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According to American economist Professor Steve Hanke, Zimbabwe currently holds the highest inflation rate in the world. Hanke asserts that as of August 10, 2023, Zimbabwe’s inflation stood at 685% per year.
Hanke’s measurements consistently exceed the official rates provided by authorities, which he alleges are manipulated. He said:
<blockquote>
#ZIMWatch: As of August 10th, I accurately measure Zimbabwe’s inflation at 685%/yr. That’s the WORLD’S HIGHEST INFLATION RATE.
<img alt="American Economist Prof Hanke Says Zimbabwe Has Highest Inflation Rate In The World" class="alignnone size-full wp-image-262100" decoding="async" height="1058" loading="lazy" sizes="(max-width: 1080px) 100vw, 1080px" src="https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world.jpeg 1080w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-300x294.jpeg 300w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-1024x1003.jpeg 1024w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-768x752.jpeg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/08/Inflation-world-60x60.jpeg 60w" width="1080"/>
</blockquote>
In July, the Zimbabwe National Statistics Agency (ZIMSTAT) reported an annual inflation rate of 101.3% for July 2023, down from 175.8% in June 2023.
Hanke previously claimed a measurement of 1298% per year for Zimbabwe’s inflation in June, which was over 15 times higher than ZIMSTAT’s official rate of 86.5% per year announced in May. He suggested that Zimbabwe was undergoing its third hyperinflation episode in 15 years.
ZIMSTAT also indicated that the month-on-month inflation for July saw a significant decrease of 89.8 percentage points, reaching negative territory at -15.3% compared to June’s 74.5%. ZIMSTAT calculates inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
In May 2023, ZIMSTAT reported an increase in month-on-month inflation to 15.7%, surging by 13.3 percentage points from April’s 2.4%. Year-on-year inflation rose to 86.5% in May, up from 75.6% in April, according to ZIMSTAT’s data.
The disparity between Steve Hanke’s inflation figures and those released by the Zimbabwean government may arise from their differing measurement methodologies. Hanke focuses on measuring inflation separately for the Zimbabwean dollar and the US dollar, while the government employs a method called <a class="MarkdownLink_linkifiedLink__KxC9G" href="https://www.pindula.co.zw/2023/03/03/govt-adopts-blended-inflation-rate-based-on-usd-zim-dollar/">Blended inflation</a>. Blended inflation takes into account both foreign and domestic currencies in circulation.
Hanke’s approach of separately measuring the inflation rates for each currency may capture fluctuations and distortions more accurately, especially considering Zimbabwe’s complex monetary landscape. On the other hand, the government’s use of Blended inflation provides a comprehensive view by considering the combined impact of both currencies on the overall inflation rate. However, this method can mask the impact of inflation on specific sectors of the economy, leading to controversy.
Former <a class="MarkdownLink_linkifiedLink__KxC9G">Finance Minister</a> Tendai Biti early this year challenged the current Minister Professor Mthuli Ncube to explain the use of blended inflation, calling it <a href="https://www.pindula.co.zw/2023/03/08/blended-inflation-rate-is-pure-undiluted-heresy-biti/">“pure, undiluted heresy.</a>” He argued: 
<blockquote>
In economics, inflation is a measurement of the rise in prices and only one currency is used, whether USD or RTGS or local currency, and you cannot mix currencies.
</blockquote>
Biti said Ncube should appear before the esteemed House to provide a detailed explanation of the origin of the currency mixing that comprises RTGS and US dollars.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

American Economist Prof Hanke Says Zimbabwe Has Highest Inflation Rate In The World

Finance and Economic Development Minister, Professor Mthuli Ncube, has said Zimbabwe’s economy is on the right track and expects a growth rate of 5.3% this year. ZimStat estimates Zimbabwe’s economic growth in Q1 2023 at an annualised rate of 6.2%, with a growth rate of 6.5% for 2022. Minister Ncube stated that these figures position Zimbabwe among Africa’s fastest-growing economies.
This positive outlook is attributed to recent interventions aimed at addressing liquidity issues, strengthening financial regulation, and enforcing value for money in government contracts.
In his Mid Term Fiscal Policy Review statement yesterday, Ncube said the focus going forward is on consolidating the achieved stability by maintaining tight fiscal and monetary policies and implementing measures to restore aggregate demand.
According to Ncube, agriculture, ICT, and accommodation/food services are key sectors driving projected growth. He said the successful synchronisation and commercialisation of Hwange Units 7 and 8 improved electricity supply. Mining, manufacturing, inflation control, and fiscal management contribute to economic expansion and a budget surplus in H1. He also said:
<blockquote>
a). The initial projection of 4% growth in agriculture for 2023 has been revised to 9.7%. Cereal production, excluding winter wheat, is estimated at 2.6 million tonnes, a 40% increase compared to the previous year.
b). Mining, with the entry of new companies and expansion of existing operations, is now projected to achieve a growth rate of 4.8% this year. This growth is driven by increased production of lithium, chrome, diamonds, and platinum group metals.
c). The manufacturing sector is projected to experience a growth rate of 2.2% in 2023. This growth is attributed to a favourable agricultural season and government measures aimed at controlling inflation and exchange rate volatility.
d). Annual inflation slowed until June (175.8%), but prices have since decreased. July’s month-on-month inflation was -15.3%, with year-on-year inflation at 101.3%. Government measures aim to restore confidence, stabilize the currency, and reduce inflation further.
e). Zimbabwe’s merchandise exports declined by 1.9% to US$2.59 billion in the first five months, mainly due to decreased exports of platinum group metals and gold. However, a 3.5% growth in merchandise exports is expected by year-end.
f). Imports rose by 7.4% to US$3.6 billion, fueled by increased fuel, machinery, motor vehicle, and electricity imports. Merchandise imports are projected to grow by 1.4% to US$8.8 billion, maintaining a surplus in the current account balance.
g). Effective public finance management resulted in a favorable fiscal position and economic stability. Cumulative revenue of ZW$4.3 trillion exceeded expenditures of ZW$3.7 trillion, generating a budget surplus of ZW$608.5 billion.
h). The budget is on track with the targeted fiscal deficit of 1.5% of GDP. VAT accounted for 26.5% of revenue, followed by personal income tax (19%), corporate income tax (14.7%), excise duty (12.6%), customs duty (7%), and IMTT (6.7%). Major expenditures included employee compensation (ZW$1.4 trillion), operations (ZW$2.9 trillion), and capital (ZW$747.5 billion).
i). The government allocated $48.2 billion to social protection programs, including $36.1 billion for BEAM, $6 billion for drought mitigation, and $3.2 billion for harmonized cash transfers, among other initiatives benefiting vulnerable individuals and communities.
j). $248.2 billion was allocated to employment costs, drugs, medical supplies, and health infrastructure, including facility construction, rehabilitation, and equipment procurement. The Zimbabwe Health Facilities Programme implemented by NMS Company received $12.6 million.
k).The government allocated $511.9 billion to the education sector, primarily for Primary and Secondary Education, and Higher and Tertiary Education, with a focus on covering wage costs for teaching and non-teaching staff.
l). $478 billion was allocated to infrastructure development, including Intergovernmental Fiscal Transfers. Road Development received $180 billion, primarily for the Harare-Masvingo-Beitbridge road, facilitating the completion of 450km.
m). For water and sanitation projects, a sum of $48.5 billion was allocated, enabling the completion of the Chivhu Dam, which was commissioned in June. Additionally, $9.75 billion was allocated for borehole drilling as part of the Rural Development Programme.
n). Housing development got $49,3 billion towards the construction and development of stands for both residential and institutional accommodation. 
 o). $74 billion has been disbursed under Inter-Governmental Fiscal Transfers to support local governments and devolution. The funds aim to construct social infrastructure and procure equipment, including fire engines for all 92 local authorities.
p). The government raised $191.6 billion through Treasury bills for settling maturing Treasury bills and bonds worth $144.2 billion. An additional $28.2 million was used for external debt payments in the first half of 2023.
q). Development partners provided a total of US$151.9 million, allocated across various sectors as follows: health (60%), humanitarian assistance (14.8%), agriculture (10%), governance (8.3%), and education (3.2%).
</blockquote>
Prof Ncube mentioned that despite exchange rate and inflation fluctuations, the implementation of the 2023 national budget is on track. He emphasised the need for collaboration among stakeholders to achieve growth and stability goals, including embracing the local currency, adhering to regulations, and implementing structural reforms for currency stability and economic growth.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Mthuli Ncube Expects 5.3% Growth, Says Economy On Track And Among Africa's Fastest-Growing

The Reserve Bank of Zimbabwe (RBZ) is in the final stages of preparing to introduce gold-backed digital tokens as a medium of exchange for domestic transactions, alongside the US dollar, according to Governor Dr John Mangudya. In his presentation of the Mid-Term Monetary Policy Statement, Mangudya said:
<blockquote>
The Bank is at an advanced stage in preparations for the rolling out of GBDTs (Gold-Backed Digital Tokens) for transactional purposes in Phase II of the project under the code or name ZiG, which stands for Zimbabwe Gold. It is envisaged that the transactional phase will see GBDTs complimenting the demand for the US dollar in domestic transactions as retailers will be offered a safer, more convenient, and value-preserving medium of exchange. As such, appropriate awareness campaigns would be conducted in all provinces and districts of the country to educate the public on the use and benefits of GBDT.
Consultations with various stakeholders including the Confederation of Zimbabwe Industries (CZI) and the Zimbabwe National Chamber of Commerce (ZNCC) and the Retailers Association of Zimbabwe (RAZ) have already been undertaken and banks are now configuring their systems to allow for the issuance of cards which will be denominated in ZiG.
</blockquote>
According to Governor Dr John Mangudya, the gold coins introduced as an alternative store of value have been effective in mopping up over ZW$35 billion from the sale of 36,059 coins. He said only 769 coins (2% of the total sold) have been redeemed, indicating their value as a store of value.
Mangudya said to further expand value-preserving instruments and increase accessibility, the central bank introduced Gold-Backed Digital Tokens (GBDT) on May 12, 2023. These tokens are fully backed by physical gold held by the Bank. He said as of July 21, 2023, RBZ had issued 325,024,524 milligrams (equivalent to 325.02 kgs) of gold through 11 issuances, valued at ZW$50.50 billion and US$7,794.87.
Economic blogger Tinashe Murapata expresses scepticism regarding the introduction of gold-backed digital tokens as a medium of exchange, suggesting it may be an attempt to reintroduce the Zimbabwe dollar. Murapata raises concerns about multiple currencies in circulation and the potential conversion of local Nostro to ZiG, making it another form of Zimbabwean currency. He said:
<blockquote>
The Gold Backed Digital token will now evolve from being an investment vehicle to being a currency. This will be called ZiG. It is being touted as an alternative for USD. Never mind the efficacy of how this currency will work. But, does it not bother the authorities that Zimbabwe will have another currency on top of the four currencies will already have. Namely. RTGS, Nostro, Bond notes, USD. This will mean five competing currencies with five different exchange rates. Why would a retailer accept ZiG, whose price is determined by the variability of the Auction rate? Well, they will be forced to. The second worry is that local Nostro is a direct substitute of ZiG. Meaning the authorities could easily convert all local nostro to ZiG. On the ostensible claim of facilitating transactions. The post-election period will be very interesting as ZWL is now effectively less than 20% of money supply. Meaning probably 10% of transactions. ZiG will be another attempt at the new ZWL currency. Buyer beware.
</blockquote>
If the RBZ is successful, Zimbabweans will be able to purchase groceries using gold coins and gold-backed digital tokens. To prepare for Phase II, which is the transactional phase of the Gold-Backed Digital Tokens (GBDT), the RBZ plans to conduct an awareness campaign in all national provinces. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

RBZ Preparing To Introduce Gold-backed Digital Tokens As A Medium Of Exchange

On Wednesday, August 9, 2023, the Governor of the Reserve Bank of Zimbabwe, Dr. John Mangudya, released the Mid-Term Monetary Policy Statement. He highlighted that the implemented policy measures have set the country on a path towards macroeconomic stability. The focus will be on maintaining the current tight monetary policy stance to ensure price stability and achieve the benefits of monetary and fiscal consolidation. Regarding global economic developments, a slowdown in global GDP growth is expected due to reduced growth in advanced economies. This has led to a decrease in global commodity prices. These global factors have had spillover effects on the domestic economy through trade, imported inflation, and financial linkages, Mangudya said.

<ul style="list-style-type: circle;">
<li>Download: <a href="https://news.pindula.co.zw/wp-content/uploads/2023/08/Mid-Term_Monetary_Policy_Statement_2023.pdf">Mid-Term_Monetary_Policy_Statement_2023</a></li>
</ul>
However, despite the volatility in the exchange rate during the second quarter of 2023, the domestic economic prospects remain robust, Mangudya added. Economic growth is projected at 5.3% for 2023. Mangudya said the measures implemented by the Government and the Bank have stabilized the exchange rate and domestic consumer prices. Inflation, which rose sharply in June 2023, has reversed considerably and is expected to decline further as the policy measures take full effect.
He notes that the Reserve Bank of Zimbabwe will maintain the current monetary policy stance, utilizing open market operations and interest rates to stabilize the exchange rate and inflation expectations. The strong macroeconomic fundamentals and commitment to monetary and fiscal consolidation will sustain stability in domestic consumer prices and the exchange rate.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Mangudya Emphasises Macroeconomic Stability In Mid-Term Monetary Policy Statement

The Reserve Bank of Malawi has announced an upward adjustment of the policy rate by two percentage points, from 22 percent to 24 percent. This is the second adjustment by the Monetary Policy Committee (MPC) within four months.
The adjustment was made due to intensifying price pressures and projected high inflation. In a statement released on July 27, 2023, signed by RBM Governor who is also MPC chairperson Dr. Wilson Banda, the Third Monetary Policy Committee Meeting revised upwards the policy rate to contain demand and reduce inflation towards the medium-term target.
The decision is likely to impact the Malawian economy by making borrowing difficult, potentially slowing economic growth, and dampening demand. The Centre for Social Concern (CfSC) has expressed concern that businesses, which rely on credit to finance their operations, may find it more difficult to obtain loans, leading to slower economic growth and increased default rates, while consumers may struggle to borrow money, affecting demand for goods and services. CfSC Programs Manager, Bernard Mphepo said:
<blockquote>
Consumers may also find it more difficult to borrow money which could dampen demand for goods and services. This will have ripple effects on the lives of people.
</blockquote>
Commercial banks may also implement reciprocal adjustments to the price of loans.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Malawi's Reserve Bank Raises Policy Rate For The 2nd Time In Four Months

<section class="mt-6 leading-9 font-sans text-[1.2rem] border-b-2 border-gray-400 pb-2" id="article">
The Zimbabwean dollar, for a third consecutive week, depreciated against the United States dollar (USD) at the Reserve Bank of Zimbabwe’s (RBZ) wholesale foreign exchange auction held on August 8, 2023. According to the RBZ, the USD was sold at a rate of ZW$4,559.7414, compared to ZW$4,542.3710 on August 1, 2023. Notably, on July 25, the USD had been sold at a rate of ZW$4,505.4232. These figures indicate a consistent weakening of the Zimbabwean dollar against the USD in recent weeks. The majority of the foreign currency was used to purchase raw materials, followed by machinery and equipment.
The Zimbabwean dollar has been steadily strengthening against the USD in recent weeks, but the latest results indicate a shift in the trend. The strengthening of the Zimbabwean dollar has been attributed to the government’s implementation of various measures to stabilize the economy and the local currency.
One such measure includes the restriction of foreign currency in local transactions, with the Zimbabwean dollar being the sole legal tender for some domestic transactions such as taxes. This has resulted in a reduction of the money supply in the market, although some analysts have accused authorities of hoarding the Zimbabwean dollar to create an artificial shortage.
<div class="in_article">
<div>
Despite the recent stability of the Zimbabwean dollar, it remains to be seen if it is sustainable. Zimbabwe has attempted to reintroduce its local currency in the past with little success, with analysts citing a lack of public confidence, particularly following the hyperinflation experienced in 2008 and subsequent loss of money due to policy changes.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>
</div>
</div>
</section>

Zimbabwean Dollar Depreciates Against USD At RBZ Auction For 3rd Consecutive Week

Zimbabwe has made quarterly token payments exceeding US$100 million to external creditors. The Arrears Clearance Debt Relief and Restructuring Strategy, involving creditors, development partners, and stakeholders, is being led by Dr. Akinwumi Adesina, the President of the African Development Bank, and His Excellency Joachim Chissano, former President of Mozambique.
Zimbabwe has made substantial token payments to various institutions, including over US$60 million to the World Bank, US$36 million to the African Development Bank, over US$5 million to the European Investment Bank, and US$9.6 million to the 16 Paris Club bilateral creditors. Economists view these payments as a demonstration of the government’s commitment to the engagement and re-engagement process, facilitating a reduction in the country’s high country risk.
Commenting on the situation, Development Economist Prosper Chitambara stated that the payments showcase Zimbabwe’s determination to clear arrears and engage with creditors and the international community. ZBC cites him as saying:
<blockquote>
It is a demonstration of Zimbabwe’s commitment to clear arrears, it’s also obviously an important of our reengagement with creditors and the international community, it also helps to reduce the high country risk that has been associated with Zimbabwe.
</blockquote>
Professor Albert Makochekanwa, Director of the Business School at the University of Zimbabwe, emphasised that while the arrears clearance task is formidable, the government’s commitment to making payments sends positive signals about its intentions and fosters a favourable relationship with external financiers. Makochekanwa said:
<blockquote>
The agenda is towards ensuring that the debts are cleared while it may be a mammoth task the fact that there is commitment to pay further sends positive signals about the Government intentions and how they can related with the external financiers and find each other.
</blockquote>
Since the establishment of the Structured Dialogue Platform, five meetings have taken place, including a High-Level Debt Resolution Forum. These gatherings serve as forums for Zimbabwe to implement necessary reforms and engage with relevant parties to address the significant debt overhang effectively.
Zimbabwe currently faces a significant debt burden, with debts and arrears amounting to nearly $8.3 billion. These financial obligations are owed to both financial institutions and individuals. The debt is inclusive of approximately $3.5 billion to farmers who were displaced during the land reform program.
In 2018, Zimbabwe intensified its efforts to address the debt situation when Professor Mthuli Ncube assumed the position of Finance Minister. The country cleared its debts and arrears with the International Monetary Fund (IMF) to establish new credit line facilities. However, the IMF stated that Zimbabwe remained ineligible for financial assistance as it had outstanding obligations to various other financial institutions.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Pays US$100 Million To External Creditors

The Reserve Bank of Zimbabwe (RBZ) has released the Mosi-Oa-Tunya gold coin price and gold-backed digital token price per milligram (MG) as of 07 August 2023. In a statement seen by Pindula News, RBZ said the prices are determined by the previous day’s gold PM fix and were announced by the central bank. Were present the Mosi-Oa-Tunya gold prices below:
<ul>
<li>
<h4>USD:</h4>
<ul>
<li>1.00 Oz: 2,039.57</li>
<li>0.50 Oz: 1,019.79</li>
<li>0.25 Oz: 509.89</li>
<li>0.10 Oz: 203.96</li>
</ul>
</li>
<li>
<h4>ZAR:</h4>
<ul>
<li>1.00 Oz: 37,731.68</li>
<li>0.50 Oz: 18,865.84</li>
<li>0.25 Oz: 9,432.92</li>
<li>0.10 Oz: 3,773.17</li>
</ul>
</li>
<li>
<h4>BWP:</h4>
<ul>
<li>1.00 Oz: 27,340.11</li>
<li>0.50 Oz: 13,670.06</li>
<li>0.25 Oz: 6,835.03</li>
<li>0.10 Oz: 2,734.01</li>
</ul>
</li>
<li>
<h4>AUD:</h4>
<ul>
<li>1.00 Oz: 3,104.37</li>
<li>0.50 Oz: 1,552.19</li>
<li>0.25 Oz: 776.09</li>
<li>0.10 Oz: 310.44</li>
</ul>
</li>
<li>
<h4>GBP:</h4>
<ul>
<li>1.00 Oz: 1,602.30</li>
<li>0.50 Oz: 801.15</li>
<li>0.25 Oz: 400.58</li>
<li>0.10 Oz: 160.23</li>
</ul>
</li>
<li>
<h4>EUR:</h4>
<ul>
<li>1.00 Oz: 1,855.68</li>
<li>0.50 Oz: 927.84</li>
<li>0.25 Oz: 463.92</li>
<li>0.10 Oz: 185.57</li>
</ul>
</li>
<li>
<h4>ZWD:</h4>
<ul>
<li>1.00 Oz: 10,213,934.15</li>
<li>0.50 Oz: 5,106,967.07</li>
<li>0.25 Oz: 2,553,483.54</li>
<li>0.10 Oz: 1,021,393.41</li>
</ul>
</li>
</ul>
<h4>Gold-backed digital token prices per milligram.</h4>
<ul>
<li>
USD: 0.0656
</li>
</ul>
<ul>
<li>
ZWD: 328.39
</li>
</ul>
<h3>More Pindula News</h3>

RBZ Released Gold Prices In USD, ZAR, BWP, AUD, GBP, EUR, ZWD: 07 Aug 2023

Patrice Motsepe, the founder of African Rainbow Minerals (ARM) and Africa’s first Black billionaire, experienced a significant drop of $200 million in net worth in the first week of August, reversing the gains he had made in July. Forbes, the renowned business magazine, reported that Motsepe’s net worth declined from $2.6 billion on August 1 to $2.4 billion on August 6.
The recent decrease in Motsepe’s wealth followed an impressive $200 million increase between July 12 and 26, during which his net worth reached a record high of $2.6 billion. However, the market value of his 39.7% stake in ARM, a groundbreaking Black-owned mining company with extensive assets in various metals, experienced a downturn, leading to a decline in his net worth.
ARM, based in Johannesburg, has faced challenges as its share price dropped by 5.6%, resulting in a loss of more than $1.1 billion in market value since the beginning of the year. The decline in market capitalization reflects the challenging market conditions for ARM and other mining companies on the Johannesburg Stock Exchange.
Motsepe’s current net worth stands at $2.4 billion, highlighting the volatility of the global market, particularly in the mining sector. Analysts are closely observing market developments and their potential impact on the fortunes of influential individuals like Motsepe.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Motsepe's Net Worth Drop By $200 Million

<a href="https://www.pindula.co.zw/Simbarashe_Nyamadzawo/">Simbarashe Nyamadzawo</a>, CEO of Gumiguru and a Zimbabwean motivational speaker, has shared insights on starting a business on a shoestring budget. Nyamadzawo, also the founder of Infinite Inspiration Group (IIG), a Harare-based Leadership &amp; Motivation Company, offers five tips for aspiring entrepreneurs facing financial constraints. He said:
<blockquote>
<h3>HOW TO START A BUSINESS ON A SHOESTRING BUDGET. </h3>
In the past 5 years, I have registered hundreds of companies for entrepreneurs across different industries; mining, agriculture, ICT, energy, retail, logistics, financial services, commodity broking just to name a few. Now and again I meet people who are delaying registering their companies because of financial constraints. I want to share with you 5 simple but profound tips which you can use to start your business on a limited budget. 
1 Register a PBC instead of a Private Limited company. PBC stands for Private Business Corporation. It is ideal for sole traders and entrepreneurs who are on a limited budget. It is cheaper to register than a Private Limited Company. With a PBC you can get a certificate of incorporation, open a bank account and even register with ZIMRA and get a tax clearance certificate. The beauty of a PBC is even if you are a one-person business you can register it. If need be you can always upgrade to a private limited and maintain the same name. Our team at Gumiguru can help you register your PBC. Get in touch with us on +263781670750 and we will assist you. 
2. Use hubs if you cannot afford office rent. Hub is a place where people with the same work interests or interlinked interests different come together, connect, collaborate, and grow together. Examples of such hubs in Zimbabwe are Ignite Hub powered by BancABC, B2C at Batanai Gardens, Eight2Five, Impact Hub, Stanbic Bank. Hubs provide you with working space and wifi at a fraction of office rentals. They are worth considering especially if you are a freelance. 
3. Use social media to promote your business. Most Zimbabweans have a social media account. Take advantage of that and promote your business with pride. Do not be ashamed. One of my colleagues George Munengwa the CEO of ProAirZw is relentless in promoting his business. He is the number one fan of his business. You can learn one or two from him. 
4. Network. Network. Network. Your network has an effect on your net worth. Your contacts determine the kind of contracts you get. I encourage every young entrepreneur to join a civic organization like Toastmasters, JCI, or Rotary. These are good organisations for networking, personal growth, and making a positive impact in your community. By the way, I am the Area Director of Toastmasters. If you want to join our club or find out more information, do not hesitate to reach out to me on my Whatsapp at +263772571342 
5. If you are in services, do service exchanges. This is about the barter trade. Find out who has what you need and work out a barter trade agreement, It is a win-win situation. Scratch my back as I scratch yours. 
</blockquote>
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How To Start A Business On A Shoestring Budget: Simbarashe Nyamadzawo

The Zimbabwe Energy Regulatory Authority (ZERA) has announced a further reduction in the price of Liquified Petroleum Gas (LPG) for the month of August.
According to a statement obtained by Pindula News, the regulatory body stated that the LPG prices for August 2023 were determined in accordance with the Petroleum (Liquid Petroleum Gas Pricing) Regulations 90 of 2021, as outlined below:
<ul style="list-style-type: circle;">
<li>US$ price/kg: 1.49</li>
<li>ZWL price/kg: 6761.80</li>
</ul>
This represents a decrease from the previously announced rates of US$1.57/kg or ZW$8474.04 on the 7th of July, 2023.
ZERA advised operators to display the prices of Liquified Petroleum Gas (LPG) at their retail outlets using clear and legible letters. The authority added that it is permissible to sell LPG at prices lower than the prescribed rates, subject to one’s trading advantages.
ZERA also urged stakeholders to verify petroleum price releases from ZERA through the official ZERA website, Facebook page, or Twitter handle.
Over the past five years, there has been a notable rise in the use of gas for domestic purposes in Zimbabwe. This increase in Liquified Petroleum Gas (LPG) usage can be attributed to the prevalence of load shedding, which has become a regular occurrence in the daily lives of Zimbabweans. As a result of unpredictable power outages, many households, particularly in urban areas, have turned to LPG as a reliable alternative for cooking and heating.
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ZERA Further Reduces LP Gas Price

The net worth of <a href="https://www.pindula.co.zw/Strive_Masiyiwa/">Strive Masiyiwa</a>, Zimbabwe’s richest man, has grown by $600 million since the beginning of 2023 at a time when some African billionaires have experienced significant declines in their fortunes this year.
According to Forbes, Masiyiwa’s net worth has surged by $600 million, largely due to the impressive performance of his diversified investment portfolio spanning various industries, such as telecommunications and technology. At the start of the year, his fortune was valued at $1.2 billion, but due to the strong performance of his broad assets, managed through his technology group, Econet Global, his net worth has now soared to $1.8 billion.
This recent increase has solidified Masiyiwa’s position as one of Africa’s richest businessmen and one of the world’s Black Billionaires, alongside prominent figures such as Jay-Z, Oprah Winfrey, Robert F. Smith, Patrice Motsepe, and Abdul Samad Rabiu.
The surge in Masiyiwa’s net worth can be attributed in large part to the outstanding growth of his publicly traded businesses on the Zimbabwe Stock Exchange, particularly Econet Zimbabwe and EcoCash Holdings. He holds a majority 52.85 percent stake in Econet Zimbabwe, the country’s largest telecom services provider, and another 30 percent stake in EcoCash Holdings, a diversified intelligent technology company focused on digital and financial solutions.
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Strive Masiyiwa's Net Worth Up $600M While Other African Billionaires Decline

The Zimbabwean dollar slightly depreciated against the United States dollar (USD) at the Reserve Bank of Zimbabwe (RBZ) wholesale foreign exchange auction held on August 1, 2023. According to the RBZ, the USD was sold at ZW$4,542.3710, compared to ZW$4,505.4232 on July 25. The majority of the foreign currency was used to purchase raw materials, followed by machinery and equipment.
The Zimbabwean dollar has been steadily strengthening against the USD in recent weeks, but the latest results indicate a shift in the trend. The strengthening of the Zimbabwean dollar has been attributed to the government’s implementation of various measures to stabilize the economy and the local currency.
One such measure includes the restriction of foreign currency in local transactions, with the Zimbabwean dollar being the sole legal tender for some domestic transactions such as taxes. This has resulted in a reduction of the money supply in the market, although some analysts have accused authorities of hoarding the Zimbabwean dollar to create an artificial shortage.
Despite the recent stability of the Zimbabwean dollar, it remains to be seen if it is sustainable. Zimbabwe has attempted to reintroduce its local currency in the past with little success, with analysts citing a lack of public confidence, particularly following the hyperinflation experienced in 2008 and subsequent loss of money due to policy changes.
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Zimbabwean Dollar Drops Slightly Against USD At RBZ Auction

Ecocash has opened a new remittance centre at Joina City, located at the centre of Harare, Zimbabwe, which allows customers to receive money from both local and international sources.
The company said the remittance centre provides an integrated platform for all remittance-related services, including the EcoCash Cash-In and Cash-out services.
Ecocash said the centre aims to streamline the money transfer process, facilitating quick and secure transactions and ensuring a seamless customer experience.
The remittance centre is open for longer hours, including on Saturdays and half-day Sundays, to offer additional convenience to customers. The latest development comes after the recent reduction of the Intermediated Money Transfer Tax (IMTT) from 2% to 1% by the government, which has been widely applauded by the market and has resulted in an increase in the usage of mobile money services in the country.
Ecocash has been operating on low key since July 2020 when the Reserve Bank of Zimbabwe (RBZ) blocked EcoCash agents from conducting cash-in and cash-out transactions, citing concerns over illicit foreign currency dealings. The move was aimed at curbing the activities of illegal foreign currency dealers who were using EcoCash agents to exchange cash for foreign currency at exorbitant rates, causing distortions in the foreign exchange market.
The RBZ also accused EcoCash of failing to implement adequate Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, which it claimed had facilitated illegal activities. The move caused significant disruptions to the operations of EcoCash agents, who had to suspend cash-in and cash-out services, leading to an outcry from customers who relied on the service for their daily transactions. The RBZ later reversed the decision, allowing EcoCash agents to resume cash-in and cash-out transactions, subject to new regulations aimed at curbing illegal activities.
Ecocash has implemented a new licensing system for its agents, which involves thorough vetting to ensure compliance with regulations and the mitigation of risks associated with illicit activities. According to an Ecocash officer who spoke to Pindula News, the new licensing system requires agents to provide proof that they have installed CCTV and panic buttons, among other requirements. The new guidelines are aimed at ensuring that only businesses that meet the required standards are licensed to offer EcoCash services, thus reducing the risk of illicit activities such as money laundering and illegal foreign currency trading. As a result, only big retailers or businesses that can meet the stringent requirements have been able to obtain the licenses. 
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Ecocash Has Opened A New Remittance Centre In Harare

Kuvimba Mining House (KMH) plans to invest US$250 million into the construction of a beneficiation plant at its lithium mine operation, Sandawana Mines.
KMH is 65% owned by the government. It took over Sandawana Mines in 2019 and has so far invested US$56 million.
Sandawana Mines general manager Godwin Gambiza told <a href="https://newsday.co.zw/thestandard/business/article/200014650/kuvimba-to-sink-us250m-into-beneficiation-plant">The Standard</a> in an interview last week during a media tour of the mine that KMH has commenced feasibility studies for a 4.5 million-tonne per annum beneficiation plant. Said Gambiza:
<blockquote>
The beneficiation plant, it has got two phases. Phase one of it is the dense medium separation. We have budgeted about US$50 million for that.
Phase two of the beneficiation plant is the floatation plant itself.
For that one we’ve budgeted US$200 million. So, altogether that gives you US$250 million for a combined beneficiation plant.
The work has already commenced in terms of the feasibility studies.
Some metallurgical tests are being conducted on our material so that we can establish the stability of our own.
But looking at the timelines themselves, we are saying in 12 to 18 months we should have completed everything, including the commissioning of the plants.
</blockquote>
KMH Group chief executive officer Simba Chinyemba said that they are currently evaluating joint venture potential with some of the world’s largest companies in the lithium battery technology space.
Sandawana Mine is situated in the Mberengwa District and is rich in vast mineral resources that include tantalite, mica, emeralds, copper and gold.
The mining lease and claim holdings cover a 21-kilometre-long strip along the Mweza Mountain Range.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Kuvimba Plans To Invest US$250 Million Into A Beneficiation Plant

The Reserve Bank of Zimbabwe (RBZ) of Zimbabwe has said the gold-backed digital tokens will start operating as a medium of exchange for domestic transactions at the end of next month.
The gold-backed digital tokens are Zimbabwe’s own commodity-backed version of Central Bank digital currency (CBDC).
<a href="https://www.businessweekly.co.zw/rbz-digital-gold-token-transacting-in-a-month/">Business Weekly</a> reported RBZ governor, John Mangudya, as saying the gold-backed digital tokens were an investment product and will also be used for transaction purposes.
They will be in units of milligrammes.
A gramme of gold, which has a current average international spot price of US$63, is equivalent to 1 000 milligrammes.
Mangudya said is the RBZ working with banks and formal retailers, among other stakeholders, in the integration of systems to be used for transacting using the gold-backed digital tokens. He said:
<blockquote>
The next stage now is to open bank accounts for those who have already purchased these tokens.
</blockquote>
Mangudya said the holders of the digital token will get swipe cards from banks, which they can use to transact with any registered trader like supermarkets. He said:
<blockquote>
They are going to complement the existing currency framework whereby, itself not being a (traditional) currency, but you can transact using that gold token and can keep it as a store of value…
We are saying our CBDC, our central bank digital currency, is going to be on the basis of our gold.
In other words, our CBDC is backed by gold. It means we cannot just have more tokens other than the equivalent of gold we are holding in store.
If you look at cryptocurrency products; they are not currencies but an investment. So, this (gold-backed digital token) is an investment.
But (by comparison) cryptocurrencies, in most cases, are not backed by anything.
That is why they are not in the sphere of central banking; they (cryptocurrencies) are not regulated by central banks.
Whereas for our gold, it is we (the central bank) who keep it. So, what we are saying is that we need a cryptocurrency of some nature called CBDC, which is backed by reserves.
The reserves are either gold or foreign currency.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Use Of RBZ Digital Gold Tokens For Transactions Set To Start In A Month

President Emmerson Mnangagwa has hinted the Reserve Bank of Zimbabwe (RBZ) – controlled foreign exchange auction floor system could be done away with, saying it has served its purpose.
Mnangagwa told Brick by Brick magazine that the forex auction system was adopted to deal with a particular challenge that he said has almost been resolved. He said, as quoted by <a href="https://businesstimes.co.zw/govt-to-abandon-forex-auction-system/">Business Times</a>:
<blockquote>
As we go forward, we should reach a stage where we may not need it (Dutch forex auction system) because it’s not necessary.
It has been put there to deal with a particular challenge and I think that challenge is going away. We may reach a stage very soon where we may not need it.
</blockquote>
This comes after industry put pressure on the central bank governor, John Mangudya, to consider scrapping the “inefficient” foreign currency auction system or overhauling it.
Companies have been struggling to access foreign currency allotted to them through the foreign currency auction system, and going for several months before getting the allotted funds.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mnangagwa Hints At Scrapping RBZ's Forex Auction System

The Reserve Bank of Zimbabwe has reported that one United States Dollar (USD) was sold at ZW$4,517.1359 at the wholesale foreign currency auction held on 27 July 2023 in Harare.
The central bank also reported that it accepted bids worth USD 14,226,060.00 which was allotted. 
In recent weeks, the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollar</a> has been strengthening against the <a class="MarkdownLink_linkifiedLink__KxC9G">United States</a> dollar (USD) after months of a downward trend.
To stabilize the macroeconomy and the local currency, the government introduced a range of measures. These measures include levying taxes in <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollars which created demand for the local currency</a>.
The government also made it mandatory for all government agencies, including parastatals, to collect their fees in local currency. Additionally, the Finance Minister directed non-exporters to pay their bills to the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwe Electricity Supply Authority</a> (ZESA) in local currency. Furthermore, all <a class="MarkdownLink_linkifiedLink__KxC9G">customs duties</a> are now payable in local currency, except for designated or luxury goods, and in cases where the importer chooses to pay in foreign currency.
By requiring fees and bills to be paid in local currency, the government aims to increase demand for the <a class="MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollar</a>, which could help to stabilise its value. This move also reduces the demand for foreign currency, which is essential for importing goods that are not available locally. 
T<a class="MarkdownLink_linkifiedLink__KxC9G">he government </a>hopes that these measures will help to stabilise the economy and improve the value of the Zimbabwean dollar. While the Zimbabwean dollar recently strengthened, it remains to be seen how it will perform in the long term.
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Zimbabwe Sells USD At ZW$4.5K At RBZ Forex Auction

The Treasury lost approximately $1.6 trillion last year, which is a 312% increase compared to the prior year, due to tax expenditures consisting of uncollected tax resulting from exemptions and incentives to corporates.
According to Zimbabwe Revenue Authority’s (Zimra) annual report for 2022, the potential revenue lost in 2022 was from exempt supplies, zero-rated supplies, rebates, suspensions, and trade agreements. The government has been offering tax incentives to foreign companies to attract investment, a move described by civil society organisations as harmful and unfair. For instance, the government exempted Chinese telecommunications giant Huawei Technologies from paying income tax dating back 11 years to December 2009. Great Dyke Investments, which is developing a platinum mining project in Darwendale, Mashonaland West Province, was granted a five-year tax exemption by the government.
The report notes that in 2022, annual net revenue collected increased in nominal terms from $463.57 billion collected in 2021 to $1.992 trillion in 2022. However, corporate income tax collections were 5.09% below target and contributed 15% to total revenue down from 20.42% in 2021. Read the report:
<blockquote>
The revenue head failed to meet its target despite the authority intensifying various revenue enhancing activities such as sector-based audits and door-to-door visits to harness revenue from various sectors.
</blockquote>
The report noted that despite the authority intensifying various revenue-enhancing activities such as sector-based audits, collections from the corporate income tax failed to meet its target. It also indicates that:
<blockquote>
a). Value Added Tax (VAT) exceeded the target by 28.37%, contributing 25% to annual revenue, 
b). Customs duty contributed 8% to total revenue, an increase from 7% in 2021. 
c). Excise duty exceeded the target by 39.34%, with fuel imports contributing 72.48% of the revenue under the tax head. 
d). Mining royalties surpassed the target by 1.15%, accounting for 3% of total revenue. 
e). The intermediated money transfer tax (IMTT) surpassed the target by 25.64%, with collections down from 9.64% in 2021. 
f). Other taxes contributed 6% to total revenue, surpassing the target by 10.49%.
</blockquote>
Zimbabwe requires all available funds to construct critical infrastructure such as roads, dams, schools, hospitals, and water and sewage reticulation systems. Such projects would significantly enhance the delivery of essential social services to the populace. The country has been grappling with a shortage of funds for infrastructure development, which has resulted in poor service delivery and a dilapidated infrastructure network. 
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Treasury Lost $1.6tn Due To Tax Exemptions And Incentives Last Year

Hwange Thermal Power Station’s Unit 7 began running on a commercial basis on 27 July 2023 after a successful reliability run following its synchronisation. The unit is now feeding 300MW into the national grid, according to Power China Zimbabwe. Said the company:
<blockquote>
Unit #7 of the Hwange Power Station Expansion Project obtained the COD (Commercial Operation Date) certificate, which certifies that unit #7 was officially put into commercial operation at 0:00 on July 27.
</blockquote>
Unit 7 is part of the Hwange Thermal Power Station expansion project which costs $1.4 billion. The project includes Unit 8 whose synchronisation was postponed due to technical challenges. Last week, Energy and Power Development Minister Soda Zhemu said Units 7 and 8 were expected to feed 600MW into the national grid before the end of the month.
Zimbabwe has experienced reduced load shedding in some parts of the country lately after months of power disruption. Improved power generation has seen the country’s total output surpass 1,000MW from as low as 300MW in February this year. The Kariba Hydro Power Station, which almost shut down due to low water levels last year, now produces around 500MW.
Zimbabwe has been grappling with power shortages and load shedding for years, affecting businesses and households throughout the country.
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Hwange Thermal Power Station's Unit 7 Now Running Commercially: Authorities

Stanbic Bank Zimbabwe has facilitated life-changing surgical operations for 15 children living with correctible disabilities through a US$22 500 grant as part of its commitment to offer affordable quality health care to Zimbabweans.
The grant was given to Cure Children’s Hospital of Zimbabwe (CCHOZ), which is the only healthcare organisation that offers free paediatric surgical interventions for children between the ages of 0-18 with treatable disabilities.
CURE Zimbabwe is a Christian non-profit making organisation that opened its doors in 2021 and, so far, has been a place of hope and healing for over 1700 children living with treatable disabilities.
It operates a global network of children’s hospitals pairing world-class surgical and spiritual care to serve children with treatable disabilities and their families regardless of their economic status, ethnicity, religious background, or gender.
CURE Zimbabwe engages partners such as Stanbic Bank to fund surgical operations for treatable disabilities such as bowed legs, knock knees, clubfoot, brittle bones, windswept, neglected trauma, and burn contractures.
The 15 children who underwent the surgeries last week include boys and girls who had lost all hope of ever healing or recovering from their conditions.
One of the children had been wheelchair-bound since birth and suffering from crouch gait – an abnormal walking condition characterised by the upward bending of the ankles (ankle dorsiflexion); bent knees (knee flexion), and bent hips (hip flexion) – is now on his way to full recovery and walking properly after Stanbic bank’s intervention.
Stanbic Bank Chief Executive (CE), Solomon Nyanhongo, speaking at the official signing ceremony, said the financial services institution derived deep satisfaction from changing the fortunes of the 15 children whose lives would normally have been problematic due to the nurture of their disabilities.
Speaking shortly after visiting the 15 children who were recovering at CURE Zimbabwe Hospital wards, Nyanhongo said the surgical and spiritual care offered by CURE Zimbabwe resonated with Stanbic Bank’s quest to not only drive Africa and, in particular, Zimbabwe’s growth but make a difference within the communities in which it operates. He said:
<blockquote>
Our tour of the wards has been an eye-opener for the Stanbic Bank staff. This life-changing and transformational work CURE Zimbabwe is doing is astonishing.
To see someone come in literally unable to do anything and leave full of life and hope through surgical operations gives us satisfaction that we are indeed contributing to the welfare of the members of the community in which we operate.
</blockquote>
He said such transformation for the beneficiaries was a source of inspiration for the Standard Bank Group subsidiary, whose well-thought-out Corporate Social Investment (CSI) initiatives included propping up health care delivery, provision of education, water, sanitation, and looking after the environment.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Stanbic Bank Helps 15 Children With Disabilities Undergo Life-changing Surgery

The local unit today gained $32.0677 against the United States dollar to average $4 505.4232 at the Reserve Bank of Zimbabwe wholesale foreign currency auction.
This Tuesday, 25 July 2023, 16 bids were received, and all 16 bids were accepted. However, only 6 bids were allotted.
The total value of bids accepted was US$14,471.600.00 and US$7,900,600.00 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,580.0000 while the lowest bid rate was ZWL$4,480.0000.
Below are the rates from the last six auctions:
<ul>
<li>25 July: $4 505.4232</li>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F14EGPHXgAAvWxF?format=jpg&amp;name=4096x4096"/>
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Zimbabwe Dollar Official Rate Now $4 505 Per US$1

Zimbabwe’s annual inflation slowed to 101.3% in July 2023 from 175.8% in June 2023, the latest data from the Zimbabwe National Statistics Agency (ZIMSTAT) shows.
ZIMSTAT also said the month-on-month inflation for July was 89.8 percentage points lower to close in negative territory, -15.3% from 74.5% recorded in June.
ZIMSTAT measures inflation using a weighted average of items priced in Zimbabwean dollars and United States dollars.
In May 2023, ZIMSTAT said the country’s month-on-month inflation rose to 15.7% after gaining 13.3 percentage points on the April 2023 rate of 2.4%.
The year-on-year inflation rose to 86.5% in May from 75.6% in April, said ZIMSTAT.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's Monthly Inflation Drops To  Minus 15 Percent - ZIMSTAT

Tongaat Hulett, the South African sugar producer, is planning to sell its sugar estates, including those in Zimbabwe, to Kagera Sugar, one of East Africa’s biggest sugar producers. This is part of Tongaat Hulett’s effort to rescue the company after struggling since 2019 due to corporate scandals and debt.
Tongaat said in a notice on the Johannesburg Stock Exchange yesterday:
<blockquote>
The proposed transaction will comprise the acquisition of the complete sugar division of Tongaat Hulett Limited in South Africa and the investments in Zimbabwe, Mozambique and Botswana.
</blockquote>
Tongaat runs Hippo Valley and Triangle sugar estates in Zimbabwe, which provide most of the group’s sugar output. In January last year, Tongaat shareholders approved an offer by Zimbabwean businessman Hamish Rudland to rescue the company, but it fell through. Said the administrators:
<blockquote>
We started the process with a list of more than 70 interested parties, which was narrowed down to eight that focused on acquiring the combined Tongaat Sugar Assets. After a rigorous process, we identified Kagera Sugar as the preferred candidate.
</blockquote>
The administrators believe that Kagera’s access to sugar refineries in Oman and Bahrain will provide modern technologies and expertise to improve efficiencies at Tongaat operations. The sale is subject to the approval of Tongaat creditors in September and may be subject to regulatory approvals in Zimbabwe.
Kagera Sugar’s Managing Director, Nassor Seif, stated that the company is committed to investing significantly in modernizing and expanding the sugar estates acquired from Tongaat Hulett. Kagera Sugar is backed by Norfund, a Norwegian development finance fund that invested in the company in 2020.
The sale is subject to the approval of Tongaat Hulett’s creditors in September and may also require regulatory approvals in Zimbabwe. Tongaat’s Hippo Valley produces over half of Zimbabwe’s sugar requirements, and the company has been expanding output by increasing land under cane and partnering with private farmers. The company’s sugar milling license has been extended for 20 years, while tenure is being secured on its two main estates.
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Tongaat Hulett To Sell Zimbabwe Sugar Estates To Kagera Sugar In Tanzania

The Reserve Bank of Zimbabwe owes more than $4 billion to banks and companies, including commodities giant Trafigura Group and South African Airways, for fuel, corn, and other goods and services.
Private credit has saved Zimbabwe’s economy from total collapse, according to John Mangudya, the central bank’s governor. He told Bloomberg:
<blockquote>
The creditors were supplying Zimbabwe in good faith, supplying things like fuel in advance, which was consumed by Zimbabweans. It’s only right that the country repays.
</blockquote>
Trafigura is Zimbabwe’s second-largest private creditor, owed $66 million, behind Holbud, which is owed $85 million. SAA is owed $61 million for airline services. Mangudya expects the recent appreciation of the Zimbabwean dollar against the greenback to continue, which should alleviate pricing pressures.
John Mangudya expects the recent appreciation of the Zimbabwean dollar against the US dollar to continue, which he believes will alleviate pricing pressures. He also expects to see negative month-on-month inflation in July.
The central bank’s quasi-fiscal activities have been criticised by the International Monetary Fund, which has urged authorities to end them. Zimbabwe cannot access credit from international financial institutions as it is already $17 billion in arrears. Zimbabwe’s Treasury plans to seek lawmaker approval to assume the central bank’s external obligations.
Former Finance Minister Tendai Biti is also on record criticising the central government for off-budget spending such as subsidies, loan guarantees, and tax exemptions, as well as the accumulation of off-budget debts or other financial obligations and sidelining of Parliament in key economic policy decisions. Biti argues that laws affecting the economy have mostly been made through Statutory Instruments and the Presidential Powers (Temporary Measures) Act, bypassing the role of Parliament. He argues that Parliament should take back its powers to act on policies that affect the economy to prevent negative consequences for millions of people, particularly pensioners. 
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Reserve Bank Of Zimbabwe Owes Over $4bn For Goods And Services

Choppies, a retailer in Zimbabwe, was evicted from Adullah’s building along Main Street in Gweru Central Business District (CBD) this Friday. A video circulating on social media shows that all commodities were thrown out of the building.
Employers who spoke on condition of anonymity claimed that the commodities were thrown out by the messenger of court who then locked the doors. The cause of the incident appears to be linked to the sale of the building by its Indian owner. Choppies was allegedly given ample time to relocate, but refused to do so, citing a lease agreement expiring in 2025 with the previous owner. This resulted in the new owner throwing them out after they failed to meet the deadline. One till operator, who declined to be named for fear of victimisation, confirmed the details of the incident.
Some reports suggest that the retailer failed or neglected to pay rentals. Watch the video below for more.
<div class="wp-video" style="width: 640px;">
<video class="wp-video-shortcode" controls="controls" height="360" id="video-260964-1" preload="metadata" width="640"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2023/07/Choppies-Gweru.mp4?_=1" type="video/mp4"/><a href="https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-Gweru.mp4">https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-Gweru.mp4</a></video></div>
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WATCH: Choppies Zimbabwe Evicted From Adullah’s Building In Gweru

The Zimbabwe Iron and Steel Company (Ziscosteel) has announced that it is working to help its former employees receive their pension pay-outs, but that the responsibility now lies with the government. This follows the investment of US$1.3 billion over three years by Kuvimba Mining House (KMH), which is working to revive the mothballed Redcliff-based steelworks. KMH, which has extensive mining interests in gold, nickel, chrome, and platinum and is backed by both private and state shareholding, has been revitalizing closed gold mines and won the tender to revive Ziscosteel ahead of six other bidders.
Ziscosteel’s former employees were left empty-handed over a decade ago when the giant steelworks collapsed in 2008. In an interview with NewZimbabwe.com, Ziscosteel CEO Farai Karonga stated that the issue of pay-outs is “basically not a ZISCO issue anymore.” He explained that the pensions were wiped out after being wholly converted to local currency through the government’s Exchange Control Directive RT120/2018. Karonga said that while Ziscosteel will assist the former employees as part of its corporate social responsibility, the issue is now a dispute and the former employees are going to parliament to correct it. He said:
<blockquote>
Basically, because the Debt Assumption Act took over their debt, it’s basically a Ministry of Finance issue but we participate as a pension fund trusteeship.
We are there to assist them. The only hiccup that has happened is that initially their pensions were paid in USD and then there was a time the Exchange Control Directive came in and it wiped their pensions.
It’s now a dispute because they are not in agreement with that. They don’t want a valuation of their pensions.
We are helping them to make representations to parliament but it’s basically not a Ziscosteel issue anymore. But from a social responsibility perspective, we are part of the model to get them a fair deal.
</blockquote>
Ziscosteel was the largest steelworks in Zimbabwe, employing about 5,500 people in the 1990s. Since then, the company has struggled to find a meaningful investor partly due to negative perceptions affecting the local economy, until last year when KMH expressed interest in the concern.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Ziscosteel Says It Is Assisting Former Employees Get Pension A Decade Later

Choppies, a retailer in Zimbabwe, was evicted from Adullah’s building along Main Street in Gweru Central Business District (CBD) this Friday. According to reports from workers privy to the incident, all goods were thrown out of the building, and the messenger of court locked the doors. See the pictures below:
<img alt="" class="alignnone size-full wp-image-260957" decoding="async" height="1280" loading="lazy" sizes="(max-width: 720px) 100vw, 720px" src="https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G3.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G3.jpeg 720w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G3-169x300.jpeg 169w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G3-576x1024.jpeg 576w" width="720"/> <img alt="" class="alignnone size-full wp-image-260958" decoding="async" height="1152" loading="lazy" sizes="(max-width: 864px) 100vw, 864px" src="https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G2.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G2.jpeg 864w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G2-225x300.jpeg 225w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G2-768x1024.jpeg 768w" width="864"/> <img alt="" class="alignnone size-full wp-image-260959" decoding="async" height="960" loading="lazy" sizes="(max-width: 1280px) 100vw, 1280px" src="https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-g5.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-g5.jpeg 1280w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-g5-300x225.jpeg 300w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-g5-1024x768.jpeg 1024w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-g5-768x576.jpeg 768w" width="1280"/> <img alt="" class="alignnone size-full wp-image-260960" decoding="async" height="1080" loading="lazy" sizes="(max-width: 809px) 100vw, 809px" src="https://news.pindula.co.zw/wp-content/uploads/2023/07/cHOPPIES-g4.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/07/cHOPPIES-g4.jpeg 809w, https://news.pindula.co.zw/wp-content/uploads/2023/07/cHOPPIES-g4-225x300.jpeg 225w, https://news.pindula.co.zw/wp-content/uploads/2023/07/cHOPPIES-g4-767x1024.jpeg 767w, https://news.pindula.co.zw/wp-content/uploads/2023/07/cHOPPIES-g4-768x1025.jpeg 768w" width="809"/> <img alt="" class="alignnone size-full wp-image-260961" decoding="async" height="1536" loading="lazy" sizes="(max-width: 2048px) 100vw, 2048px" src="https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G1.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G1.jpeg 2048w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G1-300x225.jpeg 300w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G1-1024x768.jpeg 1024w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G1-768x576.jpeg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G1-1536x1152.jpeg 1536w, https://news.pindula.co.zw/wp-content/uploads/2023/07/Choppies-G1-1320x990.jpeg 1320w" width="2048"/>
The cause of the incident appears to be linked to the sale of the building by its Indian owner. The employer was allegedly given ample time to relocate, but refused to do so, citing a lease agreement expiring in 2025 with the previous owner. This resulted in the new owner throwing them out after they failed to meet the deadline. One till operator, who declined to be named for fear of victimisation, confirmed the details of the incident.
Some reports suggest that the retailer failed or neglected to pay rentals.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Choppies Retailer Evicted From Building In Gweru CBD

Economists say the Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) is forcing businesses to enforce “price controls” which is in turn fuelling US dollar inflation.
This comes as the Government has been battling exchange rate volatility and a sharp rise in the prices of goods and services in the past months.
In its latest report, the Confederation of Zimbabwe Industries (CZI) said the enforcement of price controls by FIU is inflationary. Reads the report:
<blockquote>
The FIU has been harshly enforcing compliance with the prescribed principle of “formal exchange rate plus a 10% margin”.
The enforcement of price controls through the exchange rate by the FIU is actually also inflationary as it causes an increase in United States dollar prices at a time when the American dollar has a higher weight in the blending.
In short, the United States dollar inflation is a compliance-driven inflation as formal businesses tried to hedge against an unrealistic official exchange rate that they were being forced to use.
</blockquote>
Economist Gift Mugano told <a href="https://businesstimes.co.zw/fiu-hounds-firms/">Business Times</a> that if the FIU enforces price controls, it will destroy businesses. He said:
<blockquote>
The local firms peg their prices at the prevailing parallel market rate causing the Zimbabwe dollar to be on the high side as the businesses forward price to survive.
If the FIU comes to enforce the indexation of the United States dollar companies would struggle.
</blockquote>
However, Finance and Economic Development Deputy Minister Clemence Chiduwa said businesses should comply or perish. He said:
<blockquote>
Those who continue to index their prices using the parallel market rates will put themselves out of business as consumers have choices so the United States dollar inflation is for the short term and what is critical is for business to adjust.
The reality is that stability is going to be sustained, we are not going to let go and stability is not transitory. It’s now time for business to start to be ethical.
They can hold on to their current position and see what is going to happen. It is going to be sustainable. They are allowed to take their position but they will lose out in US$ terms as the local currency appreciates.
</blockquote>
CZI chief economist Cornelius Dube told Business Times that the Zimbabwe dollar pricing is correlated with the movement of the parallel exchange rate hence the prices will follow that pattern.
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"Price Controls" Driving US Dollar Inflation - Economists

The Zimbabwe dollar continued firming against the United States Dollar following the latest Reserve Bank of Zimbabwe wholesale foreign currency auction held on Thursday, 20 July.
The Zim dollar is now trading at ZWL$4 537.4909 from ZWL$4 771.3854 per US$1.
This Thursday, 13 bids were received, and all 13 bids were accepted. However, 11 bids were allotted.
The total value of bids accepted was US$6,383,500.00 and US$5,705,700 was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4.711.7431 while the lowest bid rate was ZWL$4,537.4909.
Below are the rates from the last five auctions:
<ul>
<li>20 July: $4 537.4909</li>
<li>18 July: $4,771.3854</li>
<li>14 July: $4883.8208</li>
<li>11 July: $4 998.8352</li>
<li>06 July: $5 251.0640</li>
</ul>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F1d5RQ-XwAEywYZ?format=jpg&amp;name=900x900"/>
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Zimbabwe Dollar Official Rate Now $4 537 Per US$1

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