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Economy

Price Instability Rocks Zim Market

ADAM Smith’s market theory of the “invisible hand” could soon be rendered inapplicable in Zimbabwe by interference from the central bank and economists may as well shelve their books to face an uncommon market phenomenon, only peculiar to this country. Smith in his book Wealth of Nations proffered a solution …

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U.S. Dollar Flight Persists

UNITED States dollar notes could soon become extinct in the economy as their supply continues to dwindle on the market. A retailers’ conference heard last week that Zimbabwe could be forced to knock on South Africa’s door for formal adoption into the rand community, . With Greshman’s law of bad …

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It’s too late to adopt rand: Biti

Ex-Finance minister Tendai Biti has said it is too late for Zimbabwe to adopt the South African rand as a dominating currency. Writing on his Twitter account, the opposition People’s Democratic Party (PDP) leader said: “Too late to adopt rand. Economy now in so much disequilibrium without reforms Zanu will …

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Health levy comes into force

Government has begun deducting a five percent health levy on all airtime purchases in a desperate bid to raise funds to acquire drugs and equipment for public hospitals. Finance minister Patrick Chinamasa proposed in his 2017 National Budget to introduce the tax on airtime and mobile data, under the ‘‘Talk-Surf …

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Concern over Zim’s multiple taxes

The raft of taxes imposed by the hard-pressed government could do more harm than good to Zimbabwe’s economy, as the move overburdens long-suffering citizens and threatens small businesses’ survival, economic analysts have warned. They said as the desperate President Robert Mugabe administration “lays hands on anything that gives it money”, …

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Enhancing financial literacy for informal sector

Financial literacy refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.A major barrier to the growth of a sustainable informal sector is a generally inadequate level of financial literacy. This gap in financial education and …

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Red flag raised over Barclays Zim suitors

THE calibre of directors of First Merchant Bank (FMB) Malawi , which is eyeing a controlling stake in Barclays Bank of Zimbabwe, has raised eyebrows amid revelations that they were implicated in alleged corporate misgovernances and malpractices in lending, some of them as recently as last year. This comes as …

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African Sun returns to profitability

ZimbabweStock Exchange-listed hospitality group, African Sun returned to profitability in the full year to December 31, 2016 after posting an after tax profit of $4,94 million from continuing operations compared to a loss of $6,15 million for the 15 months to December 31 2015. The group attributed the return to …

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Falgold in a fix

RESOURCES group Falcon Gold’s ability to continue as a going concern is uncertain after its current liabilities exceeded assets by $2,4 million in the year-ended September 30, 2016, an independent auditor Ernst and Young has warned. In its report released recently at the Falgold’s annual general meeting held in Bulawayo, …

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Malawian bank eyes Barclays Bank Zim

Malawian banking group First Merchant Bank (FMB) is in talks with Barclays PLC to buy its Zimbabwean unit. Last year, Barclays PLC downgraded Barclays Zimbabwe to its non-core division with an intention to dispose it in the future. Barclays PLC owns 68% shareholding in Barclays Zimbabwe. In a cautionary statement …

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