FINANCIAL SERVICES

New Bill to revamp pensions funds set to be gazetted soon

THE upcoming Pensions and Provident Fund Bill will allow pension funds to invest up to 20% of their assets in offshore markets, but the regulator says this is subject to the fulfilment of local obliga...

By Staff reporter | Published: 11 October 2019

FINANCIAL SERVICES

Hackers wipe clean $26,000 from Cabs account

A MAKOKOBA resident was on Monday defrauded of $26 612,97 by suspected cyber criminals after they allegedly hacked his bank account by sending text messages instructing him to punch a code which gave ...

By Staff reporter | Published: 10 October 2019

FINANCIAL SERVICES

Fifth TBs batch on the market

THE Reserve Bank of Zimbabwe (RBZ) yesterday returned to the market with a fifth batch of treasury bills (TBs), seeking to raise ZWL$150 million to finance Government programmes. Last week, RBZ was on...

By Staff reporter | Published: 10 October 2019

FINANCIAL SERVICES

Agribank workers seek US$-indexed salaries

AGRIBANK employees are demanding interbank rated salaries as they decry current earnings which have been eroded by ravaging inflation.Agitated workers at the banking institution have rejected a recent...

By Staff reporter | Published: 07 October 2019

FINANCIAL SERVICES

'Bureaus not allowed to transact with corporates'

Bureaux de Change are not allowed to transact with corporates or enter into twining arrangements with customers to prefund foreign currency purchases, according to a directive from the Reserve Bank of...

By Staff reporter | Published: 05 October 2019

FINANCIAL SERVICES

Morgan & Co launches research app

Morgan & Co, a securities firm yesterday launched a research app that offers interaction between the capital markets and investors.The Morgan & Co Research App is meant to simplify the investm...

By Staff reporter | Published: 05 October 2019

FINANCIAL SERVICES

RBZ floats $300m additional TBs

THE Reserve Bank of Zimbabwe (RBZ) yesterday returned to the market with a fourth batch of treasury bills (TBs), this time seeking to raise ZWL$300 million to finance Government programmes. The latest...

By Staff reporter | Published: 04 October 2019

FINANCIAL SERVICES

Zimbabwe's interbank market needs refinement

Local Industries claim they are yet to realise the benefits of the recently introduced interbank foreign currency market, as they continue to struggle accessing hard currency. The interbank market was...

By Staff reporter | Published: 04 October 2019

FINANCIAL SERVICES

Zimnat gets RBZ nod for offshore investment

INSURER, Zimnat, says it has received exchange control permission to invest policyholder's funds contributed in foreign currency in offshore financial markets. The exchange control approval relates to...

By Staff reporter | Published: 04 October 2019

FINANCIAL SERVICES

IPEC sets terms on forex denominated insurance policies

The Insurance and Pensions  Commission (IPEC) made a statement on the forward going policy for foreign currency dominated insurance policies. The development comes in the midst of a growing confi...

By Staff reporter | Published: 02 October 2019

FINANCIAL SERVICES

CBZ posts 300% jump in net profit

ZIMBABWE'S largest financial services group CBZ Holdings Limited recorded a 301% increase in profit-after-tax to ZWL$137,4 million in the six months ended June 30, 2019 from a comparative 2018 of ZWL$...

By Staff reporter | Published: 01 October 2019

FINANCIAL SERVICES

ABC feels heat of currency volatility

FINANCIAL Services giant ABC Holdings Limited has conceded that currency reforms are yet to yield results as the country continues to witness heavy devaluation of the local currency and hyperinflation...

By Staff reporter | Published: 01 October 2019

FINANCIAL SERVICES

RBZ third batch of TBs oversubscribed

THE Reserve Bank of Zimbabwe (RBZ) said on Friday it got offers four times more than the $100 million it sought to raise through treasury bills (TBs), signalling high investor appetite in the instrume...

By New Ziana | Published: 30 September 2019

FINANCIAL SERVICES

Inflation headache for NBS

THE National Building Society (NBS) says it has applied strict cost repression measures in order to contain the effects of inflation.Zimbabwe's inflation rate has been on the rise and quickened furthe...

By Staff reporter | Published: 28 September 2019

FINANCIAL SERVICES

GCR upgrades Zimnat General Insurance rating to A+

Global Credit Rating (GCR) has revised Zimnat General Insurance's national scale financial strength rating to A+(zw) Stable Outlook, from its previous rating of A-(zw).The financial strength rating (f...

By Staff reporter | Published: 27 September 2019

FINANCIAL SERVICES

Old Mutual explains half-year cash outflows

Old Mutual Zimbabwe Group says it was not involved in buying foreign currency on the local foreign currency markets, in view of significant cash outflows that was notable during the half-year to June ...

By Staff reporter | Published: 27 September 2019

FINANCIAL SERVICES

Zimdollar plunges after weekend gains

The value of the Zimbabwe dollar yesterday plunged against the United States dollar after stabilising at the weekend following the Reserve Bank of Zimbabwe (RBZ)'s decision to freeze bank accounts of ...

By Staff reporter | Published: 27 September 2019

FINANCIAL SERVICES

RBZ turns to domestic resource mobilisation in the absence of international bailout

In the absence of an international bailout package, the Reserve Bank of Zimbabwe has presented a monetary policy statement strongly focused on domestic resource mobilisation aimed at reviving the prod...

By Staff reporter | Published: 23 September 2019

FINANCIAL SERVICES

OMZL bets on real assets under the hyperinflationary environment

Insurance giant Old Mutual Zimbabwe released its financial results for the half year ended 30 June 2019. The headline figure was the 671% growth in profit before tax to $509.2 million while operating ...

By Staff reporter | Published: 23 September 2019

FINANCIAL SERVICES

Zamco begins process to dispose of Star Africa stake

The Zimbabwe Asset Management Company (ZAMCO) is now looking at disposing its 57.4% stake in Star Africa.The sugar manufacturer, is among some of the companies that were on the verge of collapse becau...

By Staff reporter | Published: 23 September 2019

FINANCIAL SERVICES

US$645m traded on interbank market

About US$645 million has been traded on the interbank market since the platform was established in February this year, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya has said. "As at the end...

By Staff reporter | Published: 09 July 2019

FINANCIAL SERVICES

Steward PAT up 42% on non-funded income

STEWARD Bank recorded a 42% increase in profit-after-tax to ZWL$31,9 million in the year ended February 28, 2019 from ZWL$22,5m recorded in the previous year, driven by growth in non-interest income.D...

By Staff reporter | Published: 04 July 2019

FINANCIAL SERVICES

Residents slam poor banks service delivery

BULAWAYO residents are complaining about poor service delivery at banks in the city when changing their foreign currency into local currency. The residents said they are made to wait for long hours be...

By Staff reporter | Published: 04 July 2019

FINANCIAL SERVICES

Interbank rate overtakes black market

THE interbank exchange rate has surpassed parallel market rates with some banks offering more in local currency for those exchanging their foreign currency. Government last week outlawed the use of mu...

By Staff reporter | Published: 03 July 2019

FINANCIAL SERVICES

Zimbabwe banks paying more than the black market rates

THE interbank market exchange rates have registered increases with most banks are now paying more than the parallel market rate.NewZimbabwe.com says it's market assessment shows that the once thriving...

By newzimbabwe | Published: 02 July 2019
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