Browsing: zimbabwe

Zimbabwe-China currency swap

Zimbabwe signed a currency swap deal with China, hoping to stabilise its economy and improve trade.

Mthuli Ncube, Zimbabwe’s Finance Minister met with Chinese Foreign Minister Wang Yi during his five-country Africa tour recently where he said the country was following in the steps of Japan, Nigeria and South Africa.

“What this means is that there are those who will be investing in Zimbabwe from China. Those who require their proceeds to be remitted back to China can now do so,” he said.

A currency swap involves the exchange of principal and interest in different currencies. The purpose of a currency swap is to reduce the cost of borrowing a foreign currency. Mr. Ncube said the currency swap will help Chinese investors in bringing in fresh capital into Zimbabwe.  “The idea is that those individuals will then swap currency so that those who are investing in Zimbabwe are able to …

Zimbabwe open for trade

For years, Zimbabwe has faced strict trade restrictions as the international community felt there was a gross violation of human rights and political freedoms. This has left Zimbabwe alienated from the league of nations as well as low international trade.

But now, the political times have changed and Zimbabwe is now declaring that it is open for business. The country is committed to creating conducive conditions and incentives for investors, according to Zimbabwean President H.E. Emmerson Mnangagwa.

Speaking at the just-concluded Global Business Forum Africa 2019 in Dubai, Mnangagwa discusses economic reforms in Zimbabwe and new business opportunities emerging across the country.

During an interactive session on the first day of the forum, H.E. Mnangagwa explained that economic zones are being created in Zimbabwe as the government looks to attract foreign investment. He stressed the importance of developing new initiatives that invest in skills development and human capital.

His

Distributed Power Africa to solar power Kenya data centres

Distributed Power Africa (DPA), a subsidiary of the Econet Group of companies, and Econet is a Pan African Technology, and Telecommunications group, operating in more than 20 African countries, is installing a 1MW solar system for Africa Data Centres’ facility in Nairobi, Kenya.

 According to DPA, this is the third installation it is deploying this year for Africa Data Centre, with the first phase having been completed in May and currently working on phase 2. Africa Data Centre is the continent’s first and largest network of interconnected, carrier and cloud neutral data centre facilities, rapidly expanding across the region. While serving Africa’s largest domestic and international customers, Africa Data Centre has become a leader in deploying sustainable technologies across its facilities in Africa.  

Africa Data Centre’s Nairobi is also the first carrier-neutral facility in the East Africa region, and its largest and most connected operation, with a total of 2000

Zimbabwe to introduce a new currency

Zimbabwe plans to introduce a new currency in a bid to ease shortages of the bond note in one weeks time.

Zimbabwe’s central bank Governor, John Mangudya, said he would introduce a new currency to address biting liquidity shortages in the economy and regain monetary policy control.

The new currency will circulate alongside the bond notes and coins that were introduced in 2016. It will consist of 2 dollar coins and 5 dollar notes the governor said.

In a press briefing, he said the new currency would be introduced in phases to avoid fueling inflation, adding that the new Zimbabwe dollar will trade at par with the bond notes and coins.

“This additional cash injection will be carried out through the non-inflationary exchange of Real-Time Gross Settlement (RTGS) money for physical cash,” he said.

Zimbabwe is currently using electronic money known as RTGS, bond notes and coins after it banned …

South Africa ground Air Zimbabwe jetliner over debt - The Exchange

South Africa’s state-run airports’ management company grounded Zimbabwe’s debt-strapped national airline from using the country’s airports over the unpaid landing and parking fees.

Air Zimbabwe’s debts to foreign and domestic creditors have reached more than $300 million. Last year,  the government of Zimbabwe put the airline under administration and later invited bids from potential investors as it seeks to privatise it.

Airports Company South Africa (ACSA) grounded Air Zimbabwe’s only international destination said the airline had failed to pay passenger service charges, landing and parking fees and an undisclosed amount towards clearing its arrears.

Officials of the airline also confirmed that the aircraft was held at Johannesburg’s Oliver Tambo International Airport on Wednesday.

In a statement by ACSA the company said Air Zimbabwe had not adhered to the cash basis terms for using its airports and the suspension would remain until outstanding amounts are settled.

Also Read: Ethiopian Airlines, Air

Special-Economic-Zone-in-Zimbabwe-The-Exchange

Special Economic Zones is a concept still in its infancy yet progressive in Zimbabwe. In general, Special Economic Zones exist to attract investments in particular regions of a country.

In which, those investing in SEZs benefit from several fiscal and non-fiscal incentives established by the government of that particular country.

In the passages to follow, I intend to outline the incentives for operating in Zimbabwe’s SEZs as well as, explaining the finer details of regulation and bodies which govern these zones.

To begin with, the Special Zones Act was enacted in November 2016 as part of the government’s efforts to engage foreign investors and, reversing the country’s economic decline.

Through this Act, the Zimbabwe Special Economic Zones Authority was established to oversee and assist companies/investors keen to conduct business in these areas.

The main functions of the Authority include administering and controlling SEZs, granting investment licences, and monitoring activities of …