was supposed to be invested in the first year, along with an annual rental payment of US$ 100,000 during the first five years.
Thousands of Zimbabwean families relied on the Cold Storage Company (CSC) at its peak in the 1990s, when it held lucrative export quotas for European Union markets. However, the company eventually collapsed due to widespread mismanagement.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government of Zimbabwe ended a deal with a British company to help a meat company called CSC, which had collapsed. The British company did not meet the deal’s conditions. Only $24 million was contributed, not the promised $130 million. The deal was signed in 2019, but not much happened. The British company was given control of CSC’s properties to invest and rebuild. The company had debts to pay and needed money to start operating again. In the past, CSC was successful but failed due to bad management.

Revival Plans For CSC Derailed As US$130 Million Boustead Deal Collapses

The Confederation of Zimbabwe Industry (CZI) says manufacturers are struggling to obtain foreign currency from the Willing Buyer Willing Seller (WBWS) platform needed to import critical raw materials.
CZI CEO, Sekai Kuvarika said that while there has been a bit of stability in the market, businesses are finding it difficult to get foreign currency. Said Kuvarika (via <a href="https://businesstimes.co.zw/manufacturers-struggle-to-access-forex-czi/">Business Times</a>):
<blockquote>
This is a serious issue. The manufacturers are failing to access forex for their businesses and we are still engaging the monetary authorities over the issue.
We believe that we have a bit of stability in the market but we have some serious issues on failing to access forex.
The challenge is that companies are not accessing the forex they require for the importation of raw materials.
As you know the manufacturing sector in Zimbabwe is highly import-dependent, over 70% in most of the cases.
</blockquote>
Kuvarika added that the CZI, which is the country’s biggest business lobby group, has engaged the Reserve Bank of Zimbabwe governor, John Mushayavanhu over the matter. Said Kuvarika:
<blockquote>
We have met the governor to discuss the piling of ZiG due to limited access to foreign currency to bring raw materials.
From our conversations, the RBZ seems to be taking the law of averages into play where he argued that manufacturers may have significant US$ local sales therefore their forex requirement may not be very high.
</blockquote>
Rufaro Zengeni, an economic analyst, said the WBWS platform needs to be liberalised. Said Zengeni:
<blockquote>
We have these contradictions where people are not allowed to bid higher if the RBZ has fixed the exchange rate; there would not be this shortage.
There is a shortage of forex and the prices have not moved in the past three months, something is wrong with those propositions as they don’t reconcile.
We still have a price discovery mechanism problem in the economy.
</blockquote>
Economist Prosper Chitambara said that the shortage of forex on the official market fuels ZiG devaluation and inflation. He said:
<blockquote>
It seems that there are no willing sellers of foreign exchange to meet the high number of willing buyers. 
This means a lot of businesses are having to seek recourse to the parallel market to get foreign exchange and this explains the depreciation of the ZiG due to the strong demand for the US$ which is not matched by the supply on the official market.
This is basically the mismatch between the forex and available supply on the formal market.
</blockquote>
Another economist, Gift Mugano said some businesses are managing to get only a fraction of their forex requirements. Said Mugano:
<blockquote>
Business executives told me that they are failing to access forex from banks with some securing only 5-10% of their forex requirement notwithstanding the assurances given by the RBZ.
Due to the high demand of US$, exchange rates have started running away to the range of between ZiG22.30/US$1 and ZiG24/US$1.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Manufacturers in Zimbabwe are struggling to get foreign currency to buy materials from other countries. The main business group is talking to the government about this problem. The government says there is enough money but companies are not getting it. Economists think the problem is because the official exchange rate is fixed, causing a shortage of foreign currency. Businesses are only getting a small part of the money they need, forcing them to use other, more expensive ways to get foreign currency. This is making the country's money lose value and prices go up.

Manufacturers Struggle To Access Foreign Currency - CZI

The Zimbabwe Energy Regulatory Authority (ZERA) has increased the pump price of Petrol (E20) by 1 cent to US$1.60 per litre, while that of Diesel 50 has also increased by 1 cent to US$1.63 per litre.
In a public notice, ZERA said the new prices are effective from 07 August 2024 to 04 September 2024.
ZERA also announced fuel prices in ZiG even though the product is not available in the local currency.
The price of diesel has been set at ZiG22.42 per litre, while petrol now costs ZiG22.08 per litre. ZERA said:
<blockquote>
The public and operators are advised that the blending ratio is at E20. Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations.
</blockquote>
In South Africa, the Department of Mineral Resources and Energy (DMRE) has effected price reductions for both petrol and diesel with effect from 07 August.
Both grades of petrol will come down by 15 cents per litre, while diesel will drop by between 17 cents (50ppm) and 28 cents (500ppm).
According to IOL, following the adjustments on Wednesday, 95 Unleaded petrol will cost R22.32 at the coast and R23.11 in Gauteng, where the slightly less expensive 93 Unleaded will now retail for R22.71.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The prices of petrol and diesel have gone up slightly in Zimbabwe. Each litre of petrol (E20) now costs US$1.60, while diesel 50 costs US$1.63. The new prices are in place until September 4, 2024. In South Africa, petrol and diesel prices have actually decreased. Petrol prices at the coast and in Gauteng have gone down. There are regulations in place for selling these fuels, but operators can sell at lower prices if they want to. The adjustments have been made to reflect changes in the market.

Petrol And Diesel Pump Prices Rise Slightly

FBC Holdings has officially renamed its newly acquired Standard Chartered Bank to FBC Crown Bank.
FBC Crown Bank will function semi-autonomously as a subsidiary of FBC Holdings, focusing on wholesale banking for large corporate clients and high-net-worth individuals, according to a report by <a href="https://www.chronicle.co.zw/standard-chartered-bank-changes-name/">Chronicle</a>.
The Reserve Bank of Zimbabwe’s Registrar of Banking Institutions, Philip Madamombe, announced the name change in a public notice dated 19 July 2024 but posted on the central bank’s X page on 03 August. He said:
<blockquote>
Notice is hereby given that STANDARD CHARTERED BANK ZIMBABWE LIMITED has changed its name to FBC CROWN BANK LIMITED and shall be known as such henceforth.
</blockquote>
FBC Holdings plans to use the legacy of Standard Chartered as a foundation for a new wholesale banking product suite within FBC Crown Bank.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Standard Chartered Bank in Zimbabwe is now called FBC Crown Bank. It will focus on banking for big companies and rich people. The bank will be part of FBC Holdings but will work almost on its own. The change was announced by the Reserve Bank of Zimbabwe. FBC Holdings wants to build on the good reputation of Standard Chartered Bank to offer new banking services through FBC Crown Bank.

Standard Chartered Bank Zimbabwe Changes Name To FBC Crown Bank

The surge in black-market exchange rates, which peaked at around US$1:ZiG25 last week, has forced some businesses in Bulawayo to reject payments in the local currency.
While the official exchange rate remains at about ZiG14 to the US dollar, the soaring parallel market rate has further diminished consumer purchasing power.
According to the <a href="https://www.chronicle.co.zw/shops-continue-to-reject-zig/">Chronicle</a>, some businesses in Bulawayo have resorted to feigning network issues with their point-of-sale (POS) machines as a pretext to exclusively demand foreign currency transactions.
Specific examples include Greens Supermarket and Oceans, two retail outlets in Bulawayo that have allegedly been turning away shoppers attempting to pay electronically in the local currency, claiming their POS systems were not functional.
Mthokozisi Nkosi, the chairperson of the Consumer Protection Commission (CPC), has stated that the Commission will take action against these shops that are unlawfully rejecting the ZiG as a means of payment. Said Nkosi:
<blockquote>
We understand technology fails at times. We equally understand that it is serviceable, hence no reason to continuously claim the system is out of order.
Let these businesses be warned that we cannot be bystanders when they flagrantly violate consumer laws.
The law is clear that we are in a multi-currency regime and consumers have a choice on which currency to use as they transact.
We are coming after these unscrupulous businesses. Our Bulawayo office is going to be descending on these rogue elements.
We strongly warn them to stop this practice forthwith.
</blockquote>
Confederation of Zimbabwe Retailers president Denford Mutashu said retailers and wholesalers should accept the ZiG. He said:
<blockquote>
As CZR, we continue to urge retailers and wholesalers to accept ZiG and not inconvenience customers as we continue to work with the Government in addressing the supply chain challenges impacting sector players negatively.
</blockquote>
According to economist Prosper Chitambara, the surge in parallel market exchange rates is a clear indication that businesses are struggling to access adequate foreign currency through official channels. Said Chitambara:
<blockquote>
From conversations with people in business they are saying that it is difficult to access foreign currency at the interbank market, so there is a strong demand for US dollars by businesses that are not satisfied by the interbank market.
This creates a lot of pressure on the exchange rate. If one fails to access forex for legitimate business on the interbank market, one is forced to seek recourse to the black market.
</blockquote>
Last week, the Ministry of Finance, Economic Development, and Investment Promotion blacklisted 51 contractors, after investigations revealed they were supplying the black market after receiving payment for their services or goods.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The article talks about how the value of the Zimbabwe dollar, called ZiG, is going down in the black market. This is causing some shops in Bulawayo to not accept payments in the local currency. Some businesses are pretending their machines are not working so they can only take foreign currency. The Consumer Protection Commission is going to take action against these shops. The Confederation of Zimbabwe Retailers wants shops to accept ZiG. Businesses are struggling to get foreign currency from official channels, so they are turning to the black market. The government is investigating some contractors for selling on the black market.

Shops Continue To Reject ZiG As Street Rates Soar

The recent comments by President Emmerson Mnangagwa regarding plans to make the Zimbabwe Gold (ZiG) the sole legal tender in the country before 2030 have prompted banks to adopt a more cautious approach to long-term lending.
In October 2023, the government gazetted Statutory Instrument (SI) 218 of 2023, which extended the use of the multiple-currency system in Zimbabwe until December 2030. 
But in his address at the commissioning of the Mutare Teachers College’s fruit juice and water processing plant on July 4, 2024, President Mnangagwa hinted that if ZiG maintains stability, dollarisation may end in two years. He said:
<blockquote>
In two years, in fact two years is too far off, but there will come a time when our ZiG currency has fully penetrated the market, then I will give a directive that the country will be using the ZiG only.
</blockquote>
A top industrialist, who asked not to be named, told <a href="https://newsday.co.zw/theindependent/local-news/article/200029828/new-currency-plan-unsettles-banking-sector">The Independen</a>t that Mnangagwa’s comments have made banks adopt a cautious approach, trying to determine whether the President’s comments were a policy statement or merely political rhetoric. Said the industrialist:
<blockquote>
There are political statements and there are policy statements; what I was hearing is that it was a political statement.
I think what the President was saying is the goals for 2030 might happen earlier, not necessarily saying this is what was going to happen.
What banks have been trying to do is establish certainty in what is going to happen next.
So, they have not gone to anyone to say we are not lending but they are not doing anything. They are waiting for clarity; they are trying to understand whether this is a policy or a political statement and establish a level of comfort before they continue with long-term lending.
It will be harmless to continue until 2030 with a stable local currency in a multi-currency environment.
What authorities should be uncomfortable with is when the US dollar begins to affect the stability of the ZiG.
</blockquote>
A top business leader said many companies had been struggling to access loans for a long time. Said the business leader:
<blockquote>
Regarding the President’s remarks about de-dollarising by 2028, this, in my view, has to be taken in the context of the well-articulated and publicised plan by the government to end the country’s reliance on the USD and establish the ZiG as the sole local transacting currency.
Accordingly, we still stand guided by Statutory Instrument 218 of 2023, being aware that the government’s aim is to achieve the mono-currency position before December 31, 2030.
The challenges of accessing long-term funding cannot be solely attributed to the President’s remarks. Access to finance, more so, long-term funding has been a perennial problem.
What would help resolve this challenge would include policy consistency and predictability, among other factors.
As such, pronouncements that are in line with policy would not be expected to cause market shocks of grave significance.
</blockquote>
In November 2023, Finance, Economic Development and Investment Promotion Minister Mthuli Ncube stated that the government’s decision to enact SI 218 of 2023 was prompted by the banks’ refusal to lend money in both the Zimbabwe dollar and the United States dollar. Ncube said at the time:
<blockquote>
We are headed for mono currency, let’s be clear about that, but we want order. So the extension to 2030 was to create order and calm in the market.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

President Mnangagwa wants to make ZiG the only money by 2030. Banks are worried about lending money for the future. They don't know if the President's plan is real or just talk. They are waiting for clarity before lending long-term. Many businesses struggle to get loans. The government aims for ZiG to be the only money by 2030. The problems with getting loans are not just because of the President's plan. Banks didn't want to lend in both Zimbabwe dollar and US dollar, so the government made a plan to make things calm until 2030.

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