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AfDB to help clear Zim debt

HARARE – THE  African Development Bank (AfDB) has stepped in to assist Zimbabwe clear its debt with the continental creditor, the southern African nation’s finance minister Patrick Chinamasa said on (today) Tuesday. Addressing a press conference in Harare, Chinamasa said representatives of the continental financial institution were in the country to discuss Zimbabwe’s strategy to “clear our debt arrears with ... Read More »

SA’s stokvels still bringing in the billions

CAPE TOWN – TODAY ’s million dollar question: how much do you think is invested in stokvels in South Africa annually? Go on, hazard a guess. It is common knowledge that stokvels, traditional community-based savings groups, have collectively built up a very large pool of funds. Many people are aware that this old-fashioned way of investing and borrowing has survived, ... Read More »

National Credit regulator cracks down on illegal credit providers

CAPE TOWN – FIVE people have been arrested in the past week for contravening the National Credit Act (NCA). The National Credit Regulator (NCR) said in a statement on Monday that raids to root out illegal credit providers were   done in Wellington, Paarl, Stellenbosch, Strand, Woodstock, Robertson, Bellville, Goodwood and Wynberg. The NCR investigated 21 credit providers, said spokeswoman ... Read More »

IMF cuts Zim’s growth forecast

HARARE — THE  International Monetary Fund (IMF) has lowered Zimbabwe’s 2015 growth forecast to 1.5 percent from the initial 2.8 percent due to drought and low prices for commodity exports. The visiting IMF assistant director and head of mission Domenico Fanizza told journalists Wednesday that the “cautious” projection was in light of the slowdown in the economy. “We agreed on ... Read More »

Chinese economic slowdown won’t affect Zim investment – Chinamasa

HARARE – Zim’s finance minister said on Monday that China’s economic slowdown would not affect investment by Chinese firms or the funding of infrastructure projects such as roads and power stations in the southern African nation. China has emerged in the last 10 years as the biggest investor in Zimbabwe after President Robert Mugabe’s government clashed with Western countries and ... Read More »

SA Reserve Bank may intervene if rand fall threatens stability

JOHANNESBURG – SA’s Reserve Bank (SARB) could intervene in the foreign exchange markets if recent developments threaten stability, it said after global markets took a hammering on fears of China’s growth prospects with equity and commodity markets falling and emerging market currencies depreciating. “In the event of developments that threaten the orderly functioning of markets or that may have financial ... Read More »

More than 2million submit their tax returns

PRETORIA – THE South African Revenue Service (SARS) announced on (yesterday) Monday that it had passed the two million mark with almost 50 percent of income tax returns for the current tax season being filed. SARS said the two million mark was reached on Thursday at 5pm. “This indicates that 44.77% of taxpayers required to submit a tax return have ... Read More »

Zim banks to lower interest rates

HARARE – ZIM banks will be lowering their interest rates with effect from October , says central bank, Bank chief John Mangudya. “In view of high interest rates currently obtaining in the economy, there is scope for reduction to ensure that lending rates are supportive of economic recovery,” the central bank governor said in his statement. “Within the broader policy ... Read More »

New car sales drop

PRETORIA– NEW car sales fell 6.1 percent in July compared to July last year in the biggest year-on-year drop so far this year, recorded for both passenger vehicles and heavy trucks, suggesting a slowdown in both consumer spending and infrastructure investment spending. The figures were released by The National Association of Automobile Manufacturers of Southern Africa (NAAMSA), citing data from ... Read More »

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