Zimbabwe's RBZ chief 'disappointed' as banks shun ZiG1.2bn war chest
via NewsDay Zimbabwe1 min read
The Reserve Bank of Zimbabwe's chief has expressed disappointment over banks' reluctance to utilize a ZiG1.2 billion war chest. This comes amidst various economic and social developments in Zimbabwe, including a 59% jump in tobacco volumes despite depressed prices, and the Grain Marketing Board beginning to pay outstanding arrears to farmers. Other news highlights include Nedbank Zimbabwe appointing Betty Murambadoro as MD, Harare hosting a Food for Life Festival, and foreign military attachés touring ARDA projects. The country is also seeing a crackdown on illegal gambling and political tensions leading to violent attacks in grasslands plots. Meanwhile, Harare residents are increasingly relying on shared boreholes due to a deepening city water crisis.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
As of last Friday, the Zimbabwe Stock Exchange's market capitalization was approximately US$3.26 billion, while the Victoria Falls Stock Exchange VFEX recorded a market capitalization of US$3.54 billion. This comparison highlights the current financial standing of both exchanges.
Must ReadZimbabwe and Zambia have officially drawn a physical borderline on Lake Kariba. This development comes amidst various other news items, including the US's interest in increasing investment in Zimbabwe, and local agricultural initiatives such as the WIFE festival and foreign military attachés touring ARDA projects. Economically, the Zimbabwe Stock Exchange's market capitalization was approximately US$3.26 billion, while the Victoria Falls Exchange VFEX stood at US$3.54 billion as of last Friday. National Foods has invested US$25 million in local milling, and Mpilo Hospital is installing a new cancer treatment machine. Challenges include power outages and raw material shortages affecting ART operations, with its exports and paper divisions seeing volume declines of 6% and 26% respectively in the third quarter to June 2022. There are also reports of political tensions leading to violence and forced evictions at grassland plots.
Tawanda Nyambirai, Cyber Bank chief executive officer, has called on Zimbabwean businesses to explore diaspora remittances as a key source of investment capital to foster growth and competitiveness. Speaking at the Zimbabwe National Chamber of Commerce Matabeleland Annual Business Awards in Bulawayo, Nyambirai emphasized the need for innovative and friendly capital forms, noting that traditional sources have often fallen short. He highlighted the significant flow of millions of dollars into the country through remittances, stressing the emotional connection and long-term nature of this capital. Nyambirai argued that these remittances, which fund income-generating projects like rental properties and small businesses, should be recognized and supported similarly to foreign direct investment. He also encouraged Zimbabweans abroad to pool resources for collective investment and criticized traditional insurance and pension models for their failure to stimulate economic growth. Chief Dakamela, a traditional leader, also urged investment in rural areas due to their abundant land and economic potential.