Home Posts tagged Forex Crisis
FINANCE and Economic Development Minister Professor Mthuli Ncube yesterday hinted Zimbabwe will have its own currency within the next 12 months. He said Government is working to raise foreign currency to anchor the new currency. Addressing delegates at a “Road to Davos” townhall meeting held in the capital yesterday, Prof Ncube said adopting the United […]Continue Reading:
THE obtaining foreign currency crisis and difficult business operating environment have claimed the scalp of cooking oil manufacturer Surface Wilmar who announced Friday they are suspending operations. The company, which owns the Pure Drop brand, reportedly owes foreign raw material suppliers over US$11 million and has failed to access enough foreign currency from the Continue Reading:
FINANCE minister Mthuli Ncube has said the serious challenges facing the country, including a high budget deficit and significant debt, and currency challenges, were surmountable with major structural reforms. Addressing the European Parliament yesterday, Ncube said what was required was urgent and bold action, and tough decisions. “We cannot run away from the challenge — Continue Reading:
BY TERRENCE ZIMWARA || As digital currencies gradually gain traction, a counter narrative emerged as the year progressed: central banks that belatedly acknowledged the value of cryptocurrencies now want to launch their own. However, some want the prerogative to issue this currency assigned to them and only them, because central banks ‘enjoy the confidence’ of […]Continue Reading:
Zimbabwe’s largest brewer Delta Corporation hiked beer prices by 25 percent on Monday citing high local costs, announcing the move days after it was forced to abandon another plan to accept only hard currency payments for its products. Like many companies in Zimbabwe, Delta, which is 40 percent-owned by Anheuser-Busch Inbev, has been hit by […]Continue Reading:
The statements below reflect a government that didn’t learn anything from the 2007 crisis. Prices and economics can never be successfully commandeered. Capital is a coward, it will stay away from places where it feels threatened. Delta whose chairman is senior lawyer Canaan Dube and is very close to the President is merely responding to […]Continue Reading:
THE recent announcement by one of country’s stock market leaders, Delta Beverages, that it will be selling its products in United States dollars starting tomorrow should be a wake-up call to government to realise that the surrogate currency, bond note, has completely lost its lustre. It is sad that authorities have chosen to bury their […]Continue Reading: