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Auditor (Harare)

Director General (Harare)

The Sunday Mail, a state-run publication, conducted a snap survey on the prices of basic commodities in Harare. Prices below are in Zimbabwe dollars unless specified. We present the table below showing the latest prices as of the 15th of June 2022:
<table>
<tbody>
<tr>
<td title="Character Accurarcy=97.24">GROCERIES</td>
<td title="Character Accurarcy=78.98">PICK N’ PAY</td>
<td title="Character Accurarcy=87.17">OK-ZIM</td>
<td title="Character Accurarcy=93.9">FOOD WORLD</td>
<td title="Character Accurarcy=98.41">DOWN-TOWN RETAIL (US)</td>
</tr>
<tr>
<td title="Character Accurarcy=93.59">Rice 2kg</td>
<td title="Character Accurarcy=88.31">$2859.99</td>
<td title="Character Accurarcy=93.39">$2753.99</td>
<td title="Character Accurarcy=93.24">$2387.99</td>
<td title="Character Accurarcy=69.67">$24 / 2kgx 10</td>
</tr>
<tr>
<td title="Character Accurarcy=63.63">Sugar 2kg</td>
<td title="Character Accurarcy=80.39">$1049.99</td>
<td title="Character Accurarcy=99.18">$1079.99</td>
<td title="Character Accurarcy=96.76">$1092.99</td>
<td title="Character Accurarcy=75.73">$23 / 2kgx 10</td>
</tr>
<tr>
<td title="Character Accurarcy=91.31">Tea leaves 250g</td>
<td title="Character Accurarcy=69.19">$1099.99</td>
<td title="Character Accurarcy=97.47">$1028.99</td>
<td title="Character Accurarcy=98.99">$1024.30</td>
<td title="Character Accurarcy=92.25">$5  / 24x 250G</td>
</tr>
<tr>
<td title="Character Accurarcy=57.2">Mik litre</td>
<td title="Character Accurarcy=93.46">$799.99</td>
<td title="Character Accurarcy=96.84">$659.99</td>
<td title="Character Accurarcy=98.24">$839.20</td>
<td title="Character Accurarcy=68.02">$6.80 / litre x6</td>
</tr>
<tr>
<td title="Character Accurarcy=54.97">Salt 1kg</td>
<td title="Character Accurarcy=97.65">$239.96</td>
<td title="Character Accurarcy=98.24">$227.99</td>
<td title="Character Accurarcy=98.57">$198.80</td>
<td title="Character Accurarcy=90.28">$21 / 1kgx20</td>
</tr>
<tr>
<td title="Character Accurarcy=90.57">Flour 2kg</td>
<td title="Character Accurarcy=98.02">$1199.9</td>
<td title="Character Accurarcy=90.91">$1319.99</td>
<td title="Character Accurarcy=96.89">$1359.55</td>
<td title="Character Accurarcy=63.84">$18 / 2kgx10</td>
</tr>
<tr>
<td title="Character Accurarcy=62.91">Cooking oil 2litres</td>
<td title="Character Accurarcy=70.5">$2760.99</td>
<td title="Character Accurarcy=96.5">$30099.99</td>
<td title="Character Accurarcy=78.19">US$5.32 NB*STRICTLY USD</td>
<td title="Character Accurarcy=81.41">$40 /2litresx12</td>
</tr>
<tr>
<td title="Character Accurarcy=57.61">Beef 1kg</td>
<td title="Character Accurarcy=66.19">$3250.99</td>
<td title="Character Accurarcy=98.87">$3790.90</td>
<td title="Character Accurarcy=98">$3729.90</td>
<td title="Character Accurarcy=50.47">$3.50/kg</td>
</tr>
<tr>
<td title="Character Accurarcy=72.24">Chicken 1kg</td>
<td title="Character Accurarcy=98.12">$2199.9</td>
<td title="Character Accurarcy=98.28">$1999.99</td>
<td title="Character Accurarcy=98.49">$2442.00</td>
<td title="Character Accurarcy=41.4">$3/kg</td>
</tr>
<tr>
<td title="Character Accurarcy=65.47">Chunks 1kg</td>
<td title="Character Accurarcy=91.44">$1100.99</td>
<td title="Character Accurarcy=97.4">$1114.99</td>
<td title="Character Accurarcy=95.87">$768.65</td>
<td title="Character Accurarcy=42">$2 /3kg</td>
</tr>
<tr>
<td title="Character Accurarcy=58.19">Kapenta 1kg</td>
<td title="Character Accurarcy=97.66">$8499.99</td>
<td title="Character Accurarcy=96.86">$6079.99</td>
<td title="Character Accurarcy=96.78">$5976.10</td>
<td title="Character Accurarcy=22.5">$10 /11x100g</td>
</tr>
<tr>
<td title="Character Accurarcy=42.54">Eggs Irvine’s (crate)</td>
<td title="Character Accurarcy=92.1">$2199.99</td>
<td title="Character Accurarcy=97.21">$2199.90</td>
<td title="Character Accurarcy=99.13">$3000.00</td>
<td title="Character Accurarcy=98.18">$3.20</td>
</tr>
<tr>
<td title="Character Accurarcy=77.44">Meale meal 10kg</td>
<td title="Character Accurarcy=98.35">$2989.99</td>
<td title="Character Accurarcy=98.38">$2479.99</td>
<td title="Character Accurarcy=97.29">$3514.35</td>
<td title="Character Accurarcy=97.8">$5.00</td>
</tr>
<tr>
<td title="Character Accurarcy=97.32">Bread</td>
<td title="Character Accurarcy=96.28">$629.99</td>
<td title="Character Accurarcy=98.78">$635.99</td>
<td title="Character Accurarcy=96.25">$671.65</td>
<td title="Character Accurarcy=82.77">$1.40×8</td>
</tr>
<tr>
<td title="Character Accurarcy=82.88">Bathing soap Geisha 250g</td>
<td title="Character Accurarcy=92.01">$479.99</td>
<td title="Character Accurarcy=96.75">$473.99</td>
<td title="Character Accurarcy=96.79">$482.50</td>
<td title="Character Accurarcy=90.33">$9 / 250gx 20</td>
</tr>
<tr>
<td title="Character Accurarcy=78.75">Washing powder 2kg</td>
<td title="Character Accurarcy=93.14">$2879.99</td>
<td title="Character Accurarcy=98.45">$2099.99</td>
<td title="Character Accurarcy=98.71">$3155.80</td>
<td title="Character Accurarcy=0">$20 / 2kgx8</td>
</tr>
<tr>
<td title="Character Accurarcy=86.1">Tissue (baby soft)</td>
<td title="Character Accurarcy=94.28">$2499.99</td>
<td title="Character Accurarcy=96.89">$2299.99</td>
<td title="Character Accurarcy=98.46">$1791.85</td>
<td title="Character Accurarcy=79.27">$8 /12</td>
</tr>
<tr>
<td title="Character Accurarcy=91.71">Dish wash 750ml</td>
<td title="Character Accurarcy=97.95">$949.99</td>
<td title="Character Accurarcy=96.02">$929.99</td>
<td title="Character Accurarcy=98.13">$1202.30</td>
<td title="Character Accurarcy=24.16">$9.50 / 8x750g</td>
</tr>
</tbody>
</table>
Prices of basic commodities have been rising in recent weeks with authorities blaming the trend on the war between Russia and Ukraine.
Some analysts say while <a href="https://zero.pindula.co.zw/ukraines-foreign-minister-putin-launched-full-scale-invasion-well-defend-and-win/">Russia’s invasion of Ukraine on the 24th of February this year</a>, and a chain of events that followed, affected global trade, Zimbabwe was already experiencing an economic crisis.
The government has <a href="https://zero.pindula.co.zw/zimbabwe-remove-import-licences-requirement-for-7-commodities/">relaxed some import regulations</a> to remove pressure on local industries that are struggling to sufficiently quench local demand.
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Pindula News

LIST: Latest Prices Of Some Basic Commodities 15 June 2022

<a href="https://www.pindula.co.zw/Meikles_Hotel">Meikles Hotel</a> has announced that it has been operating on generator power since the 11th of June 2022 after a power fault that occurred in the <a href="https://www.pindula.co.zw/Harare">Harare</a> Central Business District (CBD). The Hotel which is one of the best hotels in the country and used to be one of the best in Africa told guests that the local power utility was working on rectifying the issue. Pindula News presents the statement issued by the hotel:
<blockquote>
Dear Guest,
Please be advised that the hotel has been operating on generator power since Saturday, June 11th, 2022, due to a fault that developed within the CBD. The <a href="https://www.pindula.co.zw/ZESA">Zimbabwe Electricity Supply Authority</a> is working around the clock to try to fix the problem.
Considering the above, the air conditioning in the rooms and public areas is not working, and there is no hot water. If you require hot water for bathing, please contact our housekeeping department on extension 82, and a bucket will be delivered to you.
We sincerely apologize for the inconvenience caused.
Thank you,
Tinashe Munjoma General Manager
</blockquote>
Besides faults, some parts of the country have in recent years experienced prolonged power cuts, of about 18 hours at the peak of the crisis, blamed on low imports and the inability to generate enough power for domestic consumption.
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Meikles Hotel Says It Has Been Operating On Generator Power Since 11 June

The Zimbabwe dollar continued to shed value against the United States dollar as observed at today’s foreign currency auction conducted by the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ).</a>
The foreign exchange weighted average rate has fallen to US$1: ZWL$338.4921 from US$1: ZWL$325.3314 announced by the RBZ <a href="https://news.pindula.co.zw/2022/06/07/rbz-foreign-auction-currency-zimbabwe-dollar-continues-to-lose-value/">last week.</a>
At this week’s RBZ foreign currency auction conducted on Tuesday, 14 June 2022, a total of US$24.5 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
849 bids were received on the Small to Medium enterprises forex auction, with 722 accepted and 82 disqualified. The total number of bids allotted was 707.
On the main forex auction, a total of 290 bids were received, 258 were accepted and 32 were disqualified. The total number of bids allotted was 258.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis. 
<table class="table table-bordered table-hover" id="table_1" style="width: 98.2204%; height: 47px;">
<tbody>
<tr>
<td style="width: 1%;" title="Character Accurarcy=99.8"> </td>
<td style="width: 45.3681%;" title="Character Accurarcy=99.98"> </td>
<td style="width: 1.02354%;" title="Character Accurarcy=99.8"> </td>
<td style="width: 24.2573%;" title="Character Accurarcy=99.98">SMEFX92/2022</td>
<td style="width: 71.5389%;" title="Character Accurarcy=99.91">MAIN FX98/2022</td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_1" style="width: 98.2102%;">
<tbody>
<tr>
<td style="width: 46.7871%;" title="Character Accurarcy=99.82">Number of Bids Received :</td>
<td style="width: 24.8996%; text-align: center;" title="Character Accurarcy=99.91">849</td>
<td style="width: 106.027%; text-align: center;" title="Character Accurarcy=99.84">290</td>
</tr>
<tr>
<td style="width: 46.7871%;" title="Character Accurarcy=99.79">Number of Bids Disqualified :</td>
<td style="width: 24.8996%; text-align: center;" title="Character Accurarcy=99.92">82</td>
<td style="width: 106.027%; text-align: center;" title="Character Accurarcy=99.92">32</td>
</tr>
<tr>
<td style="width: 46.7871%;" title="Character Accurarcy=99.81">Total Number of Bids Accepted :</td>
<td style="width: 24.8996%; text-align: center;" title="Character Accurarcy=99.94">722</td>
<td style="width: 106.027%; text-align: center;" title="Character Accurarcy=99.93">258</td>
</tr>
<tr>
<td style="width: 46.7871%;" title="Character Accurarcy=99.77">Total Number of Bids Allotted :</td>
<td style="width: 24.8996%; text-align: center;" title="Character Accurarcy=99.92">707</td>
<td style="width: 106.027%; text-align: center;" title="Character Accurarcy=99.94">252</td>
</tr>
<tr>
<td style="width: 46.7871%;" title="Character Accurarcy=99.66">Total Value of Bids Accepted :</td>
<td style="width: 24.8996%; text-align: center;" title="Character Accurarcy=98.1">USD3,642,701.09</td>
<td style="width: 106.027%; text-align: center;" title="Character Accurarcy=98.48">USD21,635,580.55</td>
</tr>
<tr>
<td style="width: 46.7871%;" title="Character Accurarcy=99.34">Amount Allotted :</td>
<td style="width: 24.8996%; text-align: center;" title="Character Accurarcy=98.42">USD3,399,345.72</td>
<td style="width: 106.027%; text-align: center;" title="Character Accurarcy=93.57">USD21,124,292.41</td>
</tr>
<tr>
<td style="width: 46.7871%;" title="Character Accurarcy=99.55">Highest Rate Received :</td>
<td style="width: 24.8996%; text-align: center;" title="Character Accurarcy=97.67">365.0000</td>
<td style="width: 106.027%; text-align: center;" title="Character Accurarcy=98.06">365.0000</td>
</tr>
<tr>
<td style="width: 46.7871%;" title="Character Accurarcy=99.46">Lowest Bid Rate Allotted :</td>
<td style="width: 24.8996%; text-align: center;" title="Character Accurarcy=97.13">320.0000</td>
<td style="width: 106.027%; text-align: center;" title="Character Accurarcy=97.41">320.0000</td>
</tr>
<tr>
<td style="width: 46.7871%;" title="Character Accurarcy=99.53">Weighted Average Rate :</td>
<td style="width: 24.8996%; text-align: center;" title="Character Accurarcy=98.53">338.4921</td>
<td style="width: 106.027%; text-align: center;" title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=99.45">PURPOSE</td>
<td title="Character Accurarcy=99.77">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.83">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.84">Raw Materials</td>
<td style="text-align: center;" title="Character Accurarcy=99.79">1,049,423.15</td>
<td style="text-align: center;" title="Character Accurarcy=99.75">12,017,258.17</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Machinery and Equipment</td>
<td style="text-align: center;" title="Character Accurarcy=99.91">1,268,280.56</td>
<td style="text-align: center;" title="Character Accurarcy=99.51">3,934,339.14</td>
</tr>
<tr>
<td title="Character Accurarcy=99.42">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.91">353,328.85</td>
<td style="text-align: center;" title="Character Accurarcy=99.9">1,705,200.96</td>
</tr>
<tr>
<td title="Character Accurarcy=99.17">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.79">212,033.06</td>
<td style="text-align: center;" title="Character Accurarcy=99.89">826,581.34</td>
</tr>
<tr>
<td title="Character Accurarcy=99.43">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td style="text-align: center;" title="Character Accurarcy=99.73">248,441.83</td>
<td style="text-align: center;" title="Character Accurarcy=99.86">1,223,673.03</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">Electricity</td>
<td style="text-align: center;" title="Character Accurarcy=99.55">7,030.20</td>
<td style="text-align: center;" title="Character Accurarcy=99.83">119,171.66</td>
</tr>
<tr>
<td title="Character Accurarcy=99.55">Pharmaceuticals and Chemicals</td>
<td style="text-align: center;" title="Character Accurarcy=99.76">144,826.18</td>
<td style="text-align: center;" title="Character Accurarcy=99.64">662,634.43</td>
</tr>
<tr>
<td title="Character Accurarcy=99.79">Paper and Packaging</td>
<td style="text-align: center;" title="Character Accurarcy=99.93">115,981.89</td>
<td style="text-align: center;" title="Character Accurarcy=99.63">635,433.68</td>
</tr>
<tr>
<td title="Character Accurarcy=99.6">TOTAL</td>
<td style="text-align: center;" title="Character Accurarcy=99.87">3,399,345.72</td>
<td style="text-align: center;" title="Character Accurarcy=99">21,124,292.41</td>
</tr>
<tr>
<td title="Character Accurarcy=99.74">GRAND TOTAL AWARDED</td>
<td style="text-align: center;" title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.75">24,523,638.13</td>
</tr>
</tbody>
</table>
<img decoding="async" src="https://pbs.twimg.com/media/FVOAuqCWQAUO_Ua?format=jpg&amp;name=large"/>
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RBZ Foreign Auction Currency: Zimbabwe Dollar Sheds More Value Against USD

National Breweries (Natbrew), a unit of <a href="https://www.pindula.co.zw/Delta_Corporation">Delta Corporation</a>, recorded a 16 per cent decline in its volumes in the year to March 2022, leading to an 18 per cent revenue contraction.
<a href="https://www.herald.co.zw/delta-unit-sees-16pc-decline-in-volumes/">According to The Herald</a>, Natbrew produces, packages and markets traditional sorghum beer products in Zambia. Popular variants of its opaque beer are Chibuku Shake-Shake and Chibuku Super. The company said in a statement accompanying the results:
<blockquote>
Volume performance in the current year was affected by the decline of informal exports of Chibuku Super, the increase in excise and general product prices and Covid-19 restrictions which affected product availability in the market.
</blockquote>
Natbrew said it will continue to intensify efforts to drive volume growth by offering quality and competitively priced products to its consumers.
In the period under review, the company’s revenue declined from US$16.76 million in 2020 to US$13.55 million in 2021. 
The decline was attributed to the increased raw material prices in the second half of the year, limited access to the market as a result of COVID-19-induced lockdowns and the resurgence of competition from other bulk beer offerings that do not comply with excise/VAT.
The company ended the year with an operational loss of US$5 million, compared to US$9.8 million the previous year. Similarly, the company reported a loss after tax of US$7 million and a loss per share of US$0.11, compared to US$11.29 million and US$0.11 the previous year.
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Delta's Volumes Decline Due To Increase In Excise Duty, Inflation

Zimbabwe’s largest banking group, <a href="https://www.pindula.co.zw/CBZ_Holdings">CBZ Holdings</a> has applauded monetary authorities for pursuing measures aimed at containing inflation. 
Last month, the government introduced a cocktail of measures including <a href="https://news.pindula.co.zw/2022/05/17/suspension-of-lending-by-banks-lifted-with-immediate-effect-rbz/">a temporary ban on the extension of loans by banks</a> on the back of investigations to sniff out exchange rate manipulators.
Last week the government revealed that during the crackdown, 12 banks were caught on the wrong side and fined for contributing to the rise of parallel market rates.
Presenting the financial performance for the financial year which ended December 31 2021 recently, CBZ Holdings group chairman, Marc Holtzman hailed authorities for employing the right measures, <a href="https://www.newzimbabwe.com/cbz-credits-economic-reforms-for-stimulating-local-demand/">according to NewZimbabwe</a>. He said:
<blockquote>
The monetary authorities also pursued complementary monetary policy measures, to fight evident inflationary pressures and at the same time promote economic activity and growth through credit expansion and investment in the productive sectors.
The improved economic activity, together with elevated diaspora remittances, both supported and boosted individual and household incomes, further stimulated and sustained demand in the tertiary sectors of the economy.
</blockquote>
During the period, the group posted a profit after tax of ZW$7 707 million and a total comprehensive income of ZW$ 9 458 million while on the capital markets, the CBZH share price declined by 11.8% from ZWL$85 at the beginning of the year to close at ZWL$75.20.
The <a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange">Zimbabwe Stock Exchange (ZSE)</a> benchmark index rose by 311% growth with the CBZH ending the year with a market capitalisation of ZWL$39.3 billion.
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CBZ Holdings Applauds Govt For Pursuing Measures To Contain Inflation

Some consumers have reportedly resorted to hoarding goods to escape price hikes and commodity shortages.
NewsDay’s Tanyaradzwa Nhari reports that a significant part of hoarded goods has ended up on the black market, while consumers keep others in homes.
 The Consumer Council of Zimbabwe (CCZ) conducted a survey recently and observed that cooking oil was among the affected commodities. CCZ spokesperson Chris Kamba told NewsDay Business:
<blockquote>
Some people are now hoarding basic commodities in anticipation of a looming food crisis.
Consumers are panicking over the parallel market rate which continues to change on a daily basis.
A recent survey by CCZ revealed that the most affected product is cooking oil, which is going for $2 100 (about US$4 at the parallel market rate) in the big retail shops, against $5,50 on the black market. So, some people are resorting to hoarding the product and resell at the informal market.
</blockquote>
The development reminds of the hoarding spree that was witnessed in 2008 when the country experienced another hyperinflation. 
The recent wave of market panic has been sparked by a deadly erosion of the Zimbabwe dollar’s buying power.
The currency has lost over 30% of its value against the United States dollar since January.
Authorities blame the economic crisis on <a href="https://news.pindula.co.zw/2022/02/24/ukraines-foreign-minister-putin-launched-full-scale-invasion-well-defend-and-win/">Russia’s invasion of Ukraine</a> which happened on the 24th of February but analysts say <a href="https://news.pindula.co.zw/2022/06/11/russias-invasion-of-ukraine-did-not-trigger-the-crisis-in-zimbabwe-peter-mutasa/">the crisis had already begun when the war started. </a>
Meanwhile, the <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Retailers">Confederation of Zimbabwe Retailers (CZR)</a>, a conglomeration of supermarkets and other retailers, says the association has not received any reports of hoarding of basic commodities.
<h2>More: <a class="external text" href="https://zero.pindula.co.zw/download/" rel="nofollow">Pindula News </a>is best enjoyed <a href="https://zero.pindula.co.zw/download/?utm_source=PindulaArticles&amp;utm_campaign=DownloadLink">via the App. Download it here</a></h2>

Consumers Hoard Goods As Some Basic Commodities Disappear, Prices Go Up - Report

Dinson Iron and Steel Company (Disco) said part of the US$100 million worth of equipment for its steel plant in Chivhu that arrived in Durban, South Africa, will be transported to Zimbabwe by 1 000 heavy trucks. The company said:
<blockquote>
This is part of the US$100 million worth of the steel plant’s equipment and machinery that will be brought into the country after docking in South Africa (and will be carried) by 1 000 haulage trucks.
</blockquote>
The first batch of the equipment and machinery comprises general blast furnace components.
The equipment is expected to arrive at the plant site in Mvuma by month-end.
Disco is constructing a US$1 billion steel-manufacturing plant in Manhize, Chivhu, Mashonaland East.
The company is a Zimbabwe subsidiary of the Chinese steel producer, Tsingshan Holdings.
<h4>More: <a href="https://www.businessweekly.co.zw/1000-trucks-to-haul-discos-steel-plant-equipment-to-zim/">Business Weekly</a></h4>

1 000 Trucks To Transport Disco’s Steel Plant Equipment To Zimbabwe

Schweppes Zimbabwe Limited is installing solar plants at its operations across the country to ensure adequate power supplies for production.
The beverage maker says it is focusing on renewable energy as part of the company’s climate change mitigation strategy.
Speaking to The Standard, Schweppes corporate affairs manager Ropafadzo Gwanetsa said they have already commissioned a 1 megawatt solar plant at the Willovale facility in Harare. Said Gwanetsa:
<blockquote>
We took a deliberate strategy around sustainability to focus on renewable energy.
So our thrust around sustainability just doesn’t focus on renewable energy only.
It will focus on the solar energy drive that we are currently implementing for our facilities.
So we started off with the one megawatt solar plant at our Willowvale facility in Harare.
It’s a roof-mounted solar field and during peak periods we can operate on solar for our production purposes.
So, that one has already been commissioned.
That was the first project which was done in partnership with Distributed Power Africa (DPA).
DPA is the one responsible for installation and making sure that we have enough energy for our production.
</blockquote>
She said the company has a 6 megawatts (MW) ground-mounted solar plant at the Beitbridge Juicing facility.
Gwanetsa added that surplus power from the system is fed to the Zimbabwe Electricity and Distribution Company (ZETDC) grid.
She said Schweppes Zimbabwe’s power-lease agreement with DPA will run for about 15 years and is “like a rental arrangement”.
<h4>More: <a href="https://thestandard.newsday.co.zw/2022/06/12/schweppes-plans-to-expand-solar-facilities-countrywide/">The Standard</a></h4>

Schweppes Expands Solar Facilities Countrywide

The former President of the <a href="https://www.pindula.co.zw/Zimbabwe_Congress_of_Trade_Unions">Zimbabwe Congress of Trade Unions (ZCTU)</a>, <a href="https://www.pindula.co.zw/Peter_Mutasa">Peter Mutasa</a> has said the economic crisis in Zimbabwe was not triggered by Russia’s invasion of Ukraine or the COVID-19 pandemic.
Mutasa, who is the chairperson of the Crisis In Zimbabwe Coalition, said a plummeting local currency and government interventions are all contributing to skyrocketing cost of living in Zimbabwe.
He said the state is choosing to run the economy through propaganda and not economic fundamentals. Mutasa said:
<blockquote>
We can talk about the Ukraine invasion, we can talk about COVID-19, but all those came when we already had a crisis. A big crisis for that matter. So we are a state that is failing, and we are failing in all respects.
So both people, Zimbabweans within the country and those in the diaspora, especially those who are in the diaspora who are the main players in terms of keeping the economy going contributing almost a quarter of our budget through remittances and also covering the state’s failure to provide social protection, they are paying school fees of orphans, paying for medical care for the parents and for extended family.
So everyone is not taking the minister seriously. It is a pity that they want to run the economy through propaganda and not economic fundamentals.
</blockquote>
He speaks after Finance and Economic Development Minister, Professor <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> suggested that there was no crisis in the southern African country. When asked how the government plans to deal with the crisis, Ncube’s response was: “What crisis”?
His response comes when prices of basic commodities have been rising in local shops while some products are disappearing from shelves.
The Zimbabwe dollar is shedding value against the United States dollar and other currencies prompting workers across the board to demand payment of salaries in foreign currency.
<h2>More: <a class="external text" href="https://zero.pindula.co.zw/download/" rel="nofollow">Pindula News </a>is best enjoyed <a href="https://zero.pindula.co.zw/download/?utm_source=PindulaArticles&amp;utm_campaign=DownloadLink">via the App. Download it here</a></h2>

"Russia's Invasion Of Ukraine Did Not Trigger The Crisis In Zimbabwe" - Peter Mutasa

Workers in the energy sector have scoffed at a recent 65% salary increment in the local currency and demanded that their wages be paid in United States dollars instead.
The least paid miner will get $71 000 up from $46 000 after employers agreed to the hike last month. 
Zimbabwe Energy Workers Union (ZEWU) secretary-general, Martin Chikuni, said the increment is a slap in the face of workers. Chikuni said:
<blockquote>
This is inadequate in view of hyperinflation. The only solution is to peg salaries in US dollars. We are not happy at all.
As workers, we want the lowest employee to get at least US$600. The current salary increment will not sustain the worker in the face of this hyperinflationary situation.
</blockquote>
Workers across the board have been calling upon their employees to pay them in United States dollars at the backdrop of a falling Zimbabwe dollar.
Rising prices of some basic commodities have worsened the situation with some workers embarking on industrial action saying they are incapacitated to execute their contractual obligations.
The energy sector is essential for the revival and growth of the economy as it is linked to all other sectors, therefore, disruptions might be detrimental to the country.
<h2>More: <a class="external text" href="https://zero.pindula.co.zw/download/" rel="nofollow">Pindula News </a>is best enjoyed <a href="https://zero.pindula.co.zw/download/?utm_source=PindulaArticles&amp;utm_campaign=DownloadLink">via the App. Download it here</a></h2>

Energy Sector Workers Demand Salaries In United States Dollars

President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa">Emmerson Mnangagwa</a> said he is aware that the country is experiencing a food price hike crisis which he blamed on saboteurs and supply chain monopolies.
Addressing <a href="https://www.pindula.co.zw/Zimbabwe_African_National_Union_-_Patriotic_Front">ZANU PF</a> supporters at the Murewa centre, Mnangagwa promised villagers that his administration would deal with the food crisis. He said:
<blockquote>
I know you are suffering because of price issues, especially in the food sector. They are doing this to sabotage us; they want you to turn against us. This is because we have few companies and they monopolise the food sector.
As government we are doing much to break this monopoly, especially on the supply side. One of the remedies is to suspend import duty on basic goods.
We found out that we need 470 000 metric tonnes of wheat in this country per year. We used to produce wheat that would last for two months while importing the rest. We then came up with ideas to increase wheat productivity, and our wheat is now lasting us 11 months, hence the remainder is imported. We are going to have wheat that lasts us 13 months next month. It will be sufficient, hence bread prices will go down.
</blockquote>
Prices of basic commodities like bread and other foodstuffs have gone beyond the reach of many with bread now costing as much as $945.
Mnangagwa addressed the villagers soon after officially opening a Registrar-General’s office at Murewa centre, whose construction started about 17 years ago.
He also promised the villagers free food handouts to deal with food insecurity.
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"I Know You Are Suffering Because Of Price Issues" - President Mnangagwa

Zimbabwean actuary, <a href="https://www.pindula.co.zw/Marjorie_Ngwenya">Marjorie Ngwenya</a> (42), has been appointed a member of the Bank of England’s Prudential Regulation Committee, which supervises banks and investment firms. 
She is a former president of the UK Institute and Faculty of Actuaries. Speaking after her appointment, Ngwenya said:
<blockquote>
I am delighted to be appointed as an external member of the Prudential Regulation Committee as it considers a number of important issues, including the Future Regulatory Framework Review and Solvency II reforms. I look forward to contributing my international financial services experience in support of the work of the Committee.
</blockquote>
Ngwenya also holds a Master of Science degree in leadership and strategy from the London Business School. 

<ul>
<li><a href="https://www.pindula.co.zw/Marjorie_Ngwenya">Marjorie Ngwenya Profile</a></li>
</ul>
She is the first non-British-based person to be appointed president-elect of the UK’s Institute and Faculty of Actuaries (IFoA).
 She has served in various positions in companies such as Old Mutual, Liberty Group South Africa and the Deloitte United Kingdom.
She completed her Advanced Levels in <a href="https://www.pindula.co.zw/Harare" title="Harare">Harare</a> at <a href="https://www.pindula.co.zw/Chisipite_Senior_School" title="Chisipite Senior School">Chisipite Senior School</a>, and moved to the United Kingdom to begin a BSc Actuarial Science degree at The London School of Economics but had to leave her studies during her first year due to currency problems in Zimbabwe, believing she would return to complete them.
<ul>
<li><a href="https://www.pindula.co.zw/Marjorie_Ngwenya">Marjorie Ngwenya Profile</a></li>
</ul>
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Zimbabwean Actuary Appointed Member Of The Bank Of England's Prudential Regulation Committee

The Minister of Finance and Economic Development, Professor <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> is seeking condonation from the National Assembly for unauthorised expenditure amounting to ZW$100.7 billion in 2020 and ZW$6.8 billion in 2019. Pindula News presents the Financial Adjustment Act, 2022 below:
<blockquote>
<h2>FINANCIAL ADJUSTMENTS</h2>
<h2>FINANCIAL ADJUSTMENTS BILL, 2022</h2>
<h2>MEMORANDUM</h2>
If a Government Ministry or Department spends money in any financial year in excess of the amount appropriated, or for a purpose for which nothing was appropriated, the Minister of Finance and Economic Development is required in terms of section 307 of the Constitution to cause a Bill condoning the unauthorised expenditure to be introduced in the National Assembly seeking condonation of the unauthorised expenditure, no later than sixty days after the extent of the unauthorised expenditure has been established.
In line with the above, we seek condonation for unauthorised expenditure incurred by the Ministry of Finance and Economic Development —
(i) ZWL$100 690 788 418 (one hundred billion six hundred and ninety million seven hundred and eighty-eight thousand four hundred and eighteen Zimbabwe dollars) for year ended 2020; 
(ii) ZWL$6 783 930 028) (six billion seven hundred and eighty-three million nine hundred and thirty thousand and twenty-eight Zimbabwe dollars) for year ended 2019. 
<h2>BILL</h2>
To condone unauthorised expenditure incurred by the Ministry of Finance and Economic Development for the year 2020 and 2019. ENACTED by the Parliament and the President of Zimbabwe. 
<h2>1 Short title </h2>
This Act may be cited as the Financial Adjustment Act, 2022. 
<h2>2 Condonation of unauthorised expenditure for year ended 2020.</h2>
 The incurring of the following expenditure in excess of that which was appropriated to terms of Part 3 of Chapter 17 of the Constitution or for which no money was appropriated under that Part, is condoned—
the Ministry of Finance and Economic Development during the financial year ended on the 31st December, 2020, in an amount of ZWL$100 690 788 418 (one hundred billion six hundred and ninety million seven hundred and eighty-eight thousand four hundred and eighteen Zimbabwe dollars) for year ended 2020.
<h2>3 Condonation of unauthorised expenditure for year ended 2019 </h2>
The incurring of the following expenditure in excess of that which was appropriated in terms of Part 3 of Chapter 17 of the Constitution or for which no money was appropriated under that Part, is condoned—the Ministry of Finance and Economic Development during the financial year ended ao on the 31st December, 2019, in an amount of ZWL$6 783 930 028 (six billion seven hundred and eighty-three million nine hundred and thirty thousand and twenty-eight Zimbabwe dollars) for year ended 2019. 
</blockquote>
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Treasury Seeks Condonation From Parliament For Unauthorised Expenditure Amounting To $100.7 Billion

The World Bank (WB) has projected that Zimbabwe’s economy will this year grow by 3.7 per cent reducing the growth projections from the initially 4.3 per cent. 
Revised projections are, however, still below the Ministry of Finance’s forecast of 5.5 per cent which is subject to review in the mid-term budget next month. Said the Bretton Woods institution:
<blockquote>
The economy is projected to continue to recover in the medium term, amid downside risks. GDP is projected to grow by 3.7% in 2022 but slow down in the medium term as the positive base effects diminish. The downward revision is based on worsening agriculture conditions (output set to contract by 1.5% in 2022 from double digit-growth in 2021 based on falling rain levels and rising prices of key inputs) and global price increases amidst supply-side disruptions. Mining production and exports are expected to benefit from continuing high international prices while tourism, trade, and transport are likely to start recovering with positive spillover effects on other sectors. The risks to the outlook are significant with heightened global risks as global growth slows down and uncertainty about the pandemic remains. Domestic risks also weigh on growth performance and are linked to climatic shocks, and expansionary fiscal and monetary policy thereby delaying economic recovery.          
</blockquote>
WB also projected that poverty levels will further decline in 2022, albeit marginally as conditions for a good harvest deteriorate, prices remain high, and the capacity of the social system to target and reach the poor with adequate social safety nets is constrained. 
The World Bank says if inflation is not adequately managed, the purchasing power of incomes will be eroded, putting more people in or at risk of poverty and delaying improvements in basic service delivery.
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World Bank Revises Zimbabwe's Economic Growth Projection Down To 3.7%

Zimbabwe’s capital, <a href="https://www.pindula.co.zw/Harare">Harare</a>, has been ranked fourth on the list of Africa’s most expensive cities to live in.
The rankings were based on a cost of living index compiled by Statista, a global statistics portal integrating diverse topics of data and facts into a single platform.
According to the Statista index, Morocco and South Africa were countries with more representations among the 15 cities with the highest cost of living in Africa.
The cost of living index is a “relative indicator of consumer goods prices, including groceries, restaurants, transportation and utilities. Cost of Living Index does not include accommodation expenses such as rent or mortgage.”
Statista best describes the cost of living index as the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time period. The cost of living is often used to compare how expensive it is to live in one city versus another.
<h2>Below are the 15 most expensive cities to live in Africa based on the cost of living index scores:</h2>
<blockquote>
1. Dakar, Senegal: Has a cost of living index score of 50.87.
2. Addis Ababa, Ethiopia: Has a cost of living index score of 50.49
3. Abidjan, Ivory Coast: Has a cost of living index score of 47.06.
4. Harare, Zimbabwe: Has a cost of living index score of 45.69.
5. Johannesburg, South Africa: Has a cost of living index score of 44.87.
6. Pretoria, South Africa: Has a cost of living index score of 42.76.
7. Gaborone, Botswana: Has a cost of living index score of 42.7.
8. Cape Town, South Africa: Has a cost of living index score of 40.98.
9. Durban, South Africa: Has a cost of living index score of 40.33.
10. Marrakech, Morocco: Has a cost of living index score of 39.94.
11. Accra, Ghana: Has a cost of living index score of 38.74.
12. Lagos, Nigeria: Has a cost of living index score of 37.33.
13. Tangier, Morocco: Has a cost of living index score of 36.85.
14. Casablanca, Morocco: Has a cost of living index score of 36.59.
15. Kampala, Uganda: Has a cost of living index score of 35.98.
</blockquote>
The cost of living in Zimbabwe has been going up as the <a href="https://news.pindula.co.zw/2022/06/07/rbz-foreign-auction-currency-zimbabwe-dollar-continues-to-lose-value/">local currency shed value</a> against other currencies while workers’ salaries and wages remained unchanging.
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LIST: Harare Ranked Among Top 5 Most Expensive African Cities To Live In

More than 50 companies are deducting amounts from their employees’ salaries and wages but failing to pay the money to the relevant retirement funds.
The pension scheme members will inevitably receive reduced or no benefits at all, yet their earnings are being deducted.
This comes as the pension contribution arrears hit ZWL$5.3 billion at the end of March this year.
The Insurance and Pensions Commission (IPEC) on Wednesday named 50 defaulting companies that have been deducting pension contributions from employees but failing to remit to respective pension funds. IPEC said:
<blockquote>
IPEC has noted with concern, the continued failure by some sponsoring employers to remit pension contributions to their respective pension funds, to the detriment of pension scheme members, who end up receiving reduced or no benefits, when they become due.
IPEC has been receiving complaints from pension scheme members who have received reduced or no benefits owing to failure by their sponsoring employers to remit pension contributions after deducting the same.
IPEC calls upon trustees of the affected pension funds to put measures in place to ensure the said employers remit outstanding contributions, for the benefit of their pension scheme members.
In addition, labour organisations are urged to engage the employers who are not remitting pension contributions for the purposes of protecting members against old-age poverty.
</blockquote>
The 50 defaulting companies named by IPEC include the Zimbabwe Revenue Authority (ZIMRA), OK Zimbabwe, FBC Holdings, ZESA Holdings and its subsidiaries, the National Railways of Zimbabwe, Hwange Colliery Company Limited, Zimplats, RioZim, Harare City Council, Bulawayo and Chitungwiza City Councils, among others.
The law compels all companies to remit contributions into the pension fund within 14 days from the end of the calendar month to which the pension contribution relates.
<h4>More: <a href="https://businesstimes.co.zw/50-companies-fail-to-remit-pension-contributions/">Business Times</a></h4>

50 Companies Fail To Remit Pension Contributions

The Zimbabwe Tourism Authority (ZTA) has appointed Winnie Muchanyuka as its substantive chief executive officer.
Muchanyuka takes over from Givemore Chidzidzi who has been acting in that capacity since last year when Karikoga Kaseke resigned due to ill health.
Environment, Climate, Tourism, and Hospitality Industry Minister Mangaliso Ndhlovu said Muchanyuka’s appointment is a step in the right direction. Said Ndhlovu:
<blockquote>
The appointment of Winnie Muchanyuka to the ZTA as CEO is apt in that she is not a stranger to the tourism industry.
The industry awaited such an appointment with comfort. There are high hopes for tourism amid clear signs of recovery in the sector.
Statistically, the first quarter of 2022 has been quite promising and there is a need to maintain that trajectory.
Tourism inflows increased by 100 per cent to register US$214 million this quarter. As we are opening up the sector, the tourism industry should grow bigger and bigger.
ZTA is the critical bridge between the private sector and policymaking.
</blockquote>
Muchanyuka accepted the appointment, saying she was “excited to be starting on this journey.”
The new ZTA CEO was on the board of the Tourism Business Council of Zimbabwe and the Chinhoyi University School of Tourism.
Muchanyuka had a stint as an air hostess for Air Zimbabwe and Swiss Air and also worked as an executive for South African Airways.
<h4>More: <a href="https://www.sundaynews.co.zw/zta-gets-new-ceo/">The Sunday News</a></h4>

Winnie Muchanyuka Appointed New ZTA CEO

Industrialists say rising fuel prices push up the cost of production and this will result in a sharp increase in the prices of goods and services.
Early this week, the Zimbabwe Energy Regulatory Authority (ZERA) increased the price of petrol to US$1.73 per litre from US$1.68 while the retail price of diesel also went up to US$1.76 from US$1.74 a litre.
Confederation of Zimbabwe Industries (CZI) president, Kurai Matsheza, told Business Times that rising fuel costs threaten the survival of the manufacturing sector. Said Matsheza:
<blockquote>
As industry, we cannot absorb these cost increases but we can pass them on to customers and the net effect of that is that production is going to come down because there is no way businesses are going to continue producing the same products at the same volumes with these cost increases.
With the new development in the economy the cost of production for all goods is going to go up, leaving the manufacturing sector exposed to these challenges that threaten the survival of the sector.
Unfortunately, this is the difficult operating environment the economy is living in daily.
</blockquote>
<h4>More: <a href="https://businesstimes.co.zw/fuel-charges-to-push-prices-of-goods-up/">Business Times</a></h4>

Rising Fuel Charges To Push Prices Of Goods Up

The Reserve Bank of Zimbabwe (RBZ) has lifted the suspension of Metbank Limited’s dealer licence after the conclusion of its probe into the bank’s alleged breach of Exchange Control Regulations.
In a statement issued on Wednesday, 8 June 2022, RBZ Governor John Panonetsa Mangudya said an administrative fine has been imposed against Metbank Limited for breaching Exchange Control Regulations. Reads the statemenent:
<blockquote>
LIFTING OF SUSPENSION OF METBANK’S AUTHORISED DEALERSHIP LICENCE
The Reserve Bank of Zimbabwe wishes to advise the public that it has lifted the suspension of Metbank Limited’s authorised dealership licence with immediate effect.
The lifting of the suspension follows the conclusion of investigations relating to foreign exchange trading which has culminated in the imposition of an administrative fine against Metbank Limiteci for breaching Exchange Control Regulations.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FUuok-RXsAANDWB?format=jpg&amp;name=900x900"/>
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

RBZ Lifts Metbank’s Dealership Licence Suspension

<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> Governor, Dr <a href="https://www.pindula.co.zw/John_Mangudya">John Mangudya</a> says the country cannot afford to fully dollarise as the move will be detrimental to the socio-economic growth of the country.
While some quarters have been clamouring for full dollarisation of the economy to stabilise the economy, the RBZ has said 60 per cent of the inflationary pressures are imported, hence dollarisation is a recipe for economic stagnation.
<a href="https://www.zbcnews.co.zw/govt-to-continue-with-partial-dollarisation/">ZBC News’ Wellington Makonese quotes</a> Mangudya as saying:
<blockquote>
The government has allowed for the use of foreign exchange alongside the local currency. The greatest challenge with full dollarisation is that we can’t have enough capacity to monetise all the bank balances for foreign exchange.
The greatest danger the economy would face is to be forced to mix virtual currency and foreign exchange and banks would need to separate the two currencies and trading would continue between the foreign exchange balances and the virtual forex balances. We need to love this country and not destroy the momentum and tame.
We have been there before in 2018. We will have parallel market of virtual money.
</blockquote>
He added that behavioural issues have also contributed to macroeconomic instability.
Mangudya added that Zimbabwe has over US$2 billion to back the local currency, which means the economy can be stable. He added: 
<blockquote>
However, we see inflation continuing, which points to behavioural issues. We sympathise with the people for they have memories of 2009, but we cannot sacrifice growth for temporary stability.
</blockquote>
Last month, the government put in place a raft of measures to stabilise the economy.
Some economists are sceptical that they will work and they urge the government to redollarise.
<h2>More: <a class="external text" href="https://zero.pindula.co.zw/download/" rel="nofollow">Pindula News </a>is best enjoyed <a href="https://zero.pindula.co.zw/download/?utm_source=PindulaArticles&amp;utm_campaign=DownloadLink">via the App. Download it here</a></h2>

Mangudya Speaks On Why Govt Won't Allow Full Dollarisation

Cement manufacturer, <a href="https://www.pindula.co.zw/Lafarge_Cement_Zimbabwe_Limited">Lafarge Cement Zimbabwe (LACZ)</a> has entered into a binding agreement for the disposal of its 76.45% stake to Fossil Mines Private Limited.
The development follows months of negotiations with different suitors who were bidding to acquire the stake.
In a statement Tuesday, LACZ acting company secretary Arnold Chikazhe informed stakeholders that the development follows a cautionary announcement dated 31 May 2022.
Chikazhe added that Associated International Cement Limited, a member of the Holcim Group, has entered into a binding agreement for the sale of its 76.45% stake in Lafarge Cement Zimbabwe Limited to Fossil Mines (Private) Limited”. He added: 
<blockquote>
The transaction, if successfully concluded, may have a material effect on the Company’s securities. Accordingly, shareholders and members of the investing public are advised to exercise caution when dealing in the Company’s securities until a full announcement is made.
</blockquote>
The disposal of Holcim’s Zimbabwean shareholding follows prior disposals of Holcim shareholding in the Northern Ireland, Zambian and Malawian markets amid plans that the group is in the process of disposing of its Indian cement business.
Internal documents seen by <a href="https://www.newzimbabwe.com/lafarge-cement-zimbabwe-cedes-764-stake/">NewZimbabwe.com Business</a> suggest that Fossil’s offer is backed by local banks, pension funds and wealth managers.
However, the transaction is still pending due to further due diligence of the asset and regulatory approvals.
Currently, 40% of Zimbabwe’s cement requirements are imported, an opportunity that Fossil wants to capitalize on by providing the market with readily available cement.
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Lafarge Cement Zimbabwe Disposes 76.45% Of Its Stake

<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> governor, Dr <a href="https://www.pindula.co.zw/John_Mangudya">John Panonetsa Mangudya</a> says the country has a robust local currency backup strategy.
He said contrary to the assumption that the Zimbabwe dollar is backed by gold, the country’s local currency, just like others in the world, is backed by fiat currency.
According to Investopedia, a fiat currency is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. Mangudya said:
<blockquote>
It is not true that our currency is backed by gold. It was the United States dollar which was last backed by gold in 1971 and that has since changed. Our currency is backed by a robust fiat currency. We have in excess of one billion United States dollars of that back up and 2.4 billion United States dollars which are enough to back our currency.
</blockquote>
Mangudya made the remarks while appearing before the Parliamentary Portfolio Committee on Defence, Home Affairs and Security.
He also said gold and other minerals are contributing 80 per cent of the country’s exports.
He added that gold and other minerals contributed five out of the six billion United States dollars the country received.
His remarks come as the local currency is losing value against other currencies, especially the United States dollar at a very paced rate.
Analysts say the Zimbabwe dollar was prematurely reintroduced before the country had met all the fundamentals. 
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RBZ: "Zimbabwe Has A Robust Local Currency Backup Strategy"

The Zimbabwe dollar continued to shed value against the United States dollar as observed at today’s foreign currency auction conducted by the Reserve Bank of Zimbabwe (RBZ).
The foreign exchange weighted average rate has fallen to US$1: ZWL$325.3314 from US$1: ZWL$308.5201 announced by the Reserve Bank of Zimbabwe (RBZ) last week.
At this week’s RBZ foreign currency auction conducted on Tuesday, 07 June 2022, a total of US$25 million was allotted.
The bulk of the allotment went to raw materials followed by machinery and equipment, the same as last week.
855 bids were received on the Small to Medium enterprises forex auction, with 753 accepted and 102 disqualified. The total number of bids allotted was 753.
On the main forex auction, a total of 317 bids were received, 274 were accepted and 43 were disqualified. The total number of bids allotted was 274.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
<table class="table table-bordered table-hover" id="table_1" style="width: 99.3477%; height: 24px;">
<tbody>
<tr>
<td style="width: 41.9074%;" title="Character Accurarcy=99.8"> </td>
<td style="width: 28.1344%;" title="Character Accurarcy=99.98">SMEFX91/2022</td>
<td style="width: 128.136%;" title="Character Accurarcy=99.91">MAIN FX97/2022</td>
</tr>
</tbody>
</table>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_1" style="width: 99.734%;">
<tbody>
<tr>
<td style="width: 41.7519%;" title="Character Accurarcy=99.8">Number of Bids Received :</td>
<td style="width: 27.82%;" title="Character Accurarcy=99.98">855</td>
<td style="width: 126.613%;" title="Character Accurarcy=99.91">317</td>
</tr>
<tr>
<td style="width: 41.7519%;" title="Character Accurarcy=99.8">Number of Bids Disqualified :</td>
<td style="width: 27.82%;" title="Character Accurarcy=99.89">102</td>
<td style="width: 126.613%;" title="Character Accurarcy=99.89">43</td>
</tr>
<tr>
<td style="width: 41.7519%;" title="Character Accurarcy=99.81">Total Number of Bids Accepted :</td>
<td style="width: 27.82%;" title="Character Accurarcy=99.95">753</td>
<td style="width: 126.613%;" title="Character Accurarcy=99.89">274</td>
</tr>
<tr>
<td style="width: 41.7519%;" title="Character Accurarcy=99.8">Total Number of Bids Allotted :</td>
<td style="width: 27.82%;" title="Character Accurarcy=99.94">753</td>
<td style="width: 126.613%;" title="Character Accurarcy=99.89">274</td>
</tr>
<tr>
<td style="width: 41.7519%;" title="Character Accurarcy=99.65">Total Value of Bids Accepted :</td>
<td style="width: 27.82%;" title="Character Accurarcy=98.22">USD4,269,142.30</td>
<td style="width: 126.613%;" title="Character Accurarcy=99.38">USD20,665,498.04</td>
</tr>
<tr>
<td style="width: 41.7519%;" title="Character Accurarcy=98.74">Amount Allotted :</td>
<td style="width: 27.82%;" title="Character Accurarcy=97.59">USD4,269,142.30</td>
<td style="width: 126.613%;" title="Character Accurarcy=99.48">USD20,665,498.04</td>
</tr>
<tr>
<td style="width: 41.7519%;" title="Character Accurarcy=99.56">Highest Rate Received :</td>
<td style="width: 27.82%;" title="Character Accurarcy=98.23">350.0000</td>
<td style="width: 126.613%;" title="Character Accurarcy=97.88">350.0000</td>
</tr>
<tr>
<td style="width: 41.7519%;" title="Character Accurarcy=99.55">Lowest Bid Rate Allotted :</td>
<td style="width: 27.82%;" title="Character Accurarcy=96.51">295.0000</td>
<td style="width: 126.613%;" title="Character Accurarcy=97.83">295.0000</td>
</tr>
<tr>
<td style="width: 41.7519%;" title="Character Accurarcy=99.42">Weighted Average Rate :</td>
<td style="width: 27.82%;" title="Character Accurarcy=99.51">325.3314</td>
<td style="width: 126.613%;" title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=99.54">PURPOSE</td>
<td title="Character Accurarcy=99.75">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.76">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.88">Raw Materials</td>
<td title="Character Accurarcy=99.82">1,279,708.33</td>
<td title="Character Accurarcy=99.76">11,493,062.61</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">Machinery and Equipment</td>
<td title="Character Accurarcy=99.93">1,597,956.90</td>
<td title="Character Accurarcy=99.87">3,665,882.99</td>
</tr>
<tr>
<td title="Character Accurarcy=99.51">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.71">424,281.67</td>
<td title="Character Accurarcy=99.39">1,510,009.41</td>
</tr>
<tr>
<td title="Character Accurarcy=99.14">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.8">325,110.73</td>
<td title="Character Accurarcy=99.91">1,236,837.05</td>
</tr>
<tr>
<td title="Character Accurarcy=99.54">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.82">312,977.80</td>
<td title="Character Accurarcy=99.72">947,019.68</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Electricity</td>
<td title="Character Accurarcy=99.87">9,767.03</td>
<td title="Character Accurarcy=99.7">109,266.09</td>
</tr>
<tr>
<td title="Character Accurarcy=99.5">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.92">166,387.47</td>
<td title="Character Accurarcy=99.91">783,510.85</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">Paper and Packaging</td>
<td title="Character Accurarcy=99.78">152,952.37</td>
<td title="Character Accurarcy=99.65">919,909.36</td>
</tr>
<tr>
<td title="Character Accurarcy=99.56">TOTAL</td>
<td title="Character Accurarcy=99.53">4,269,142.30</td>
<td title="Character Accurarcy=99.76">20,665,498.04</td>
</tr>
<tr>
<td title="Character Accurarcy=99.77">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=99.48">24,934,640.34</td>
</tr>
</tbody>
</table>
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RBZ Foreign Auction Currency: Zimbabwe Dollar Continues To Lose Value

Zimbabwean economist, <a href="https://www.pindula.co.zw/Eddie_Cross">Mr Eddie Cross</a> says there is no need to panic over imported inflation which has been triggered by Russia’s invasion of Ukraine on 24 February this year.
 This comes as prices of commodities in the country have continued to rise in the recent past despite the introduction of a cocktail of measures aimed at stabilising the economy. 
The price of bread has shot up to ZWL$950 in some shops while the cost of several other commodities has also skyrocketed in recent weeks.
<a href="https://www.zbcnews.co.zw/no-need-to-panic-over-imported-inflation-cross/">ZBC News’ Tendai Munengwa quotes</a> Cross, a former MDC legislator as saying:
<blockquote>
The President must not panic. The people must not panic, but we need to be cautious and support all government reactions to such pressures which are driven by global commodity markets.
The economic fundamentals are sound; our Zimbabwe dollar should be strong, but we are destroying our dollar. The Minister of Finance should trace the markets and institute proper mechanism to deal with these monopolies. These economic woes and attack on our currency will end in 24 hours.
</blockquote>
Cross speaks after Reserve Bank of Zimbabwe (RBZ) governor, John Pamonetsa Mangudya has said the government has a robust strategy to sustain the local currency.
The currency has been losing value against other currencies since its reintroduction in June 2019.
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"Don't Panic Over Inflation, But Be Cautious" - Cross

The <a href="https://www.pindula.co.zw/Zimbabwe_Energy_Regulatory_Authority">Zimbabwe Energy Regulatory Authority (ZERA)</a> has raised fuel prices with effect from today the 7th of June 2022. A notice seen by Pindula News says diesel now costs US$1.76, up from US$1.74 while the price of petrol (Blend – E15) has been increased to US$1.73, up from US$1.68 per litre. In Zimbabwe dollar terms, diesel now costs ZWL$550.59, up from ZWL$499.56 per litre. Petrol (Blend – E15) now costs ZWL$539.56 up from ZWL$481.02 per litre. ZERA said:
<blockquote>
<h2>PETROLEUM PRICES – June 2022</h2>
Please be advised that there has been a review of prices for diesel and blend with effect from 7 June 2022. The prices are as follows:
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=99.61">ZWL</td>
<td style="text-align: center;" title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=96.04">US$</td>
</tr>
<tr>
<td title="Character Accurarcy=0"> </td>
<td style="text-align: center;" title="Character Accurarcy=97.16">Diesel 50 (ZWL/litre)</td>
<td style="text-align: center;" title="Character Accurarcy=95.88">Blend – E15 (ZWL/litre)</td>
<td style="text-align: center;" title="Character Accurarcy=97.6">Diesel 50 (US$/litre)</td>
<td style="text-align: center;" title="Character Accurarcy=96">Blend – E15 (US$/litre)</td>
</tr>
<tr>
<td title="Character Accurarcy=99.65">Maximum prices</td>
<td style="text-align: center;" title="Character Accurarcy=99.6">550.59</td>
<td style="text-align: center;" title="Character Accurarcy=99.5">539.56</td>
<td style="text-align: center;" title="Character Accurarcy=99.81">1.76</td>
<td style="text-align: center;" title="Character Accurarcy=99.79">1.73</td>
</tr>
</tbody>
</table>

The public and operators are advised that the blending ratio is now at E 15. 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>
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ZERA Has Increased Fuel Prices With Effect From 7 June 2022

NMB Bank has opened negotiations with potential funders for an additional US$30 million worth of lines of credit for exporters’ loans.
The bank said it had in excess of US$50 million in lines of credit facilities.
Last week, NMB signed a €12.5 million (US$13.4 million) facility with the European Investment Bank (EIB).
NMB chief executive officer Gerald Gore <a href="https://www.newsday.co.zw/2022/06/nmb-bank-scouts-for-us30m-after-eib-deal/">told NewsDay Business</a> on the sidelines of the EIB signing ceremony that the fresh funds would flow by year-end. Gore said:
<blockquote>
We are looking at receiving between US$$20 million and US$30 million.
We already have got funders who we are talking to. We wanted to first fully utilise this €12,5 million facility  and when we are done we then move to the next. We are not trying to do anything else other than (fund) exporters because that is the only way you are guaranteed repayment of those lines. The timelines largely depend on… how quickly we exhaust this one (the EIB loan) but we are looking at before the end of the year for those other additional lines.
</blockquote>
Gore said funds loaned to exporters carried less risk because their repayment history was good.
This comes as local companies continue to battle access to foreign currency.
The foreign currency auction system, which offered hope to firms when it was introduced in 2020, has accumulated a huge backlog.
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NMB Seeking For An Additional US$30 Million For Exporters' Loans

British ambassador to Zimbabwe, Mrs <a href="https://www.pindula.co.zw/Melanie_Robinson">Melanie Robinson</a> has been criticised after posting a picture of herself and Zimbabwe’s Finance and Economic Development Minister Professor <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> on Twitter captioning “constructive meeting…”
Her post comes as the Zimbabwean economy has been receding in the recent past. Said the diplomat:
<blockquote>
Constructive meeting this morning with @MthuliNcube where we discussed the economy, currency, renewables and pensions.
</blockquote>
Self-exiled former Tourism minister, <a href="https://www.pindula.co.zw/Walter_Mzembi">Walter Mzembi</a> said the diplomat’s choice of words was a deliberate effort to mislead her country. He said:
<blockquote>
“Constructive” pricing of bread here madame Ambassador, you are lending credibility to untenable situations.
These terms ” constructive ” that you use to describe your meetings are tantamount to putting lipstick and mascara on a frog when infact you know there is immense suffering of our people, this is exactly how @CatrionaLaing1 misled Westminster!
</blockquote>
Tabani  ³⁵ @tabanimcgucci replied to Robinson:
<blockquote>
Constructive Pensions discussion? Did you discuss about someone getting 21 years terminal benefits of less than $50 USD and getting punitively taxed on top of that?
<img decoding="async" src="https://pbs.twimg.com/media/FUocfDsWQAAasr3?format=jpg&amp;name=large"/>
</blockquote>
<a href="https://www.pindula.co.zw/Obert_Masaraure">Obert Masaraure</a>, the president of the <a href="https://www.pindula.co.zw/Amalgamated_Rural_Teachers_Union_of_Zimbabwe">Amalgamated Rural Teachers’ Union of Zimbabwe (ARTUZ)</a> said it’s not the first time and won’t be the last Ncube has held such meetings but there is nothing tangible coming out of those meetings. He said:
<blockquote>
Unfortunately, @MthuliNcube holds series of constructive meetings which never yield any positive results on the ground.
</blockquote>
Some said the name Mthuli Ncube and the word “constructive” can never be used in the same sentence. 
Mthuli Ncube was appointed as the Finance Minister in 2018. He made promises that he would turn the country’s fortunes around. The economy, according to analysts, has actually receded under his watch.
The government blames the trajectory on poor rains which affected the agriculture sector, developments in the geoeconomic arena and economic saboteurs.
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UK Ambassador To Zimbabwe Melanie Robinson Criticised For "Constructive Meeting With Mthuli Ncube" Remarks

OK Grand Challenge Jackpot Promotion serial winner, Clement Muhle and his family have won their 10th car in the past five years.
The Rusape businessman’s wife, Fatima Muhle, was the recipient of a Delta Corporation-sponsored Nissan NP200 on Saturday.
To date, Muhle’s children – four boys and four girls – have won a car each except for their youngest son, a one-year-old, who is yet to try his luck.
<a href="https://www.hmetro.co.zw/ok-grand-challenge-serial-winning-family-get-10th-car/">Fatima told H-Metro</a> she earned the prize after recently opening a bar in Rusape. Said Fatima:
<blockquote>
I am happy that I have won my first car after having played second fiddle to my husband and children.
I recently opened a bar in Rusape and promised myself to move big volumes in order to win because that’s the only secret to winning anything in the competition.
I am still considering whether to keep the car or invest it in the business.
</blockquote>
<h2>Juju claims:</h2>
She dismissed reports the family might be earning all these benefits through the use of juju.
<blockquote>
Like I said, it’s all about the volumes you buy on a particular product that increase your chances.
We have Christian values and we don’t use juju, those who accuse us of using it have never treated the competition seriously like we do.
</blockquote>
Meanwhile, Prosper Zambuko, from Kwekwe, walked away with the biggest prize, a double-cab Ford Ranger worth US$72 000.
Portia Dube, a 32-year-old mother of two from Gwanda, also <a href="https://news.pindula.co.zw/2022/06/05/gwanda-woman-32-wins-two-cars-at-ok-grand-challenge/">walked away with two Nissan NP200</a>, which were sponsored by Arenel and CABS.
A total of 47 vehicles were won at the event at the Borrowdale Racecourse where various artists, including Jah Prayzah, Alick Macheso, Sulu, Freeman and Nutty O took to stage.
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OK Grand Challenge Serial Winner Wins 10th Car

The <a href="https://www.pindula.co.zw/ZESA">Zimbabwe Electricity Supply Authority (ZESA)</a> has outlined a roadmap to address power generation and supply deficit, bolstering efficient industry operations as well as facilitating speedy connection of domestic customers.
Official statistics say the country’s power generation is currently subdued at around 1 300MW with demand hovering around 1 750MW.
The service gap has resulted in continued power cuts, which industry leaders partly blame for frustrating production amid costly imports from regional producers, which drain scarce foreign currency resources from the economy.
The country’s energy demand is expected to reach 3 943MW by 2025 from an estimated 2 270MW this year, jumping to about 5 177M by 2030.
The local power utility says the short to medium interventions were already being implemented to ease the energy burden.
ZESA’s internal consultant responsible for international business, Engineer Cletus Nyachowe, who represented executive chairman, <a href="https://www.pindula.co.zw/Sydney_Gata">Sydney Gata</a> during the Chamber of Mines in Zimbabwe Conference in Victoria Falls last Friday, said:
<blockquote>
We have secured US$310 million from India Exim Bank for Hwange Thermal Power Station units 1-6 life extension and rehabilitation. Our team was in India last week over that and something is happening.
Once the money is disbursed, we will channel it to rehabilitating the units and this would give us additional 350MW to 400MW of electricity in addition to the current output.
This means we will in the short-term be able to generate up to 750MW at Hwange from the current 323MW.
</blockquote>
He also told delegates that the US$1.4 billion Hwange units 7 and 8 expansion project was nearing completion and would inject an additional 600MW, beginning with the first unit commissioning set for November 2022.
Nyachowe added that ZESA had successfully negotiated for about 150MW imports from neighbouring EDM (Electricidade de Mocambique), whose drawdown would immediately commence once payments are made.
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ZESA Outlines Roadmap To Address Power Generation And Supply Deficit

The <a href="https://www.pindula.co.zw/Zimbabwe_Revenue_Authority">Zimbabwe Revenue Authority (ZIMRA)</a> has invited suitably qualified persons to fill the following posts within the authority. 
<blockquote>
<h2>HEAD – WORKFORCE PLANNING &amp; ANALYTICS – LEVEL 5 (1 POST)</h2>
Reporting to: Director of Human Capital
<h2>Duties and Responsibilities</h2>
 Human resources planning, reward management, talent development, payroll management and reporting 
 Running of all remuneration programs design and implementation, 
 Talent Analytics and regular reporting of issues which inform both operational and strategic decision making 
 Conducts HR Forecasting i.e. staff costs modelling and monitoring, headcount monitoring (Demand &amp; Supply Monitoring) in line with corporate strategy 
 Develops the HR OPEX and CAPEX Budgets in liaison with the Director-Human Capital and in line with the corporate strategy 
 Manages Staff Productivity Monitoring and Analytics 
 Conducts Employee Engagement (EE) Surveys (Annual, Pulse etc.) and Initiatives Tracking 
 Conducts Staff Wellness Initiatives Tracking and maintains all remuneration systems and data integrity 
 Sets the basis for Remuneration Policy Reviews and implements Salary Benchmarking 
 Pay structuring to ensure pay equity (internal and external) across all employee categories 
 Motivates for Funeral Assistance, Motor Vehicle Allowances and other benefits/allowances for maintenance of staff welfare. 
 Designs Incentive Schemes (Short Term &amp; Long Term) and recognition schemes for staff 
 Proposes Housing Scheme Rules &amp; Manages their implementation 
 Designs Skills Gap Assessments Tools and offers technical support in skills assessment and tracking exercises 
 Designs tools and ensures performance analytics for individual and employee groups 
 Conducts succession planning and Talent Grid/Talent Profiling analytics in liaison with other HR subsections 
 Manages the administration of Non-Payroll Benefits e.g. Incentive Schemes &amp; Performance Bonus Operationalisation
 Sets Leave Balance targets in line with the staff costs budget &amp; conducts leave liability analytics &amp; tracking 
 Conducts Medical Aid and Medical Cover Analytics &amp; recommends appropriate uptake by the business 
 Compiles the quarterly HR Board Reports with inputs from all HR subsections 
 Runs the analytics, tracking and reporting on staff costs movement on a monthly basis. 
 Ensures the development of reporting standards and implementation of reporting tools (SOPs) for use in the HR function
<h2>Qualifications and Experience</h2>
 Bachelor’s Degree in Applied Maths, Statistics, Actuarial Science, Data Analytics, Industrial Psychology or Psychology Equivalent. 
 At least six (6) years’ experience four of which should be at managerial level.
<h2>Key Skills and Competencies</h2>
<h2>Technical skills required are:</h2>
 Advanced Microsoft Excel (Must Have) + Other Statistical Software 
 Advanced-Data Analytics 
 Advanced PowerPoint &amp; Other Reporting Software
<h2>Soft skills required are:</h2>
 High Learning Orientation 
 Acute Problem Solving Attitude 
 Effective Team Management
<h2>Other Attributes</h2>
 Ability to work under pressure 
 Ability to communicate at all levels 
 Ability to work both independently and as part of a team 
 Unquestionable integrity.
<h2>MID-CAREER SPECIALIST TRAINEES</h2>
Candidates who had submitted applications for this post are advised not to resubmit. 
The Zimbabwe Revenue Authority (ZIMRA) has an exciting opportunity for enthusiastic specialists to join our dynamic team:
 Are you a specialist in industries such as the following: 
• Manufacturing 
• Telecommunications 
• Financial Services 
• Mining 
• Tourism And
 Do you possess a first degree in the relevant field with a minimum score of 2.1? 
 Have least 3 years’ post-graduation experience in the specified field? 
 Be 36 years of age or below at the date of this advert? 
 Are you an individual seeking to switch your career into a thriving and supportive workplace?
You are the right individual to apply for the MID-CAREER SPECIALIST TRAINEE opportunity at ZIMRA. This position is well suited for an individual who seeks to be part of the Revenue collecting team using their expertise in different fields mentioned above. Interested candidates should:
Interested candidates should submit applications, accompanied by a detailed Curriculum Vitae by 12 June 2022. All applications should be emailed to ZimraRecruitment@zimra.co.zw clearly stating the position applied for and addressed to:
The Director, Human Capital 
Zimbabwe Revenue Authority 
6th Floor ZB Centre 
Corner First Street / Kwame Nkrumah Avenue 
P. O. Box 4360 HARARE 
Please note that only shortlisted applicants will be responded to.
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