HARARE — The Reserve Bank of Zimbabwe has set US$10 000 as the cash withdrawal limit with amounts exceeding this threshold now requiring prior notice to the processing bank. Reserve Bank of Zimbabwe Governor Dr Gideon Gono announced the requirement while presenting the 2012 Monetary Policy Statement to bank executives and journalists on Tuesday.
Zimmetro — The race to build the holiest state on Earth can’t seem to save Iran. The country, which is the fourth largest economy in the Muslim world after Turkey, Indonesia and Saudi Arabia, may be heading for economic ruins. Iran’s currency, the Rial, has lost 71 percent of its value since September, a fact that a senior Treasury Department official said was a direct result of U.S. and international sanctions on Tehran. Today the rial again dropped 11 percent to reach record lows after the European Union imposed new sanctions, which made it an overall 80% in less than 5 months.
Zimmetro — The future of Zimbabwe’s national airline remains uncertain after planes were grounded earlier this month and management failed to secure funds to pay off their crippling debt. Air Zimbabwe workers have also been on strike demanding better salaries and working conditions, leaving no crew to repair the last operational aircraft that developed a mechanical fault in one of its engines.
HARARE — Reserve Bank of Zimbabwe (RBZ) Governor Gideon Gono reiterated Zimbabwe would reintroduce its domestic currency to circulate along with other foreign units.
Zimmetro — The 10 Southeast Asian nations that make up ASEAN, is increasingly being viewed as an important economic bloc. This is reflected in that last year, $79.9 billion worth of foreign investment flowed into ASEAN states, compared to China’s $105.7 billion and India’s $24.6 billion, this show that international investors now place the investment value of the region somewhere between China and India.
HARARE — Global diamond trade watchdog Rapaport Group (Rapaport) says prices for the precious stones could fall in 2012, despite a 19 percent growth in the value of polished diamonds in 2011. “Certified polished diamond prices rose in 2011 spurred by strong buying in the first half of the year. However, global economic uncertainties and tight liquidity in the cutting centres caused prices to soften in the latter half,” Rapaport said in a release yesterday.
BULAWAYO — Zimbabwe’s government needs to urgently create a stable investment climate by amending the Indigenisation Act, economist Eric Bloch has said. In an interview, Bloch told Businessdaily that the country had the potential to achieve the anticipated economic growth, but said policy issues were some of the stumbling blocks militating against the country achieving its full potential. Bloch said the indigenisation policy, which compels foreign-owned companies operating in the country to transfer 51 percent of their ownership to black Zimbabweans, was impeding investment.
HARARE — Troubled Air Zimbabwe disregarded recommendations that would have resulted in the airline having a lean staff compliment after shedding 1 000 jobs in a restructuring exercise.The revelations come at a time when the airline is sinking deeper into trouble with workers, embarking on an industrial action last week over unpaid salaries. Air Zimbabwe last paid its employees six months ago and its flights have been on-and-off. Standardbusiness heard last week that government four years ago approached Nicholas van Hoogstraten to provide solutions on how the airline would be resuscitated, who has over the years bailed out the airline with emergency funding.
HARARE — Attainment of Zimbabwe’s 9.4 percent economic growth target in 2012 is premised on a stable political and economic environment and adherence to the government cash-budgeting system, the African Development Bank (AfDB) says.
HARARE — Diversified financial services group TN Financial Holdings Limited will invest about US$2,5 million into its new supermarket chain and fast foods business to be launched next month. Group chief executive Mr Tawanda Nyambirai confirmed that the first supermarket and a fast foods outlet would open in Harare next month along Fourth Street (former Johnson & Fletcher premises).”Yes, it’s true,” he said. “We are launching the new business in February. We shall use the Rufaro Marketing properties for this business, and that is why we signed long leases (12 years) with Rufaro Marketing.
