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The <a href="https://www.pindula.co.zw/Zimbabwe_Energy_Regulatory_Authority">Zimbabwe Energy Regulatory Authority (ZERA)</a> has raised fuel prices in its latest review, which is effective January 26, 2023.
In a statement seen by Pindula News, the regulator said petrol would now be sold at US$1.59 or ZW$1 241.01 up from US$1.54 or ZW$1 124.61. 
The authority also said the retail price for diesel is now US$1.68 or ZW$1 315.09 up from US$1.62 or ZW$1 188.77. Read part of the statement:
<blockquote>
The public and operators are advised that the blending ratio remains at E5. Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations. Stakeholders are advised that the petroleum price releases by ZERA can be verified on the official ZERA website, Facebook or Twitter handle. 
</blockquote>
<ul>
<li>For historical prices since June 2020, please see: <a href="https://zero.pindula.co.zw/zimbabwe-petrol-and-diesel-fuel-prices-zera-updates-2020-2023/">Zimbabwe Petrol And Diesel Fuel Prices (ZERA Updates 2020 – 2023)</a></li>
</ul>
The average price of diesel around the world is 1.33 U.S. Dollars per litre while the average price of gasoline around the world is 1.30 U.S. Dollars per litre. 
GlobalPetrolPrices.com says the differences in prices across countries are due to the various taxes and subsidies for diesel. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of diesel is different.
President Emmerson Mnangagwa last year <a href="https://zero.pindula.co.zw/i-directed-reduction-of-duty-on-fuels-no-duty-for-diesel-president-mnangagwa/">directed that duty on fuels be reduced by US 13 cents</a> among other measures to ensure the supply in the market remains stable and affordable.
Fuel prices went up in February with the government attributing the increase to the <a href="https://zero.pindula.co.zw/ukraines-foreign-minister-putin-launched-full-scale-invasion-well-defend-and-win/">war between Russia and Ukraine</a> which they said disrupted global trade as the two countries are the main producers of oil.
Analysts noted, however, that while the conflict had an impact on economies all over the world, Zimbabwe’s fuel prices were greater than those of its regional counterparts because of higher taxes. 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

Fuel Update: ZERA Raises Fuel Prices With Effect From 26 January 2023

In this guide, we provide information about buying a second-hand car in Zimbabwe. We hope you find it useful.
We focused on the legal process of buying the car and not on how to choose the right car for your needs.
If you have suggestions to make the guide more useful, please contact us at hello@pindula.com. 
 
<h2>Before buying the car</h2>
<h3>Getting the car checked</h3>
Once you find a car for sale that you’d like to buy, ensure that you get the car checked by an independent mechanic of your choice.
You can also get these services done for a fee by AA Zimbabwe or the government’s Vehicle Inspection Department (VID). VID tends to be cheaper but it’s worth comparing prices since price changes happen quite frequently in Zimbabwe.
<h3>Checking ownership</h3>
Next, you should check with the seller that the car is registered with that seller. The registration book should have the seller’s name, or at least you should confirm that the person or company selling has the authority to do so. You will need the owner of the car or the car dealer to help with the Change of Ownership process so this is important.
Without this, it’s possible to pay someone who does not actually own the car and find that you can’t have your new car. It’s also possible that you will have problems doing the Change of Ownership process if the registered owner of the car is not available to give you their documents (ID copy and Proof of residence).
In the case that the car was imported recently and has not been registered yet, ensure that the seller is the importer of the car and can therefore legally sell it.
<h3>Getting the car checked by the Vehicle Theft Squad (VTS)</h3>
This is optional but important for anyone looking for peace of mind. You can find the VTS at Southerton Police in Harare and at Drill Hall in Bulawayo (opposite Nhlanhlandela government building).
<h3>Know the status of licensing of the car</h3>
A car whose vehicle licensing is not up to date will attract a licensing penalty and will need to be updated before you’re able to license it yourself. This has implications on the total cost of the car to the buyer so you need to be aware.
If the licensing is not up-to-date it is a good thing to negotiate to have the total penalty and licensing fees subtracted from the final sale price.
 
<h2>Buying the car</h2>
Once you and the seller of the car agree on a price, you or the seller can draft an Agreement of Sale document which contains the details of the transaction:
<ul>
<li>The details of the seller and the buyer: Full Names, Residential Addresses, and National ID numbers</li>
<li>The details of the car being sold: Make (e.g. Toyota), Model (e.g. Corolla) and Year of manufacture, engine and chassis numbers. You will find this information in the registration book.</li>
<li>Full sale price agreed upon and any payment terms.</li>
<li>The signatures of both the buyer and the seller. It is always good to also have a witness sign in the presence of both parties in case of legal complications later.</li>
</ul>
The agreement of sale needs to be 2 copies which are signed separately so that each party goes away with an original copy. You can even sign 3 so the buyer can take 2 original copies.
 
<h3>Avoid paying for the car before signing the agreement. </h3>
With most car transactions done in USD cash, please make sure you do it in a safe place. As much as possible go with someone you trust who can help in case something doesn’t seem right.
 
<h2>Changing Ownership</h2>
Once you have paid for the car, the next step is to do the change of ownership process.
<h3>Police clearance</h3>
The Change of Ownership process starts with the police department called Vehicle Theft Squad. You can just go to your local police and ask them where you can get Change of Ownership for a vehicle done. As the buyer, you will then be given a form in which you fill in the details of the car (Make, Model, Engine Number, Chassis number).
The police will also require the ID of both buyer and seller, Proof of residence of both, and the registration book.
Both parties don’t have to do the process together. In fact, some professional sellers will offer to do the process for you as a buyer. If they offer to do this, let them – they know how to deal with the police to avoid delays.
However, if you decide to do it yourself as the buyer, do know that the process can take more than a day depending on where you do it. Harare (Southerton Police) tends to be the fastest – it’s usually done within an hour.
Other places like Bulawayo can take longer (it seems they have to contact Harare for the process). 
Do note however that Police Clearance for Change of Ownership is free. Anyone asking for payment is essentially asking for a bribe.
Once done, you will be given the completed and stamped Change of Ownership form (officially called CVR Form Number 4).
Your next stop is ZIMRA and you need to do this within 14 days, otherwise, your Clearance will become invalid and you have to clear again.
 
<h3>ZIMRA Change of ownership &amp; payment of VAT</h3>
At ZIMRA and you will need the following documents:
<ul>
<li>Original vehicle registration book</li>
<li>The police clearance mentioned above</li>
<li>Proof of residence for both the seller and the buyer</li>
<li>National Identity Cards for the seller and the buyer</li>
<li>The original Agreement of Sale document signed above. Please note this should not be a photocopy.</li>
<li>If the agreement is lost, then an affidavit, which is signed and stamped by a Commissioner of Oaths will be required.</li>
</ul>
When COVID started, ZIMRA introduced the means to do this process electronically. You can therefore call ZIMRA to get the email address you can send the attachments to.
To process the change of ownership, you will need to pay Special Excise Duty. This amount will be provided by ZIMRA. However, it’s available on the ZIMRA website (here: <a href="https://www.zimra.co.zw/customs/special-excise-duty-on-change-of-ownership-of-second-hand-motor-vehicles">https://www.zimra.co.zw/customs/special-excise-duty-on-change-of-ownership-of-second-hand-motor-vehicles</a>) so you can check for yourself before you go to ZIMRA. 
Essentially the tax depends on the engine capacity and the year of the car. As an example, if you are buying a Honda Fit with an engine capacity of 1.4 L, and the car was manufactured in 2009, the amount payable is USD $100. 
Generally, cars that are newer in years, and bigger in engine capacity, will make you pay more. The minimum you will pay is $50 and the maximum is $600 (e.g. a 2020 Toyota Landcruiser with 4.0 L engine capacity) 
 
<h3>Post Office</h3>
Once you have finished the ZIMRA process, the next step is to complete the Change of Ownership at Zimpost.
You will need all the documents you have accumulated so far.
Assuming all papers are in place, the Zimpost process will be done within an hour. Unless of course there are queues.
You will need to pay for the new registration book and if you want, the new number plates as well. Remember, getting number plates changed on a second-hand vehicle in Zimbabwe is now optional.
This is the last process. You will leave Zimpost with your new registration book, and if you prefer, your new number plates.
 
<h2>Make sure you insure your "new" car</h2>
It goes without saying that you will need to insure your new car.
Most Zimbabweans go with 3rd party insurance alone, but this is a mistake. Such people will always find themselves crying when they are involved in a serious accident that needs extensive repairs to the car, or worse if the car is a write-off.
Insuring a car comprehensively should not be considered expensive when you have already paid to buy the car.
There is also the myth that insurance companies never pay after you have had an accident. This is a lie. Insurance companies do pay as long as the circumstances of the accident are clear and are covered in the terms of the insurance policy.
If you don’t understand the insurance policy terms, it is your right as an insurance buyer to have those terms explained in simple English or to have them translated into a language you understand better.

TIP: Buying A Second Hand Car And Changing Ownership In Zimbabwe

<a href="https://www.pindula.co.zw/Innscor_Africa_Limited">Innscor Africa Limited</a> will trade on the <a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange" title="Zimbabwe Stock Exchange">Zimbabwe Stock Exchange (ZSE)</a> for the last time on February 17, 2023and list on <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange (VFEX)</a> a week later. 
In its VFEX listing circular seen by <a href="https://newzwire.live/dollars-make-sense-innscors-7-reasons-for-leaving-the-zse-for-vfex/">newZWire</a>, the company laid out its reasons for leaving the ZSE for VFEX. Here is what Innscor is saying:
<h2>Access to USD capital</h2>
Innscor’s chances of obtaining equity financing in foreign currencies to fund capital expenditures, working capital, and regional expansion are stronger on VFEX.
Reporting in USD rather than Zimbabwe dollars will “reduce Innscor’s perceived risk” and aid prospective financiers and investors in understanding its financial performance.
<h2>Lower trading costs and increased liquidity</h2>
VFEX’s trading costs of 2.12% are lower than the ZSE’s 4.63%. This means shareholders can keep more of their capital, potentially making trading in the share more active.
It’s easier to move money in and out of VFEX. Foreign shareholders can repatriate their dividends freely in foreign currency forex and make settle proceeds from selling shares outside the country.
<h2>Tax incentives</h2>
A foreign investor on VFEX pays just a 5% withholding tax on dividends, half of what they would pay on the ZSE. The shareholder also does not pay capital gains tax on VFEX, while they pay 40% when they sell stocks on the ZSE.
<h2>Enhanced regional profile of Innscor</h2>
Innscor also sees VFEX as a plus for its credibility. According to the Innscor, “migration from the ZSE to the VFEX potentially improves the company’s regional profile and commercial standing, creating pathways to the group’s local and regional prospects”.
<h2>Reduced valuation volatility caused by currency translation</h2>
Innscor says VFEX’s USD valuation allows its shareholders to realise the true value of their investments and get a more “accurate benchmark of the stock’s performance while mitigating valuation volatility”.
<h2>Dollars make more sense</h2>
Presenting its accounts in USD, as required by VFEX, will be “more effective” in letting shareholders know the true value of the business.
Large companies have been departing the ZSE and joining the VFEX which, at launch, was described as the destination for investors seeking exposure to foreign capital. 
This reflects the continued decline of confidence in the local currency, which now accounts for a smaller portion of trade in the economy.
Businesses need US money to grow, but they can’t raise enough on the ZSE to cover their needs. Additionally, VFEX is probably better protected from changes in governmental policy, such as suspension of trade and hefty tariffs.
VFEX is still small with its market capitalisation only doubling from US$259 million to US$566 million at the end of the year 2022.
Padenga, Caledonia Mining, Bindura Nickel Corporation, Simbisa Brands, Nedbank ZDRs, Seedco International, National Foods, and the Karo bond are the current members of VFEX. Axia, GetBucks, Seed Co Limited, and Innscor are expected to join.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Full List: Innscor States Reasons For Leaving ZSE And Listing On VFEX

The Reserve Bank of Zimbabwe (RBZ) has announced measures that will be taken to implement the policy which directs miners to pay <a href="https://zero.pindula.co.zw/govt-wants-miners-to-pay-royalties-in-diamonds-gold-platinum/">fifty per cent (50%) of royalties due to the state in the form of the concerned mineral</a>. In a statement seen by Pindula News, the governor of the RBZ, John Mangudya said:
<blockquote>
<h2>COLLECTION, HOLDING AND MANAGEMENT OF RESERVE ASSETS BY THE RESERVE BANK OF ZIMBABWE</h2>
Following amendments to Finance Act [Chapter 23:04] and the Reserve Bank of Zimbabwe Act [Chapter 22:15], respectively providing for, (i) the collection of fifty per centum (50%) of royalties in kind, that is to say, in the form of the mineral concerned, and (ii) the Bank to maintain, over and above gold, reserve assets in the form of diamonds, platinum and lithium (and any other precious stone or precious or valuable metal specified by the Bank by notice in a statutory instrument) in a form and of a purity or of a quality or of a kind specified by the Bank, the Bank wishes to advise miners/mining houses, relevant stakeholders and the public of the following arrangements to implement the legislative changes:
(a) With effect from 1 October 2022, miners of gold, diamonds, platinum and lithium (and any other precious stone or precious or valuable metal specified by the Bank by notice in a statutory instrument) shall be enjoined to pay fifty percent of royalties due to the State in kind, that is, in the form of the mineral concerned.
(b) The rationale for the legislative changes is to enable the Bank to collect, hold and manage reserve assets for the benefit of the Republic of Zimbabwe and as such all in-kind royalties shall be delivered to the Bank.
(c) The delivery of in-kind royalties to the Bank, and holding, maintenance and subsequent marketing of same, shall be subject to and in compliance with applicable industry practices and regulatory requirements.
(d) It shall be the responsibility of the Bank to facilitate the collection or delivery of the in-kind portion of the royalties and for the avoidance of doubt, only the cash portion shall be collectible by ZIMRA.
(e) In order to ensure that the value of the reserve assets held is preserved or enhanced, the Bank shall have the discretion to determine which prescribed mineral or metal to keep, hold or maintain from time to time, as dictated by prevailing local and international economic conditions and commodity pricing trends.
(f) In line with its mandate to hold, maintain and preserve the value of the reserve assets, where the Bank considers and determines that it is not economical or possible to keep any mineral or metal specified in terms of section 49(1)(c1) of the Reserve Bank of Zimbabwe Act [Chapter 22:15], it shall facilitate and make arrangements that the portion of the royalty payable in kind is converted to cash which the Bank will utilise to procure and purchase another specified mineral or metal, for the equivalent value, which it will keep as a reserve asset.
John P Mangu ya Governor 25 January 2023
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Update On Miners' Payment Of 50% Of Royalties In Gold, Platinum, Diamonds, Lithium

The Reserve Bank of Zimbabwe (RBZ) has announced measures that will be taken to implement the policy which directs miners to pay <a href="https://news.pindula.co.zw/2022/10/01/govt-wants-miners-to-pay-royalties-in-diamonds-gold-platinum/">fifty per cent (50%) of royalties due to the state in the form of the concerned mineral</a>. In a statement seen by Pindula News, the governor of the RBZ, John Mangudya said:
<blockquote>
<h2>COLLECTION, HOLDING AND MANAGEMENT OF RESERVE ASSETS BY THE RESERVE BANK OF ZIMBABWE</h2>
Following amendments to Finance Act [Chapter 23:04] and the Reserve Bank of Zimbabwe Act [Chapter 22:15], respectively providing for, (i) the collection of fifty per centum (50%) of royalties in kind, that is to say, in the form of the mineral concerned, and (ii) the Bank to maintain, over and above gold, reserve assets in the form of diamonds, platinum and lithium (and any other precious stone or precious or valuable metal specified by the Bank by notice in a statutory instrument) in a form and of a purity or of a quality or of a kind specified by the Bank, the Bank wishes to advise miners/mining houses, relevant stakeholders and the public of the following arrangements to implement the legislative changes:
(a) With effect from 1 October 2022, miners of gold, diamonds, platinum and lithium (and any other precious stone or precious or valuable metal specified by the Bank by notice in a statutory instrument) shall be enjoined to pay fifty percent of royalties due to the State in kind, that is, in the form of the mineral concerned.
(b) The rationale for the legislative changes is to enable the Bank to collect, hold and manage reserve assets for the benefit of the Republic of Zimbabwe and as such all in-kind royalties shall be delivered to the Bank.
(c) The delivery of in-kind royalties to the Bank, and holding, maintenance and subsequent marketing of same, shall be subject to and in compliance with applicable industry practices and regulatory requirements.
(d) It shall be the responsibility of the Bank to facilitate the collection or delivery of the in-kind portion of the royalties and for the avoidance of doubt, only the cash portion shall be collectible by ZIMRA.
(e) In order to ensure that the value of the reserve assets held is preserved or enhanced, the Bank shall have the discretion to determine which prescribed mineral or metal to keep, hold or maintain from time to time, as dictated by prevailing local and international economic conditions and commodity pricing trends.
(f) In line with its mandate to hold, maintain and preserve the value of the reserve assets, where the Bank considers and determines that it is not economical or possible to keep any mineral or metal specified in terms of section 49(1)(c1) of the Reserve Bank of Zimbabwe Act [Chapter 22:15], it shall facilitate and make arrangements that the portion of the royalty payable in kind is converted to cash which the Bank will utilise to procure and purchase another specified mineral or metal, for the equivalent value, which it will keep as a reserve asset.
John P Mangu ya Governor 25 January 2023
</blockquote>
<h2><a href="https://news.pindula.co.zw/">More Pindula News</a></h2>

Nearly 20% of local companies reported job cuts during the first nine months of 2022 despite reporting growth in profit post-COVID-19 restrictions, according to the Confederation of Zimbabwe Industries (CZI).
When the pandemic broke out in 2019, most nations had to reevaluate their goals for economic growth as they struggled to slow the virus’s spread and deal with overburdened healthcare systems.
According to the CZI, most companies reported growth in profit post-COVID-19. The CZI’s third-quarter report shows:
<blockquote>
Although job creation is positive, unfortunately, there were also some firms that retrenched workers. This also includes those that created new jobs; about 8% of the firms that created jobs also retrenched, and these are mainly in the wholesale sector, which could reflect casual workers on short contracts.
On the overall, about 17% of the firms indicated that they had retrenched employees during the period under review. The agriculture sector is also among those sectors with a ratio of firms indicating that they had retrenched exceeding the national average. In terms of the actual level, on average, firms that retrenched parted company with about 16% of their total employees over the nine months to September 2022.
The distribution of the retrenchment patterns with respect to age shows that among those that retrenched, firms that are still relatively new (10 years and below) had a higher ratio of workers leaving compared to those fairly older in business.
</blockquote>
The report also shows that almost 41% of the businesses indicated that the profitability of their businesses had improved during the first nine months of 2022.
However, about 28 per cent of the businesses indicated that their profitability had dropped, with close to a third of the businesses believing there were not many changes in profitability. 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

"Nearly 20% Of Local Companies Reported Job Cuts Post-COVID-19" - CZI

The African Financials has said the <a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange">Zimbabwe Stock Exchange (ZSE)</a> paced the fastest during the month of December compared to its regional counterparts.
According to the sub-Sahara Africa Top 30 Companies report by African Financials, ZSE saw a 43% increase, followed by Ghana (31%) and Seychelles (18%).
The report says regional stock markets, excluding South Africa, increased on average by 4.5% in US dollar terms in December 2022.
The growth is attributed to strong earnings growth and overvalued stocks, according to <a href="https://www.herald.co.zw/zse-outperforms-regional-bourses/">The Herald</a>. Reads part of the report:
<blockquote>
 The key markets in sub-Saharan Africa that have done well include Nigeria and internationally listed stocks, which make up about 35 percent of the top 30 companies.
Additionally, the telecoms and technology sector has also seen growth with new listings, including companies such as UAC foods in Nigeria, UAC cement in Nigeria, Orange Code d’Ivoire, and African Oil.
However, there are very few companies from South Central Africa, including Zimbabwe, Zambia, Malawi, Botswana, and Namibia, that have reached the critical level of market capitalisation of US$800 million.
</blockquote>
The report notes that while the Zimbabwe dollar-denominated ZSE has faced challenges in 2022, listed companies reported positive earnings performances for the year driven by firm demand.
Companies like <a href="https://www.pindula.co.zw/Delta_Corporation">Delta</a> reported increased volume performance for the nine months to December 31, 2022. 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

African Financials Say ZSE Outperformed Regional Counterparts In 2022

The Reserve Bank of Zimbabwe (RBZ) forex auction weighted average rate moved to US$1: ZWL$779.3101 on 24 January 2023, from the US$1: ZWL$732.0036 that was set on 17 January.
The central bank said a total of US$13,863,114.02 was allotted today, down from US$14,471,109.58, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was  US$1,515,043.86.
The total amount allotted on the Main Forex Auction (MAIN FX125/2023) was US$12,348,070.16.
<blockquote>
♦ Weighted Average Rate 779.310
</blockquote>
<h2>How the money was allocated:</h2>
Raw Materials………………………………………………………………..US$7,387,486.93
Machinery and Equipment………………………………………………US$1,500,218.74
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$823,964.98
Services (Loans, Education, Dividends, Disinvestments, etc)…US$1,659,147.96
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$1,309,042.98
Pharmaceuticals and Chemicals …………………………………………US$552,832.63
Paper and Packaging …………………………………………………………US$630419.8
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,515,043.86
TOTAL Amount allotted for the MAIN FM117/2022 …… US$12,348,070.16
GRAND TOTAL AWARDED ………………………………… US$13,863,114.02
<h2>Notes</h2>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 24 January 2023

A Zimbabwean student who is pursuing medical studies at Vincent Pol University in Poland has launched a shoe-cleaning company in the east European country.
Nqobani Sibanda (22), launched the “Shoe Laundry by Que” on 6 January this year in Lublin, Poland with the aim of providing a shoe cleaning and customising service.
The launch was facilitated by an African-run business initiative called the Entrepreneurs Networking Forum, an organisation founded by Poland-based Zimbabwean poet, author and publisher, Mthulisi Ndlovu.
The Entrepreneurs Networking Forum says its focus is to empower international citizens in the diaspora and enhance entrepreneurial collaborations.
Sibanda said <a href="https://www.chronicle.co.zw/bulawayo-youth-launches-shoe-cleaning-company-in-poland/">told the Chronicle</a> that the launch was made possible through long-term investments and perseverance. He said:
<blockquote>
I have been saving for this business for the past two or so years and finally reached the target of my capital investment.
I actually started saving up a bit before I even settled in Europe and the success of everything is also owed to the support that I got from close friends and family who chose to invest in my vision.
We are four guys and we clean all types of shoes from formal to casual sneakers. Honestly, we were not prepared for such a response from so many clients.
So far, we have received positive feedback and ratings, a clear sign that people appreciate our services.
My friends and relatives have been forthcoming and we have received so much support from Vincent Pol University, which also endorsed our brand, therefore enhancing confidence and broadening the sphere of potential clientele.
… In shoe customisation, we do specific desired paintings on shoes or change shoe colours.
This enhances cultural exchange and fosters diversity, tolerance, and general exhibition of the richness of our creative African history.
There is so much power in this form of storytelling as we incorporate it with fashion designs.
</blockquote>
Sibanda said on average, they clean 30 pairs per week.
Sibanda did his education at Inkanyezi Primary School in Lobengula suburb, Inyathi High and Tennyson Hlabangana High School.
He said he was raised by a single parent and routinely sold food items on the streets with his brother.

Zimbabwean Medical Student Launches Shoe Cleaning Company In Poland

EcoCash has reduced its US dollar transfer charges following the government’s reduction of the Intermediated Money Transfer Tax (IMTT) to 2%, down from 4% effective from 1 January 2023.
In a notice to its customers, EcoCash said the 2% tax only applies to transactions higher than US$5. It also said all cash-in transactions were free.
EcoCash US dollar transfers are done via the EcoCash US dollar wallet, accessible by dialling *153# on an EcoCash registered Econet line.
The EcoCash wallet allows users to cash in, cash out, send money, receive money, make payments and buy airtime in US dollars. A company spokesperson said:
<blockquote>
The beauty about the EcoCash USD wallet is that there is no need to register a new wallet, as all existing registered EcoCash customers have the USD wallet by default on their profile, which is accessible by simply dialling *153#.
</blockquote>
Cash-in can be done at Econet Shops, OK Supermarkets, and Steward Bank branches throughout the country, or at over 500 EcoCash branded merchant outlets across the country.
Following the reduction in transfer charges, a registered EcoCash customer will pay a total of US$0.33 (US$0.20 IMT tax, and US$0.13 EcoCash fee) when sending US$10.
Those cashing out US$10 will be charged US$0.17 in transaction charges.
Sending US$50 now attracts a 2% tax of US$1.00 and a US$0.65 transaction charge, bringing the total transfer fees to US$1.65, while those cashing out US$50 will be charged US$0.85.
Sending US$100 will cost US$3.30 – made up of US$2 in tax and US$1.30 in transaction fees. Cashing out US$100 attracts US$1.70 in charges. | <a href="https://www.herald.co.zw/ecocash-slashes-its-us-dollar-transfer-charges/">The Herald</a>

EcoCash Lowers Its US Dollar Transfer Charges

The business community in Harare has expressed unhappiness over the shop licences fee hike by the Harare City Council.
A number of small to medium enterprise businesspersons have signed a petition against the increase. Part of the petition reads:
<blockquote>
As the business community of Harare guided by the Urban Councils Act (Chapter 29:15), we feel obliged to be consulted on issues of city budgets.
We are guided by Section 86 of the Constitution of Zimbabwe, which gives us the right to have access to information with regards to our operations.
Currently, we are experiencing deflation as per the Minister of Finance and Economic Development’s economic outlook for 2022.
The Reserve Bank of Zimbabwe auction rate has remained the same for the last three months.
</blockquote>
One businesswoman operating hair salons in the capital told H-Metro that her licence fee had gone up from US$400 to US$640.
She said the “unjustified charges” may force small businesses to close shop. Another shop owner said:
<blockquote>
It’s an unjustified increase. They want to force all licence holders into vending where corruption is rampant; this is not good at all.
</blockquote>
A significant number of shops in Harare’s Central Business District are reportedly operating without licences and some city officials are allegedly taking bribes not to shut them down. | <a href="https://www.hmetro.co.zw/businesses-challenge-licence-fee-hike/">H-Metro</a>

Businesses In Harare Challenge Licence Fee Hike

Five potential investors, including local and regional firms, have made their bids to acquire Standard Chartered Bank Zimbabwe (StanChart), the oldest financial institution in the nation.
On April 14 of 2022, the London-headquartered <a href="https://zero.pindula.co.zw/standard-chartered-bank-group-selling-selling-its-zimbabwean-subsidiary/">bank stated that it would withdraw</a> from Angola, Cameroon, the Gambia, Sierra Leone, Zimbabwe, Jordan, and Lebanon in the Middle East.
According to reports, the company is completely leaving these markets because StanChart accounted for only 1% of its 2021 revenue.
Bill Winters, the chief executive of Standard Bank, stated in April of last year that the financial institution was streamlining its operations while also narrowing its emphasis on the most significant chances for growth.
StanChart’s departure ends a 130-year presence in Zimbabwe.
According to the Independent, five investors have since submitted their bids and the list has since been reduced to three.
Banks which made bids:
<blockquote>
i). CBZ Holdings and 
ii). FBC Holdings 
iii). FNB of South Africa 
iv). South African bank Nedbank through its shareholder, Old Mutual Zimbabwe, 
v). A consortium representing Zimbabwean entrepreneurs (names supplied) is also on the list of bidders.
</blockquote>
StanChart Zimbabwe spokesperson Lillian Hapanyengwi said the process to identify potential buyers is ongoing.
Another source, however, said the finalisation of the transaction could be delayed by the upcoming general elections but confirmed bids from the five bidders.
This is not the first time that an international financial institution has exited the Zimbabwean market. 
On June 2, 2017, Barclays announced the sale of its outpost in Zimbabwe to Malawi-listed lender First Merchant Bank, a continuation of the bank’s exit from Africa.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

5 Investors Make Bids To Acquire Standard Chartered Bank Zimbabwe

Numerous businesses battling to survive owing to an electricity crisis that caused the Workington neighbourhood of Harare to endure almost a month without power have laid off hundreds of workers.
Companies have been using generators since December 28 when one of power utility ZESA’s sub-power stations blew up.
The retrenchments are meant to cut down on wage bills.
Owner of Wood Take Alan Dreyer told NewZimbabwe that some companies were eager to pay their remaining employees even though they had not been productive for the entire month. Said Dreyer:
<blockquote>
I have about 30 employees and the same number at my sister company. There has not been any power since we opened this year but I assure you they will be expecting their salaries at the end of the month despite the situation.
If only we could get communication as to when ZESA expects to reconnect us for planning purposes.
</blockquote>
According to NewZimbabwe, the Zimbabwe Electricity Supply Authority (ZESA) does not have all components needed to fix the station.
The components can be found in South Africa but have not yet been ordered.
The location under question is home to one of Harare’s largest sugar refineries, as well as mills for wheat and maize.
A power crisis in Zimbabwe has been going on for months, leaving the majority of the country without electricity for up to 18 hours daily. <a href="https://zero.pindula.co.zw/severe-load-shedding-looms-as-zra-tells-zesa-to-shut-down-kariba-power-station/">Depleting water levels</a> at the Kariba Hydropower facility are blamed for power outages.
Due to the site’s outdated equipment, Hwange Thermal Power Station’s contributions have been unreliable. 
Hwange Thermal Power Station’s Unit 7 could not be added to the national grid as promised late last year, according to recent comments made by Energy Minister Zhemu Soda. He said there were some challenges.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Power Crisis: Hundreds Of Workers Laid Off As Companies Try To Survive

Economic specialists have warned of an increased risk of major revenue loss due to the growing use of the U.S. dollars as the Zimbabwean economy moves towards full “re-dollarisation”.
According to economics professor Gift Mugano, the trends in the re-dollarisation have “deepened” as domestic sales in US dollars are now close to 80%, <a href="https://www.herald.co.zw/high-tax-loss-risk-as-economy-re-dollarises/">The Herald</a> reported. 
With the bulk of the transactions reportedly being in cash, they are seen as favouring tax evasion. 
Prof Mugano claims that since most transactions are cash-based, re-dollarisation would be “detrimental” to the government’s efforts to collect taxes as a result of the high level of economic informality. He told Business Weekly in an interview:
<blockquote>
The risk comes with the potential loss of fiscal revenue on the backdrop of informalisation of the U.S. dollar sales.
A snap survey I did shows that companies are facing exchange rate loss of 15 – 17 percent on the back of the 2 percent IMTT, bank charges and 20 percent export retention. The losses emanating from export retention, in particular, are arising from the existing disparities between the official exchange rate and black market rates.  
Based on this observation, the temptation is very high for businesses that collect cash not to deposit it in the banks thereby narrowing the tax base. This is why you hear about thousands of dollars being raided by robbers at business premises.
</blockquote>
According to Mugano the policy matrix of the 20% domestic export retention and the 2% IMTT “does more harm than good and must be scrapped.”
He urged technocrats at the ministry of finance and the central bank to conduct an academic study on the benefits and drawbacks of the 2 per cent IMTT and the 20 per cent export retention.
Carlos Tadya, an economist from Harare, agreed with Mugano and said the business is already overtaxed and the transition to re-dollarisation opens up opportunities for tax avoidance.
The Minister of Finance and Economic Development, Professor Mthuli Ncube, issued a warning last year that the re-dollarization of the economy and the high level of informality would reduce the tax base because the majority of transactions were “going underground where the majority of activities are cash-based.”
The government approved the usage of foreign currency for domestic transactions in March 2020.
Last year, the Government enacted legislation to entrench the multi-currency system, which makes both the United States and Zimbabwe dollars legal tender for all local transactions until 2025.
The majority of people and businesses prefer using foreign currency over the Zimbabwe Dollar as the latter has been depreciating at a quicker rate.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Economists Warn Zimbabwe Will Lose Revenue If Full Re-dollarisation Is Adopted

The <a href="https://www.pindula.co.zw/Zimbabwe_Energy_Regulatory_Authority">Zimbabwe Energy Regulatory Authority (ZERA)</a> has raised petrol prices and reduced diesel prices in the latest review which is with effect from the 18th of January 2023.
In a statement seen by Pindula News, the regulator said petrol would now be sold at US$1.54 per litre up from the previous US$1.53.
The cost of petrol was increased from ZWL$1 080.01 to ZW$1 124.61 in local currency.
Diesel is now priced in US dollars at US$1.62 per litre, down from US$1.63 per litre, while it was priced in Zimbabwean dollars at ZW$1 188.77, up from ZWL$1.147.01 per litre. Read the statement in part:
<blockquote>
The public and operators are advised that the blending ratio remains at E5. Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations. Stakeholders are advised that the petroleum price releases by ZERA can be verified on the official ZERA website, Facebook or Twitter handle. 
</blockquote>
The average price of diesel around the world is 1.32 U.S. Dollars per litre while the average price of gasoline around the world is 1.29 U.S. Dollars per litre. 
GlobalPetrolPrices.com says the differences in prices across countries are due to the various taxes and subsidies for diesel. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of diesel is different.
President Emmerson Mnangagwa last year <a href="https://zero.pindula.co.zw/i-directed-reduction-of-duty-on-fuels-no-duty-for-diesel-president-mnangagwa/">directed that duty on fuels be reduced by US 13 cents</a> among other measures to ensure the supply in the market remains stable and affordable.
Fuel prices went up in February with the government attributing the increase to the <a href="https://zero.pindula.co.zw/ukraines-foreign-minister-putin-launched-full-scale-invasion-well-defend-and-win/">war between Russia and Ukraine</a> which they said disrupted global trade as the two countries are the main producers of oil.
Analysts noted, however, that while the conflict had an impact on economies all over the world, Zimbabwe’s fuel prices were greater than those of its regional counterparts because of higher taxes. 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Fuel Price Update: ZERA Hikes Petrol, Reduces Diesel Prices Effective 18 January 2023

<a href="https://www.herald.co.zw/mbare-market-prices-13/">The Herald</a> in conjunction with eMKambo 0772137717 conducted a survey on Mbare Market prices on 18 January 2023. We present the prices below.
Potato/Pocket: 
i). Chat – US$2
ii). Small – US$3-US$3.5
iii). Medium – US$4.5-US$5.5
iv). Large  – US$6-US$7
vi). Extra large  – US$7.50
Tomatoes: 
a). 30kg sandak – US$7-US$15
b). Wooden box – US$2-US$3
c). Plastic dish – US$1-US$1.5
Vegetables:
1). Cabbage head – US$0.30-US$0.60
2). Covo/bundle – US$2-US$3.5
3). Rape/bundle – US$1.5-US$3
4). Tsunga/bundle – US$1.5-US$3
5). Beetroot/bundle – US$1
6). Onions -10kg pocket – US$5-US$8
7). Onions -bundle – US$1
8). Muboora – US$1
9). Onions -60kg bag – US$30-US$38
10). Onions shallots US$0.50
11). English Cucumber – US$1-US$1.5
12). Cauliflower/kg – US$1.50
13). Broccoli/kg – US$1.50
14). Lettuce head – US$0.50
15). Ginger/kg – US$1.50
16). Garlic/kg – US$4-US$5
17). Turmeric/kg – US$2 -US$2.5
18). Okra/5litre tin  – US$1
19). Eggplant – US$0.50
20). Mushroom dried/pallet – US$1.50
21). Mushroom wild/bucket – US$1-US$1.5
22). Red and Yellow pepper – US$1.5-US$2
Matemba:
20-litre tin US$39-US$45
Madora:
20-litre tin US$30-US$38
Sugar beans:
20-litre tin US$20-US$25
Soyachunks:
3-5kg – US$2-US$3
Mifushwa:
1). Munyemba: 20-litre tin US$16
2). Munyevhe 20-litre tin US$14
3). Mutsine 20 litre tin – US$15-US$16
4). Dried Covo 20 litre tin – US$15-US$18
5). Dried Cabbage – 20 litre tin US$15-US$18
6). Dried Fish Each US$1-US$8
Magogoya: 
i). 20-litre bucket –  US$15
ii). 60kg bag – US$55-US$65
Butternuts: 
20-litre tin US$17-US$20
Carrots: 
60kg US$40-US$60
Green pepper:
 20-litre tin US$10
Cucumber:
20-litre tin US$28-US$30
Fine beans:
 Bag – U$10-US$13
Peas:
 20-litre tin – US$30-US$40
Green mealies:
Dozen – US$1- US$2.5
Masawu: 
5litre tin US$1-US$1.5
Nyii:
 20litre tin US$5 
Mawuyu:
 5litre tin – US$1
Apple: 
box – US$15-US$21
Banana:
 crate – US$8-US$10
Grapes: 
US$13-US$15
Oranges:
 Pocket (10kg) – US$7-US$9
Naartigies:
 Box – US$10-US$12
Pears:
 box – US$18
Strawberry:
 pallet – US$1
Chilli:
 pepper -US$1 
Pawpaw:
Single – US$1-US$2
Nectarines:
 box – US$15-US$16
Mango:
 bucket – US$3-US$4
Matamba:
Each US$0.10
Coconut:
 Single – US$1-US$2
Watermelon:
Single – US$2- US$5
Leaches:
pallet – US$3-US$5 
Plum:
Box – US$10-US$12
Tsubvu:
pallet – US$2.5-US$5
Pine Apple :
Box – US$8-US$10
Lemon:
20-litre tin – US$4
Maize grain:
20-litre tin – US$4-US$5
Maize mumhare:
20 litre tin – US$20 
Shelled groundnuts:
20-litre tin – US$30-US$35
Unshelled groundnuts:
20 litre tin – US$7-US$8
Nyimo shelled:
20-litre tin – US$30-US$32 
Fresh nyimo:
20 litre tin – US$8-US$10
Soybean:
20 litre tin – US$10-US$12
Wheat:
20-litre tin – US$10
Popcorn:
20 litre tin – US$16-US$18
Cowpeas (Nyemba):
20-litre tin – US$14-US$16
Sunflower:
20 litre tin – US$10
Rapoko (Zviyo):
20 litre tin  – US$10-US$12
Finger Millet (Mhunga):
20-litre tin – US$10
Shelled brown rice:
20 litre tin – US$40
Unshelled brown rice:
20 litre tin – US$20
Sorghum (mapfunde):
20 litre tin – US$10-US$12
Horned cucumber:
20 litre tin – US$12-US$13
Broiler:
1). Mother – US$8-US$10
2). Broiler – Ordinary – US$5-US$6
3). Offlayer – each – US$4
Roadrunner:
a). hens – each – US$4-US$6
b). cocks – each – US$5-US$6
Guinea fowl (hanga) – each – US$7-US$10
Ducks – each – US$9-US$12
Turkey – each – US$15-US$25
Pigeons – each – US$1.5-US$2
Rabbits – each – US$7-US$12
Eggs: 
i). small – crate –  US$2.50
ii). medium – crate – US$3-US$3.30
iii). large – crate – US$3.50
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Mbare Market Prices As Of 18 January 2023

The Foreign Exchange Auction System’s backlog of foreign exchange allotments has been resolved, according to the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a>.
The central bank’s statement seen by Pindula News ascribed the trend to higher foreign currency inflows into the nation of southern Africa. Reads the statement issued by RBZ Governor, Dr <a href="https://www.pindula.co.zw/John_Mangudya">John Panonetsa Mangudya</a>:
<blockquote>
<h2>CLEARANCE OF BACKLOG OF FOREIGN EXCHANGE AUCTION ALLOTMENTS</h2>
The Reserve Bank of Zimbabwe (the Bank) is pleased to advise the public that it has cleared the backlog of foreign exchange allotments under the Foreign Exchange Auction System. This development is a result of improved foreign exchange inflows in the Country.
Going forward, the Bank will abide by the Foreign Exchange Auction Rules and ensure that foreign currency is available to successful bidders within 14 days from the date of auction. This will go a long way in maintaining a stable foreign exchange rate and sustaining financial stability in the economy.
</blockquote>
In December 2022, deputy governor Dr Innocent Matshe stated that the apex bank was <a href="https://zero.pindula.co.zw/rbz-forex-allotments-between-june-2020-and-december-2022/">striving to shorten the period</a> between the time that allotments are made and run and the time that the allottee receives money in foreign currency accounts.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Speaks On Clearance Of Foreign Exchange Allotments Backlog

Since the launch of the foreign exchange auction system in June 2020 until December of last year, the Reserve Bank of Zimbabwe (RBZ) has allocated US$3.7 billion through the system.
The majority of it went toward the acquisition of raw materials and machinery.
Why was the auction system introduced:
To provide much-needed foreign currency to local businesses for production at a time when the nation was facing problems with its foreign reserves.
The auction system was also designed as a method for determining the price of local currency.
The central bank estimates that the allocations during the previous year totalled roughly US$1.1 billion.
Following the adoption of the local currency in 2019 and a decade of a multi-currency system dominated by the US dollar, the auction system put an end to the fixed exchange rate that had been in existence.
When the government created the willing-buyer-willing-seller (WBWS) platform in the middle of last year, the auction remained the primary source of foreign currency for local businesses.
The government legalized the use of the US dollar for domestic transactions and domestic sales have since overtaken the two platforms as the primary source of foreign currency.
The backlog of foreign currency allotments from the RBZ’s initial 93 foreign currency auctions, according to the central bank, had been cleared.
In December 2022, deputy governor Dr Innocent Matshe stated that the apex bank was striving to shorten the period between the time that allotments are made and run and the time that the allottee receives money in foreign currency accounts.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

RBZ Forex Allotments Between June 2020 and December 2022

The industries of Zimbabwe have demanded tougher action to combat persistent inflationary pressures.
The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">Confederation of Zimbabwe Industries (CZI)</a> expressed concern about the sharp increase in month-to-month inflation towards the end of 2022, even after a drop in the annual rate.
Zimbabwe’s annual inflation rate dropped from a peak of 285% in August to 243% in December as the government proceeded to evaluate the terms of payment for commodities and the central bank stepped up its market-cooling operations.
CZI said additional austerity measures are required to lower the rate which is unquestionably the highest in the world.
 In its examination of inflationary tendencies for 2023 titled “2022 Inflation and Currency Developments Round-Up,” CZI said:
<blockquote>
Annual inflation ended the year 2022 at 243,8%, shrinking by 11,2 percentage points from the November inflation rate..
The December annual inflation rate was above the 2022 national budget end period target of between 15% and 20%, as well as above the February monetary policy statement target of 25% to 35%.
The beginning of the year is associated with new policy measures for the year, which may hold inflation down but (these) seem to fail to stay the course as it (inflation) surges again. Delayed policy responses seem to sustain high inflation or its upward movement.
</blockquote>
CZI said the sudden rise in December’s month-over-month inflation (2.4%) is cause for concern as it may indicate the need for new policies.
In Zimbabwe, inflation typically responds to depreciation in the exchange rate, particularly the rate on the black market which began to decline in December 2022. 
The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> (RBZ)’s <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-17-january-2023/">foreign currency auction results</a> on Tuesday show that the Zimbabwe dollar is currently trading at $732 to the US dollar, continuing its freefall versus the US dollar.
The Zimbabwe dollar is trading at $1100 to the US dollar on the black market up from $900 recorded last week.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Industries Demand Tougher Measures To Combat Inflation

<a href="https://www.pindula.co.zw/Seed_Co_Limited">Seed Co Limited</a>, Zimbabwe’s largest seed producer, intends to list on the <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange (VFEX)</a> after receiving board approval to depart from the <a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange">Zimbabwe Stock Exchange (ZSE)</a>.
If the plan goes through, the company will follow in the footsteps of Seed Co International, a sister company, which became the first counter to list on the forex-indexed exchange when it began trading in October 2020.
However, Seed Co stated in a regulatory filing with the ZSE yesterday that following board approval, the VFEX listing plan was back on track and that more announcements would be made, NewsDay reported citing the firm’s statement. Reads the statement:
<blockquote>
Shareholders of Seed Co Limited and the investing public are advised that the board has approved the migration of the company’s listing from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange.
Accordingly, shareholders are advised to exercise caution when dealing in the company’s securities. Further announcements will be made in accordance with regulatory requirements as and when there are material developments.
</blockquote>
The Pan-African Seed Breeder resumed trading on the ZSE in June 2021, almost eight months after ceasing it in order to pursue the VFEX listing. 
As part of the agreement, Seed Co would collaborate with Seed Co International Limited, a subsidiary listed on the Botswana Stock Exchange (SCIL).
The seed empire’s combined assets would subsequently be transferred to VFEX.
Directors of the Seed Co group were certain that a VFEX listing would help the company achieve its expansion goals because the new bourse deals in foreign exchange at the time.
Imara, one of Zimbabwe’s largest advising firms, expressed worry about the acquisition, claiming it disadvantaged native investors.
It said should Seed Co. Zimbabwe be delisted and entirely bought by SCIL, it won’t be shocking to see Limagrain buying out the minorities of SCIL in the future, thereby depriving African investors of the chance to own such a profitable company. 
The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> turned down the proposal.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Seed Co Limited Board Approves Migration From The ZSE To The VFEX

A fire that broke out at the Spamprekini informal factory market in Bulawayo scorched a huge section of the place, with scores of traders losing their stock and raw materials.
According to a report by The Chronicle, the fire broke out at 5:45AM. The cause of the fire is not yet known. Some witnesses though said they suspected a gas leak that led to an explosion. The fire was eventually contained by firefighters by mid-morning.
Said one business person:
<blockquote>
“We are in deep shock, devastated by what happened here. We have lost everything. Millions of finished products, materials and equipment have been lost.
We appeal to the Government to speedily assist us to get back on our feet,” 
</blockquote>
Spamprekini serves as a factory for informal entrepreneurs producing sofas, wardrobes, kitchen units, tables, wooden doors, amoung other things. There has not been any indication of human casualties from the fire.
| <a href="https://www.chronicle.co.zw/spamprekini-reduced-to-a-shell-in-gas-explosion/">The Chronicle</a>

Bulawayo's Spamprekini Market Burns

The Zimbabwe dollar has continued to fall in value against the US dollar at the Reserve Bank of Zimbabwe (RBZ) foreign currency auction.
At the latest auction conducted today, 17 January 2023, the weighted average rate moved to US$1: ZWL$732.0036 from the US$1: ZWL$705.4164 that was set last week on 10 January.
The central bank said a total of US$14,471,109.58 was allotted today, up from US$10,806,183.25, which was allotted last week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was  US$1,748,201.30.
The total amount allotted on the Main Forex Auction (MAIN FX125/2023) was US$12,722,908.28.
<blockquote>
♦ Weighted Average Rate 732.0036
</blockquote>
<h2>How the money was allocated:</h2>
Raw Materials………………………………………………………………..US$8,503,416.78
Machinery and Equipment………………………………………………US$1,434,549.97
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$1,269,405.28
Services (Loans, Education, Dividends, Disinvestments, etc)…US$1,293,749.25
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$1,174,923.2
Pharmaceuticals and Chemicals …………………………………………US$306,281.76
Paper and Packaging …………………………………………………………US$488,783.34
TOTAL Amount allotted for the SMEFX111/2022 …………. US$1,748,201.30
TOTAL Amount allotted for the MAIN FM117/2022 …… US$12,722,908.28
GRAND TOTAL AWARDED ………………………………… US$14,471,109.58
<h2>Notes</h2>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.

RBZ Forex Auction: Zimbabwe Dollar Official Rate As Of 17 January 2023

Moses Mashavave, an entrepreneur, has urged the Reserve Bank of Zimbabwe (RBZ) to narrow the gap between the small to medium enterprises auction and the main auction.
Mashavave, who is one of those that have benefitted from the auction floor, said some SMEs that have grown in the recent past but do not qualify to participate in the main auction system, also need to be catered for. He said:
<blockquote>
We need the central bank to work to narrow the gap between the SMEs auction and the main auction.
A company that has been receiving support from RBZ for a year has obviously grown but probably is not big enough to qualify for the main auction.
</blockquote>
The auction system resumed trading last week following the closure for the festive holidays.
On 10 January 2023, the RBZ allotted a total of US$10,806,183.25, with US$10,019,285.89 going to the main auction, while the SMEs auction was allotted US$786,897.36.
Since its inception in June 2020, US$3,7 billion has been allotted through the auction system to both the main and the SMEs auction. | <a href="https://www.chronicle.co.zw/call-to-revamp-auction-system/">Chronicle</a>

RBZ Urged To Overhaul Forex Auction System

The Reserve Bank of Zimbabwe (RBZ)’s continued tight monetary stance which has largely squeezed out local currency risks full re-dollarisation of the economy, analysts have warned.
Several businesses are now preferring to transact in US dollars to protect their balance sheets, with even civil servants earning the bulk of their salaries in foreign currency.
Imara Capital Zimbabwe in its Zimbabwe Investment notes said authorities’ clampdown on Zimbabwe dollar payments has inadvertently accelerated dollarisation. It said:
<blockquote>
We have spent the past weeks speaking with many executives from both the private and the listed space.
Two large food manufacturers we met have seen their US dollar revenues rise from around 35 percent of sales earlier in 2022 to over 70 percent since August 2022.
Furthermore, the formal retailers have found it difficult to pay them so products have been directed to the US dollar cash economy and hence physical cash intake has risen.
</blockquote>
Last year, the RBZ introduced gold coins that are reported to have mopped up excess ZWL liquidity in the market.
It also introduced minimum lending rates of 200 percent and 100 percent for corporates and individuals respectively, among other measures that have curtailed credit expansion.
Economist, Eddie Cross, said restricting the availability of the Zimbabwe dollar “could force dollarisation”.
Another economic commentator, Gift Mugano, said the high interest rates of 200 percent means businesses would be paying three times the principal amount. He said:
<blockquote>
There is no business that makes such margins, which can guarantee that kind of return that will give a business the capacity to pay back.
</blockquote>
Mugano also said businesses have already taken positions to convert their ZWL loans into US dollar loans, and this will result in the creation of artificial US dollars. He said:
<blockquote>
What it does is, we have new risks arising from that such as competitiveness challenges, the creation of artificial US dollars because when these loans are restructured into US dollar loans and new notes are given out, banks are charging interest rates and bank charges.
</blockquote>
| <a href="https://www.businessweekly.co.zw/economy-risks-fast-track-re-dolarisation/">Business Weekly</a>

RBZ Measures May Accelerate Full Re-dollarisation

The <a href="https://www.pindula.co.zw/National_Social_Security_Authority">National Social Security Authority (NSSA)</a> has said nearly 600 000 new formal jobs were created in various sectors between 2018 and December 2022.
NSSA said at least 591 000 “decent jobs” were created between January 2018 and December 2022.
<h2>Jobs created per year:</h2>
<blockquote>
i). 2018 – 20 640.
ii). 2019 – 242 998.
iii). 2020 – 78 409.
iv). 2021 – 121 145.
v). 2022 – 129 051.
</blockquote>
NSSA’s general manager Dr Charles Shava told The Sunday Mail that the agriculture sector was the biggest employer during the period under review.
This was followed by the retail and general business sectors.
Also, there was a considerable decline in the number of people leaving their jobs, as most departures from work were caused by retirement, old age, invalidity or death. Shava noted:
<blockquote>
Exits from employment are on a declining trend as shown . . . with a 21 percent decline from 2018 to 2022, thus indicating an improvement in employee retention in the market.
The exits data provided in this report tries to mimic retrenchment information.
However, some exits from the NSSA main scheme are due to old age, invalidity and death.
</blockquote>
The data from NSSA is in sync with a recent report from the <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">Confederation of Zimbabwe Industries (CZI)</a>, a business lobby group which noted that capacity utilisation was 58 per cent by the end of the first quarter of 2022.
CZI president Mr Kurai Matsheza said increased capacity utilisation by industries is good for the economy as it means increased output, more fiscal revenue from the increased output, increased employment numbers and increased economic activity. 
Economic analyst Mr Trust Chikohora lauded the Reserve Bank of Zimbabwe’s auction market which he said had provided the much-needed foreign currency for companies to re-tool.
The <a href="https://www.pindula.co.zw/Zimbabwe_National_Statistics_Agency_(ZIMSTAT)">Zimbabwe National Statistics Agency (ZIMSTAT)</a> describes an employee as anyone who works for a public or private employer for more than 30 hours per week, while an employer is any individual or entity that employs a worker for more than 30 hours per week.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

NSSA Says Nearly 600 000 New Formal Jobs Were Created Between 2018 And 2022

Lobels Biscuits has fired more than 400 workers at its Belmont factory in Bulawayo for participating in anti-sexual harassment, nepotism and low wages protests.
The <a href="https://zero.pindula.co.zw/lobels-workers-stage-demo-over-alleged-sexual-harassment-low-wages/">workers staged demonstrations</a> at the factory in November last year demanding the dismissal of the company’s Chief operations officer, Andrew Dinhidza, accusing him of oppression.
They also accused him of sexually harassing female employees at the firm and giving his relatives senior positions at the company, according to NewZimbabwe.
In an interview with Newzimbabwe.com, some of the affected workers said woes started sometime last year when the workers reported the company to the Biscuits Manufactures Industry National Employment Council (NEC) for underpaying them.
Moses Matupise, a former workers’ committee member told NewZimbabwe:
<blockquote>
Our problem started when NEC ordered the company to pay the lowest paid worker the statutory US$270 per month.
Prior to the NEC order, some workers were being paid as little as US$ 60 per month.
Workers were also not happy with the company’s decision to deduct 15% of our salaries following a robbery at the company‘s premises in March this year.
It seems the company management was not happy with the workers’ decision to report the chief operations officer to the Gender Commission, Zanu-PF and the police.
Dinhidza and his cousin, who is also a worker at the company, have been sexually molesting female workers.
Actually, five cases of rape have been reported at various police stations for Dinhidza, while his cousin is also accused of raping a female worker.
There are case numbers to prove these allegations.
</blockquote>
Thieves broke into the company’s offices in March and stole R16.7 million and US$80 000 in cash during the break-in.
The worker said besides the recommendations of the Gender Commission that Dinhidza should be sacked, he is still in charge.
The company recently wrote letters to the workers advising them of the dismissals and their lawyers are challenging the “unlawful” dismissal.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Lobels Fires Over 400 Workers For Participating In Anti-Oppression Protests

OK Zimbabwe, one of the biggest retailers in Zimbabwe, on Friday announced the acquisition of Food Lovers Market Zimbabwe, <a href="https://www.chronicle.co.zw/ok-zimbabwe-buys-food-lovers-market/">The Chronicle</a> reported.
In December, the business entity <a href="https://zero.pindula.co.zw/ok-zimbabwe-says-it-will-invest-us27-million-in-development-and-refurbishing-of-stores/">notified shareholders that negotiations were at an advanced stage</a> to acquire the Food Lovers Market business in Bulawayo, Borrowdale and Avondale.
Announcing the development, Company Secretary, Mrs Margaret Munyuru said:
<blockquote>
The Board and Management of OK Zimbabwe Limited formally announce the strategic acquisition of Food Lovers Market Zimbabwe.
The Company successfully concluded the acquisition of the assets and business of Talwant Investments (Private) Limited trading as Food Lovers Market in Harare’s Borrowdale and Avondale as well as Bradfield, Bulawayo. 
The transaction includes the grant of a Territorial License Agreement which endows OK Zimbabwe Limited with territorial exclusivity for the expansion of the Food Lovers Market Brand within the Zimbabwean market
</blockquote>
She indicated that the transaction excludes the Greendale store which remains independently owned.
OK Zimbabwe Limited Group Chief Executive Officer, Mr Max Karombo said: 
<blockquote>
The Group also welcomes access to promising supply chain synergies within the Food Lovers Market ecosystem and the rest of the OK Zimbabwe Limited Group. 
</blockquote>
He added that they expected to build economies of scale in supporting local farmers and food processors to serve a wider range of stores.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

OK Zimbabwe Completes Acquisition Of Food Lovers Market Zimbabwe

ZimTrade has warned members of the public of fake social media accounts created by scammers impersonating its officials.
In a statement, ZimTrade said it has nothing to do with individuals masquerading as an investment firm, encouraging businesses and individuals to join a WhatsApp group. Reads the statement:
<blockquote>
ZimTrade, the national trade development and promotion agency of Zimbabwe, has noted with concern the fake social media groups and communities, some using the name “ZimTrade Investments”, as well as the ZimTrade name and logo.
These groups are being managed, and their content is being circulated by persons using the following numbers: –
(+234 803 236 9061),(+27 81 445 8706), (+44 7418 362595), (+1 (573) 518-5091)
These individuals are impersonating as ZimTrade Officials and masquerading as an investment firm, encouraging businesses and individuals to join a bogus WhatsApp group and follow an unreliable link to join the fake investment firm.
As ZimTrade we would like to advise our stakeholders and the business community that we are not in any way associated with these groups and any content generated by these individuals.
As such, we encourage you to ignore their messages as there is a high risk that these are conmen, likely to dupe people of their hard-earned money.
We are working with authorities to establish the identities behind these bogus individuals, and we strongly advise you to report any direct contact to the official numbers provided below.
ZimTrade continues to support its stakeholders in its mandate to energize Zimbabwe’s export growth.
NB:- Please take note of the following OFFICIAL ZimTrade communication channels and numbers below:
Head Office:
188 Sam Nujoma Street
Avondale, Harare, Zimbabwe
Tel: +263 24 2369330-43
Southern Region Office 
48 Josiah Tongogara Street,
Bulawayo, Zimbabwe |
Tel +263 (29) 266151/62378
Eastern Region Office: 
Suite 6 Manica Centre 
118 Hebert Chitepo,
Mutare, Zimbabwe
Tel +263 2020 62843/46
Twitter: ZimTradeAlerts
WhatsApp: +263 78 866 5599
Facebook: Zim Trade Zimbabwe
Email: info@zimtrade.co.zw 
Website: www.tradezimbabwe.com
</blockquote>

ZimTrade Warns Of Bogus Social Media Accounts, Scammers Impersonating Officials

Intratrek Zimbabwe Pvt Ltd managing director Wicknell Chivayo has vowed to fast-track and complete the Gwanda solar project to help alleviate the electricity crisis bedevilling the country.
The controversial Gwanda solar project had stalled for years after the Zimbabwe Power Company (ZPC), a ZESA Holdings subsidiary and Intratrek were locked in a legal wrangle over its implementation.
On 11 January 2023, the High Court ruled that the US$173 million project should go on as it is still valid.
Chivayo and his company had sued ZPC for causing malicious prosecution against them.
Intratrek had demanded US$25 million from ZPC for defamation and expenses he incurred.
But speaking after the court ruling, Chivayo said his focus was to now resume the project and complete it. He said:
<blockquote>
We receive the High Court judgment as highly commendable as it is a vindication of the position that we have always advanced, particularly that the EPC Contract was unlawfully terminated by ZPC.
It allays the regrettable misinformation about the project and aspersions that Intratrek did not perform its contractual obligations.
We applaud our judiciary for seeing this matter for what it is, applying the law impartially to the dispute and not being swayed by the court of public opinion.
… We remain resolute to ensure that with the legal impediment removed by the courts, the solar project will be implemented expeditiously and in the national interest.
</blockquote>
Chivayo said he was not concerned with receiving damages from ZPC but with ensuring that Zimbabwe has 100MW of clean energy. He said:
<blockquote>
I wish to reiterate and set the record straight that we are not overly concerned with receiving damages from ZESA yet the country is reeling under prolonged hours of load shedding.
It will be a dereliction of duty as citizens of Zimbabwe to pursue a remedy that will impoverish a State utility and prejudice the generality of Zimbabweans, ourselves included.
We shall therefore prioritise and emphasize to our partners at ZESA that the demand for power be immediately resolved by allowing the project to be implemented, as opposed to payment of the damages awarded by the Courts.
</blockquote>
He added that Intratrek’s financiers and technical partners are ready and willing to implement the project within the shortest possible time. | <a href="https://www.newzimbabwe.com/chivayo-says-not-interested-us25m-court-award-for-now-vows-to-implement-solar-project-and-help-end-power-crisis/">NewZimbabwe.com</a>

Chivayo Pledges To Expedite Implementation Of Gwanda Solar Project

The Zimbabwe dollar depreciated against the US dollar at the foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> today, 10 January 2023.
The weighted average rate has moved to US$1: ZWL$705.4164 from the US$1: ZWL$671.4466 that was set at the previous auction conducted on 13 December 2022.
In its latest update, the central bank said a total of US$10,806,183.25, was allotted this week.
The bulk of the allotment went to raw materials followed by machinery and equipment.
The total amount allotted for the Small to Medium Enterprises Forex Auction (SMEFX119/2023) was  US$786,897.36.
The total amount allotted on the Main Forex Auction (MAIN FX125/2023) was US$10,019,285.89.
On 13 December 2022, the SMEFX111/2022 was alloted US$1,451,144.38 while the MAIN FX117/2022 was alloted US$14,031,231.84 to give a total of US$15,482,376.22.
This week, the weighted average breached the 700 mark for the first time:
<blockquote>
♦ Weighted Average Rate 705.4164
</blockquote>
<h2>How the money was allocated:</h2>
Raw Materials………………………………………………………………..US$6,485,995.16
Machinery and Equipment………………………………………………US$1,229,977.86
Consumables (Incl. Spares, Tyres, Electricals, etc)………………US$869,692.18
Services (Loans, Education, Dividends, Disinvestments, etc)…US$814,836.48
Retail and Distribution (Incl. Food, Beverages, etc) ……………..US$722,903.86
Pharmaceuticals and Chemicals …………………………………………US$321,388.24
Paper and Packaging …………………………………………………………US$361,389.47
TOTAL Amount allotted for the SMEFX111/2022 …………. US$786,897.36
TOTAL Amount allotted for the MAIN FM117/2022 …… US$10,019,285.89
GRAND TOTAL AWARDED ………………………………… US$10,806,183.25
<h2>Notes</h2>
1. Bids with overdue CD1s, outstanding Bills of Entry (BOEs), insufficient ZWL and
those with sufficient FCA balances were also disqualified.
2. Some Bids were allotted on a pro-rata basis.
3. Willing buyer Willing seller Bid Rate as at 06 January 2023 was ZW$675.4490

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