Govt makes dual pricing at auction rate mandatory
HARARE- Government, has with immediate effect, instructed all businesses to effect a dual pricing system, indicating that failure to do that will result in the business being penalised.
Businesses are expected to quote local prices at the ruling exchange rate of the day.
According to the Government Gazette’s Statutory Instrument 185 of 2020, President
IMF calls for transparency on pension contributions
Dorcas Chigodho
Staff Reporter
HARARE, The International Monetary Fund (IMF) says there is no transparency in the recording of pension’s contributions in government and there is need to ensure clear recording of pension obligations for the country’s’ six non-autonomous pension schemes.
In a Zimbabwe country report, IMF said pension contributions
CBZ Holdings capitalizes insurance unit
Staff Writer
CBZ Holdings says it has availed appropriate funding to its insurance unit, CBZ Insurance, to regulise the unit’s compliance with the regulatory minimum capital requirement.
As at Q1, 2020, the insurance unit, together with Redsphere Finance were among the group’s subsidiaries which had regulatory capital shortfalls.
“During the period, group’s
ZSE to reopen in two weeks’ time: Mthuli
Staff Reporter
HARARE, The Financial Intelligence Unit is set to conclude investigations into allegations of malpractices leveled against some counters on the Zimbabwe Stock Exchange in two weeks’ time, before the bourse can resume trading again.
Finance minister Mthuli Ncube today told a Daily News post midterm-budget review meeting
$60bn insurance sector exposure on ZSE
HARARE, The Insurance and Pensions Commission (Ipec) is engaging authorities on the recent suspension of trading on the Zimbabwe Stock Exchange (ZSE) to protect the industry’s $60 billion exposure on the market.
This comes as a regional think-tank Renaissance Capital has warned that Zimbabwe’s decision to close its stock exchange risks upending plans
Mthuli extends 2% tax to foreign currency transactions
Staff Writer
HARARE, Finance Minister Mthuli Ncube has proposed to extend Intermediated Money Transfer Tax to cover foreign currency transactions starting from August arguing that the current exemption has created an unfair advantage for taxpayers’ transaction in foreign currency.
The current legislation exempts the transfer of money into and
ZIM economy to rebound in 2021: Finance Minister
Staff Writer
HARARE- Zimbabwe’s economy is expected to shrink by 4,5% this year owing to the fallout from the COVID-19 pandemic and a brutal climate change-related drought, finance minister Mthuli Ncube said on Thursday.
Announcing the midterm 2020 budget and economic review, Ncube said the mining sector will contract by 4%, although he projected
Zim’s inflationary environment dents insurance industry trust
Staff Writer
HARARE, Zimbabwe’s inflationary environment is seen as an impediment for the insurance industry to gain trust of insurance users, particularly in life segment.
BMI Research, in its Q2, 2020, Zimbabwe insurance report, said the environment has also distorted growth rates in the insurance industry.
“While premiums will ostensibly
Ruling party recommends USD only trading platform for Old Mutual
Staff Reporter
HARARE, The ruling party, Zanu Pf has reaffirmed its position of having Old Mutual delisted from the Zimbabwe Stock Exchange (ZSE), saying the bourse should create a USD only trading platform for the diversified insurer and financial services giant.
Under this arrangement, Old Mutual Limited can then be allowed
The need to modernise insurance systems
HARARE, Shifting customer expectations and the need to replace aging systems are contributing to insurers’ decision to modernise their environments and become more adaptable to the digital needs of the market today. Lee Kuyper, COO at SilverBridge, examines the process this will likely entail.
“Insurance is not a modern industry, with many companies having