Tobacco Marketing Season Starts On A High Note

The 2018 tobacco marking season officially started yesterday on a high note with the first tobacco bale fetching $4.90 per kilogramme, a first of its kind in many years. Vice President Constantino Chiwenga officially opened the marketing season yesterday at Tobacco Sales Floors which traditionally signifies the end of January disease. Tobacco farmers expressed hope in the new dispensation for a better marketing season. Last season the, first bales fetched $4.60 which farmers were not happy with. Tobacco farmers were having high spirits and hoped that the prices will remain…

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Chinese military companies top Mnangagwa’s looters list

Companies linked to Chinese military– long touted as Zimbabwe’s all-weather friends – have dominated the Mnangagwa list of alleged cash looters  who externalised over $1,3 billion during former President Robert Mugabe’s era, fuelling the current economic crunch. According to the looters’ list released by President Emmerson Mnangagwa yesterday, following the expiry of his 104-day moratorium, the bulk of the money was externalised through non-repatriation of export proceeds, payment for goods not received in Zimbabwe or funds externalised to foreign banks in cash or under spurious transactions. Chinese nationals and big…

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‘Farmers should contend with $300 daily pay-out’

THE Tobacco Industry Marketing Board (TIMB) will not crucify the central bank if it fails to pay $300 per day to tobacco farmers, as there are other pressing cash demands in the economy. TIMB chairperson, Monica Chinamasa told journalists yesterday during a tour to assess tobacco floors’ preparedness ahead of the opening of the marketing season next Wednesday that the Reserve Bank of Zimbabwe (RBZ) was doing its best. “I have a lot of faith in RBZ. If they say $300, they will do their best to look for $300,…

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Central Bank ordered to pay R.G Mugabe’s pension in cash

Robert Mugabe

Mariyawanda Nzuwah asked the central bank to pay Robert Mugabe’s pension pay-out of nearly $500,000 and his monthly pension of more than $13,000 in cash. Zimbabwe’s cash crisis is still severe but one person who has no intention of queuing at the bank is former president Robert Mugabe. Leaked documents show the central bank has been asked to pay his retirement package and monthly pension in cash, even though his government was blamed for creating the cash shortage. The state-run Sunday Mail says it has seen a letter to the…

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Mugabe cash pension payouts suffers for opposing his successor

Former President Mr Robert Mugabe for years received his salary in cash, and has demanded that the same arrangement apply to his pension lump sum of nearly half a million dollars and monthly pension payments of over $13 000, The Sunday Mail can exclusively reveal. Documents in our possession show Mr Mugabe wants his pension lump sum of $467 200 and monthly pension of $13 333 in cash. The documents show Mr Mugabe had been getting monthly cash payments of $20 000 while still Head of State and Government, even…

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Zimbabwe to mortgage minerals for capital

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RESERVE Bank of Zimbabwe governor John Mangudya on Monday told visiting Australian assistant secretary for Africa branch Gita Kamath that the country is ready to securitise its mineral resources in exchange for over US$1 billion in long-term capital to turn around the economy, it has been established. According to the World Bank, Zimbabwe’s economy is expected to register modest 0,9% growth this year, a figure much lower than the government estimate of 4,5%. The country, which owes the international financial institution US$1,8 billion in arrears, has the second known platinum…

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RBZ announces new tobacco incentives

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The Reserve Bank of Zimbabwe RBZ has announced new tobacco incentives including issuance of diaspora financing production bonds and licensing deserving merchants to use huge RTGS funds to purchase tobacco. The incentives are expected to bring viability in the tobacco sector ahead of the 2018 marketing season. As the 2018 tobacco marketing season draws closer, the central bank has instituted a cocktail of incentives to ease the marketing and viability of the gold leaf which is one of the biggest and seasonal foreigner currency earner for the country. To boost…

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Mnangagwa must enforce stringent austerity measures

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During the inclusive government between long-time rivals – deposed president Robert Mugabe and opposition MDC leader Morgan Tsvangirai – a statement which goes; “We eat what we kill” became very common. Mnangagwa The phrase, commonly used by then Finance minister Tendai Biti, simply meant living within the budget. At the time, the “living within your means” approach helped curb Mugabe administration’s runaway expenditure. And things improved during the time as government expenses were contained, while resources were channelled towards other important things. But it seems government has since returned to its…

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Zim draws down $1,1bn from Afreximbank facilities

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The Reserve Bank of Zimbabwe said it drew down as much as $1,1 billion from nostro stabilisation facilities last year extended by the Afreximbank as it sought to stabilise the foreign exchange market. Reserve Bank of Zimbabwe Governor Dr John Mangudya This sustained the financing of critical imports such as fuel, electricity, medicines, fertilisers, cash imports and raw materials, RBZ governor John Mangudya said yesterday. Zimbabwe is facing a critical shortage of foreign currency as imports continue outweighing exports. The country has also not been receiving significant foreign direct investment…

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