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The NewsHawks has said President Emmerson Mnangagwa’s associates are behind the new US$1.3 billion megabucks petroleum products pipeline project that will be Zimbabwe’s second fuel pipeline from Beira, Mozambique.
The project whose cost was quickened from US$850 million to US$1.3 billion, and will ultimately surge to US$4 billion, is fronted by South African businessman Errol Gregor.
The project is largely being facilitated by Cross and state-owned National Oil Infrastructure Company of Zimbabwe (Pvt) Ltd (Noic) chairperson Daniel McKenzie Ncube, an engineer who is a long-time Mnangagwa ally. 
They say the project, once complete, will service the whole of southern Africa.
The NewsHawks obtained documents that suggest that the project is a 50-50 joint venture between British-registered Coven Energy Ltd, fronted by Gregor, and Noic, which imports, transports, stores and handles petroleum products locally.
Investigations show that the project was actually mulled in 2010 during the Government of National Unity between the late president Robert Mugabe and founding main opposition MDC leader Morgan Tsvangirai, who has also died.
Cross was the deal-maker and he initially worked with former Energy minister Elton Mangoma who wanted to build a regional fuel hub in Zimbabwe.
The NewsHawks were told that Cross was given the task to push the project because of his vast experience in the business. Said an anonymous source:
<blockquote>
His task was to look for a company that could design and fund a new Beira-Harare pipeline. He did so and found the Mining, Oil and Gas Supply Company (Mogs) in Johannesburg, South Africa.
The company had been founded by Gregor, a South African chemical engineer who refused to serve in the apartheid army and left South Africa to start a new life in Texas, the United States.
While there, Gregor established Mogs as a service company for the oil and gas business in the southern states of America. This became a major operation and spread wings into the Middle East region.
</blockquote>
Mangoma and Cross tabled the project at a cost of US$850 million but ZANU PF’s victory in the 2013 election stalled the project. Below are some of the findings of the investigations conducted by the NewsHawks:
<ol>
<li>
<blockquote>Ncube told The NewsHawsks the pipeline is wholly owned by the government, not Tagwirei.</blockquote>
</li>
<li>
<blockquote>When Mnangagwa seized power in November 2017, the new pipeline project was revived, with Cross playing a major role.</blockquote>
</li>
<li>
<blockquote>Tagwirei and business partners resisted it and Mnangagwa’s government shelved it again. Mutsvangwa was livid about it at the time and had public outbursts over it.</blockquote>
</li>
<li>
<blockquote> Tagwirei sold his fuel business to Trafigura opening a new window of opportunity.</blockquote>
</li>
<li>
<blockquote>Gregor who had gone to establish Coven Energy in the UK was approached again and agreed.</blockquote>
</li>
<li>
<blockquote>In 2019, Mnangagwa appointed Ncube the Noic chair to further facilitate the project.</blockquote>
</li>
<li>
<blockquote>Documents show that the project will run for 30 years, starting off with eight million tonnes of product per annum.</blockquote>
</li>
<li>
<blockquote>Cabinet approved the project on Tuesday, 10 August 2021.</blockquote>
</li>
<li>
<blockquote>Company records in the UK show that Coven was only established by Gregor in August last year, apparently for this project only.</blockquote>
</li>
<li>
<blockquote>Coven Energy Limited — whose registration number is 12835465 — was registered on 25 August 2020, raising questions around issues of experience and capacity to undertake such a huge project.</blockquote>
</li>
<li>
<blockquote>It is located at Flat 501, 1 Bolander Grove, London, England.</blockquote>
</li>
<li>
<blockquote>The company has four directors including Gregor, who is chair and was appointed the day the company was registered.</blockquote>
</li>
<li>
<blockquote>Other directors are Alexander Fraser Russell, Stephanus Du Toit Burger, both South African nationals, and Ghanaian Leon Kendon Appenteng.</blockquote>
</li>
<li>
<blockquote>Both Gregor and the Highlands Group have the same address as Coven Energy.</blockquote>
</li>
</ol>
The NewsHawks contacted Ncube for a comment and he requested to be given “time to work things out.”
This comes as Zimbabweans are not happy with some deals including that of local businessmen and ex-convict, Wicknell Chivayo, that have no tangible results when the taxpayers’ money would have been paid.
More: <a href="https://thenewshawks.com/mnangagwa-associates-behind-the-us1-3-billion-mega-deal/">The NewsHawks</a>

Pindula News

New Details Emerge On Zimbabwe's Second Fuel Pipeline Project

JOBS, JOBS, JOBS: ZIMRA Is Hiring

Bloomberg reports that weeks after <a href="https://www.pindula.co.zw/Kudakwashe_Tagwirei">Kudakwashe Tagwirei</a> was <a href="https://news.pindula.co.zw/2020/08/05/usa-adds-tagwirei-sakunda-holdings-onto-the-sanctions-list/">sanctioned by the U.S</a>., <a href="https://news.pindula.co.zw/2021/07/03/how-kuda-tagwirei-built-alleged-offshore-investments/">his Mauritius-based Sotic International Ltd.</a> began planning to shift its assets to a newly created Zimbabwean holding company — Ziwa Resources Ltd. 
Ziwa is the only private shareholder in the partnership, called Kuvimba Mining House Ltd, a private company registered in Zimbabwe in September 2020.
Kuvimba is 65 per cent held by the state and 35 per cent by Ziwa. 
In June, Finance Minister Mthuli Ncube announced that <a href="https://news.pindula.co.zw/2021/06/25/kuvimba-pays-us5-2-million-dividend/">Kuvimba had paid a dividend of US$5.2 million to state agencies, including one charged with compensating White farmers for land seized two decades ago.</a>
According to documents seen by Bloomberg, David Brown, chief executive officer of both Sotic and Kuvimba as of June, told Sotic’s shareholders one month before Ziwa was founded, that Mauritius was increasingly being seen as a tax haven.
He also argued that moving the company’s assets to a Zimbabwean subsidiary would encourage “local co-investment” in mines that needed “significant capital investment,” 
Brown told them that restructuring the company was necessary to address “the negative press the company has been subjected to over the past weeks.”
He said that Mauritius had been included in the G7 countries’ Financial Action Task Force’s grey list, which forces strict monitoring to combat money laundering and had also been blacklisted by the European Union. Brown said:
<blockquote>
Management is proposing to the shareholders that they create a subsidiary in Zimbabwe, and proceed with a restructure of the ownership of the company’s assets such that the Zimbabwean assets are held by a Zimbabwean holding company.
</blockquote>
In conversations with Bloomberg in July, Brown said he’s also a director of Ziwa but doesn’t know who its shareholders are. 
Brown also confirmed that assets held by Mauritius-based Sotic are now part of Kuvimba but declined to comment further.
While <a href="https://news.pindula.co.zw/2021/07/06/kuvimba-mining-house-denies-kudakwashe-tagwirei-links/">Zimbabwe government officials have repeatedly denied that Tagwirei has any connection to Kuvimba</a>, Bloomberg in May reported that Kuvimba holds assets that were until at least late last year part-owned by Tagwirei.
The publication cites company documents, emails and transcripts of Whatsapp conversations between executives as proof.
The government has as recently as July declined to say how Kuvimba came to possess the assets, which include choice mineral deposits and mines that it says are worth $2 billion.
<a href="https://www.pindula.co.zw/Kudakwashe_Tagwirei">Tagwirei</a>, an adviser to Zimbabwe’s President Emmerson Mnangagwa, is under U.S. and <a href="https://news.pindula.co.zw/2021/07/22/kuda-tagwirei-among-5-individuals-uk-put-on-sanctions/">U.K. sanctions</a> which means he is effectively cut off from international financial markets. 
The sanctions also prohibit U.S. citizens from doing business with him, and his assets in the U.S. are frozen and must be reported to the U.S. Treasury.
More: <a href="https://www.theanchor.co.zw/tagwireyi-may-have-shifted-assets-to-zimbabwe-after-us-sanctions/">Bloomberg</a>

Tagwirei May Have Shifted Assets To Zimbabwe Following Sanctions - Bloomberg

Econet Wireless has called for an upward review of tariffs saying it was the only way to save the telecommunications sector from collapsing.
The Zimbabwe Stock Exchange-listed diversified telecommunications group also said it is heavily constrained by the ongoing foreign currency shortages.
In the results statement for the year ended February 28 2021, Econet chairman James Myers called for a review of the tariff to ensure that the sector remains afloat. He said:
<blockquote>
Our headline tariffs were last reviewed in August 2020. Given the inflationary pressures experienced, we believe that another tariff review is due in order for the sector to remain viable.
All our pricing is determined by the regulator using given cost inputs. The timely adjustment of tariffs, using the Telecommunications Pricing Index, is critical to our continued viability as a business.
</blockquote>
Myers also said the foreign currency shortage has crippled its operations and expressed hope that interventions by the Fiscal and Monetary authorities will improve the situation in the near future. Said Myers:
<blockquote>
Foreign currency availability continues to be the biggest hurdle facing the Company. This has constrained our ability to provide adequate capacity to our customers.
The Company has encountered operational challenges to meet its capacity enhancement and routine maintenance requirements.
We remain hopeful that the improvements in foreign currency availability due to interventions by the Fiscal and Monetary authorities will improve this situation in the foreseeable future.
</blockquote>
<h4>More: <a href="https://www.newzimbabwe.com/econet-calls-for-tariffs-review/">NewZimbabwe.com</a></h4>

Econet Calls For Tariffs Adjustment

The government has signed a US$1.3 billion joint venture agreement with British-based Coven Energy to develop a fuel pipeline from the Mozambican port city of Beira to the capital city Harare, a cabinet minister said on Wednesday.
Coven Energy Limited will partner with the National Oil Company of Zimbabwe (NOIC) to develop and operate the pipeline in a 50:50 public-private partnership.
Addressing the press after a cabinet meeting in Harare yesterday evening, Information Minister Monica Mutsvangwa said the pipeline would complement the existing one that also links Harare and Beira and make landlocked Zimbabwe a fuel hub for the southern Africa region. She said:
<blockquote>
The project will result in the National Oil Infrastructure Company of Zimbabwe (Pvt) Ltd and Coven Energy Ltd entering into a 50:50 public-private partnership.
The project will create employment opportunities and generate foreign currency for the country. It will also help reduce vehicular congestion and the smuggling of petroleum products.
The pipeline will be built over four years, at an estimated cost of US$1,3 billion. The partnership will be for a period of 30 years.
Cabinet resolved that the parties sign a memorandum of understanding for purposes of conducting a bankable feasibility study which they will fund.
</blockquote>
Zimbabwe has struggled with acute shortages of fuel due to perennial shortages of foreign exchange but supplies have improved in recent months after the government allowed companies to sell the commodity in U.S. dollars
<h4>More: <a href="https://www.herald.co.zw/zim-to-reap-spin-offs-from-4-major-projects-as-cabinet-okays-investments/">The Herald</a></h4>

Zimbabwe Signs US$1.3 Billion Fuel Pipeline Deal With British Firm

The Zimbabwe National Road Administration (ZINARA) is rolling out automatic number plate recognition cameras at tollgates along the Plumtree-Mutare Highway as part of measures to reduce congestion at the tollgates.
The technology identifies and processes the vehicle tolling class, licensing status and tolling exemption status and will trigger the boom to open automatically for exempted vehicles and those on residential discounts.
ZINARA technical director Moses Chigonyati confirmed this development, saying the technology was already in use at Norton tollgate and the rollout to other tollgates was already underway. He said:
<blockquote>
We are introducing the basic short-range cameras at all the tollgates along the Plumtree-Mutare Highway which will recognise the number plate of an exempted car approaching the tollgate at a speed of 70km per hour.
The long-range cameras recognise cars that will be moving at a speed of 160km per hour so we settled for the short-range camera on the understanding that no motorist will approach a tollgate at a speed of 160km per hour.
</blockquote>
Chigonyati said the major advantage of the ANPR system is that toll collectors will no longer go out of the booth to verify if a vehicle is exempted and this will reduce transacting time at the tollgate. He said:
<blockquote>
The biggest advantage of this system is that toll collectors will no longer go out of the booth to physically verify if the vehicle is exempted or not and, they do not need to scan an exemption coupon physically on the document scanner. This is going to shorten the transacting time at the tollgate.
There was also the challenge of toll collectors scanning expired exemption coupons due to pressure, but this is going to be a thing of the past because the ANPR system is going to pick this automatically.
</blockquote>
He said the system was also going to ease the processing of the ZINARA cards on the Plumtree-Mutare Highway because initially, collectors were inputting the number plates manually.
<h4>More: <a href="https://www.newsday.co.zw/2021/08/zinara-introduces-automatic-cameras-at-tollgates/">NewsDay</a></h4>

ZINARA Introduces Automatic Cameras To Accelerate Transacting At Tollgates

The Zimbabwe dollar has weakened slightly against the US dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Wednesday, 11 August 2021.
Last week the weighted average was US$1: ZWL$85.7286, falling to US$1: ZWL$85.7467 this week.
This week, US$10.76 million was allocated to the Small to Medium Enterprises forex auction while US$33.31 million was allocated to the main forex auction.
In total, US$44.07 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.
710 bids were received on the Small to Medium enterprises forex auction, with 665 accepted and 46 disqualified.
On the main forex auction, a total of 382 bids were received, 344 were accepted while 38 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> said bids that were disqualified were not eligible in terms of the Priority List.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said.
Below is the RBZ summary of the forex auction:
<table class="table table-bordered table-hover" id="table_2" style="width: 94.3712%;">
<tbody>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.79">Number of Bids Received :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=99.93">710</td>
<td style="width: 73.0753%;" title="Character Accurarcy=99.86">382</td>
</tr>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.76">Number of Bids Disqualified :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=99.95">46</td>
<td style="width: 73.0753%;" title="Character Accurarcy=99.93">38</td>
</tr>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.83">Total Number of Bids Accepted :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=99.9">665</td>
<td style="width: 73.0753%;" title="Character Accurarcy=99.73">344</td>
</tr>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.79">Total Number of Bids Allotted :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=99.93">665</td>
<td style="width: 73.0753%;" title="Character Accurarcy=99.76">344</td>
</tr>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.65">Total Value of Bids Accepted :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=98.29">USD10,762,380.86</td>
<td style="width: 73.0753%;" title="Character Accurarcy=98.72">USD34,814,140.90</td>
</tr>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.14">Amount Allotted :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=78.8">USD10, ,762,380.86</td>
<td style="width: 73.0753%;" title="Character Accurarcy=98.3">USD33,311,412.99</td>
</tr>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.27">Highest Rate Received :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=95.81">92.0000</td>
<td style="width: 73.0753%;" title="Character Accurarcy=97.09">92.0000</td>
</tr>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.48">Lowest Bid Rate Received :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=95.64">82.0000</td>
<td style="width: 73.0753%;" title="Character Accurarcy=99.39">82.1500</td>
</tr>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.54">Lowest Bid Rate Allotted :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=96">82.0000</td>
<td style="width: 73.0753%;" title="Character Accurarcy=99.36">82.1500</td>
</tr>
<tr>
<td style="width: 45.1172%;" title="Character Accurarcy=99.59">Weighted Average Rate :</td>
<td style="width: 27.1484%;" title="Character Accurarcy=99.23">85. 7467</td>
</tr>
</tbody>
</table>
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.52">PURPOSE</td>
<td title="Character Accurarcy=99.77">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.85">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.84">Raw Materials</td>
<td title="Character Accurarcy=99.62">2,351,192.10</td>
<td title="Character Accurarcy=99.34">14,011,320.21</td>
</tr>
<tr>
<td title="Character Accurarcy=99.92">Machinery and Equipment</td>
<td title="Character Accurarcy=99.85">2,559,391.68</td>
<td title="Character Accurarcy=99.83">7,939,559.49</td>
</tr>
<tr>
<td title="Character Accurarcy=99.42">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.82">2,432,945.36</td>
<td title="Character Accurarcy=99.83">2,406,795.44</td>
</tr>
<tr>
<td title="Character Accurarcy=98.81">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.82">859,923.67</td>
<td title="Character Accurarcy=99.88">1,589,893.19</td>
</tr>
<tr>
<td title="Character Accurarcy=99.44">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.81">1,331,734.37</td>
<td title="Character Accurarcy=99.92">3,064,452.54</td>
</tr>
<tr>
<td title="Character Accurarcy=99.68">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.88">254,155.57</td>
<td title="Character Accurarcy=99.77">1,217,751.92</td>
</tr>
<tr>
<td title="Character Accurarcy=99.42">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.91">589,863.17</td>
<td title="Character Accurarcy=99.79">2,429,520.05</td>
</tr>
<tr>
<td title="Character Accurarcy=99.64">Paper and Packaging</td>
<td title="Character Accurarcy=99.86">383,174.94</td>
<td title="Character Accurarcy=99.63">652,120.15</td>
</tr>
<tr>
<td title="Character Accurarcy=99.53">TOTAL</td>
<td title="Character Accurarcy=99.84">10,762,380.86</td>
<td title="Character Accurarcy=99.78">33,311,412.99</td>
</tr>
<tr>
<td title="Character Accurarcy=99.81">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=99.61">44,073,793.85</td>
</tr>
</tbody>
</table>

RBZ Foreign Currency Auction Results: 11 August 2021

Zimbabwe United Passenger Company (ZUPCO) commuter omnibus (kombi) drivers on Wednesday staged a sit-in at the Kelvin Depot in Bulawayo in protest against salary arrears and poor working conditions.
The drivers say they are owed two months’ salaries, a claim ZUPCO officials and transport operators contracted to the transport utility confirmed last week.
The drivers who said they are paid ZWL$7000 per fortnight, said efforts to engage the company management have not been fruitful.
They told CITE that they have been moved from pillar to post by ZUPCO officials and their employers and are now under pressure from their landlords as they are in rent arrears. One of the drives said:
<blockquote>
As ZUPCO drivers we are not happy with how ZUPCO managers are treating us, it’s now two months without any pay when we try to engage them, they tell us that we are not employed by ZUPCO and they do not have a contract with us, we have contracts with the vehicle owners.
When we ask the owners, they tell us that ZUPCO has not paid them too, as we are the ones who look for this money, we saw it fit to not go to work so that they can discuss with our owners whether they are giving us money or what because we are now facing even challenges with our landlords.
</blockquote>
He said the drivers work long hours and knock off late “we queue for fuel up to 1 am, around 4 am they pick us to report for duty.”
Another driver who also spoke to CITE said they are not clear with positions at ZUPCO as anyone can tell them what to do. He said:
<blockquote>
Per day we make up to ZWL$18 000, but they are failing to pay our employer so that we can also get paid, but every day they complain that we are cashing in little money yet we are not even benefitting, we are now tired.
</blockquote>
Another driver added that the Division Operations Manager promised to pay them by 2 pm today but they vowed to never leave the premises before they receive their salaries.
CITE said efforts to get a comment from ZUPCO Southern Region Manager, Tinaye Rwasoka were fruitless as his phone rang unanswered, while ZUPCO’S marketing and public relations manager Sikhanyisiwe Ncube’s mobile number was not available to receive calls.
<h4>More: <a href="https://cite.org.zw/zupco-drivers-stage-sit-in-over-salaries/">CITE</a></h4>

ZUPCO Kombi Drivers Speak On Kelvin Depot Salary Protest

Zimbabwe United Passenger Company (ZUPCO) kombi drivers on Wednesday parked their vehicles at Kelvin Depot in Bulawayo in protest over late payment of salaries.
Sources told Pindula News that while conductors, who are ZUPCO employees, have reported for work as usual, the drivers have parked their vehicles at the depot, which is the only depot that dispatches kombis in Bulawayo.
The kombi drivers have not been paid their salaries for the last two months and last week many in Chitungwiza, Masvingo and some parts of the country went on strike, leaving thousands of commuters stranded.
ZUPCO regional operational manager Tito Chirau told <a href="https://www.herald.co.zw/zupco-pledges-to-pay-operators/">The Herald</a> last week that operators will soon start getting the payments and apparently, this has not materialised as ZUPCO kombi drivers in Bulawayo have embarked on job action. Said Chirau:
<blockquote>
We are receiving a payment from the Ministry of Finance and Economic Development tomorrow and then we will make all the payments to private operators. They should start expecting their money from Wednesday going forward.
We are encouraging our private operators to continue working as usual providing transport to our citizens.
There have been delays but they will all receive their payments by the end of this week.
</blockquote>
Last week one kombi operator Artwell Huchu, said their drivers were demanding their salaries before resuming work and acknowledged drivers had not been paid for the last two months. He said:
<blockquote>
We are the ones who pay our drivers after receiving our money from ZUPCO. It has been two months now without receiving our money from ZUPCO so that we can pay the salaries the drivers are demanding from us.
We have told them that we have not received anything from ZUPCO for the past two months, but they said they were not going to work until they receive their money.
The ZUPCO officials have sent us messages that our drivers have refused to work and it was up to us to talk to them, but the only way we can make them understand is after we have given them their salaries.
So currently we are waiting for the money to pay our drivers for them to resume work.
</blockquote>
Some operators said their drivers get 15 per cent of the money they receive from ZUPCO and they have no capacity to pay salaries if they do not receive anything from the parastatal.
In 2020 the government directed all kombi operators to register with ZUPCO for them to continue operating.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

ZUPCO Kombi Drivers In Defiant Strike Over Unpaid Salaries

The Reserve Bank of Zimbabwe (RBZ) recorded an increase in Reserve Money as of the week ending 30 July 2021 reflecting an increase in RBZ’s liquidity.
In the RBZ’s previous report for the week that <a href="https://news.pindula.co.zw/2021/08/03/reserve-money-at-the-rbz-as-of-23-july-2021/">ended on 23 July, Reserve Money had decreased by ZW$906.52</a> million to ZW$23.40 billion.

<ul>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/08/03/reserve-money-at-the-rbz-as-of-23-july-2021/">Reserve Money At The RBZ As Of 23 July 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/07/20/reserve-money-at-rbz-as-of-9-july-2021/">Reserve Money At RBZ As Of 9 July 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/07/10/rbz-reserve-money-declines-again-2-july-2021/">RBZ: Reserve Money Declines Again – 2 July 2021</a></li>
</ul>
Pindula News presents the central bank’s statement on the status of Reserve Money for the week ending 30 July 2021.
<blockquote>
1. Reserve money increased by ZW$1.54 billion to ZW$24.94 billion, as at the week ending 30th July 2021. The rise in reserve money largely reflected an increase of ZW$1.08 billion in banks’ liquidity (RTGS balances) at the Reserve Bank, coupled with increases of ZW$428 million and ZW$37.84 million in required reserves and currency issued, respectively.
2. The increase in reserve money was on the back of payment of monthly salaries and wages to civil servants, which saw Government deposits at the RBZ declining by ZW$703.15 million over the week, thus injecting liquidity into the economy.
3. Maturing non-negotiable certificates of deposits (NNCDs) also injected liquidity into the market.
</blockquote>
<h2>Download <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/08/Reserve-Money-Update-30-July-2021.pdf">Reserve-Money-Update—-30-July-2021</a></h2>

Reserve Money At The RBZ As Of 30 July 2021

List Of Beneficiaries Of RBZ Foreign Currency Auction June - July 2021

Beverages producer, Delta Corporation, has announced the appointment of Mr Sternford Moyo, a lawyer, as its new board chairman.
Moyo replaces Mr Canaan Dube who retired from the board on 31 July 2021 after serving as the chairman since August 2010.
Moyo is a prominent lawyer who specialises in mining, corporate and commercial law and is active in local, regional and international lawyers’ associations, which he had occasion to chair.
In a statement seen by Pindula News, Delta said: 

<blockquote>
Mr Sternford Moyo joins the Delta board as a director and Chairman of the Board. Mr Moyo is the Chairman and Senior Partner of law firm Scanlen and Holderness, and has<a href="https://news.pindula.co.zw/2021/01/13/sternford-moyo-becomes-first-iba-president-of-african-descent/"> recently assumed the position of President of the International Bar Association (IBA), the first IBA </a><a href="https://news.pindula.co.zw/2021/01/13/sternford-moyo-becomes-first-iba-president-of-african-descent/">President of African descent in the history</a> of the 74-year-old organisation.
Mr Moyo is a leading lawyer who specialises in mining, corporate and commercial law and active in local, regional and international lawyers’ associations which he had occasion to chair. 
He is currently a director of PPC Zimbabwe, Padenga Holdings and Alpha Media and chairs the Schweppes Zimbabwe board. 
He is a former chairman of Stanbic Zimbabwe and Zimra among other directorships.
Mr Moyo holds law degrees from the University of Zimbabwe.
</blockquote>
Delta also announced that Dr Alex Marufu joined the Board as an independent non-executive director. The beverages company added that Marufu has over 30 years of experience in managing technology businesses and digital transformation in both the public and private sectors. Added Delta:
<blockquote>
He is currently leading a projects management enterprise in South Africa. He is a non-executive director of CBZ Bank, chairs the board of TBWA Zimbabwe and Artson Systems in Kenya and previously chaired the NetOne Cellular board. 
Dr Marufu has worked for leading companies across the technology space including ICL, SAP Africa and EOH. Notably, he founded one of Zimbabwe’s earliest Internet companies PrimeNet Communications (now part of MWEB), and Uniswitch (later acquired by Twenty Third Century Systems), which dealt in electronic payment systems including internet banking, SMS Banking and third-party transaction acquiring.
Dr Marufu holds a BSc degree majoring in Physics with minors in Mathematics and Computing Science and an MBA from the University of Zimbabwe. He also holds a Masters in ICT and a PhD in Information Systems from the University of Pretoria.
</blockquote>
In March this year, Delta appointed Mr Matlhogonolo Valela as CEO replacing Mr Pearson Gowero, who retired from the role. 
Mr Alex Makamure, previously Delta’s company secretary and group treasurer, replaced Valela as the finance director Makamure.
More: <a href="https://news.pindula.co.zw">Pindula News</a>

Delta Appoints Lawyer Sternford Moyo As Board Chair

The Zimbabwe Asset Management Company (ZAMCO) has fully repaid the $1,2 billion loan it received from the Government to acquire non-performing loans (NPLs) from banks.
ZAMCO acquired the NPLs at a discount and restructured the loans, including by giving the debtors flexible and more time to repay, which gave the entities some breathing space, time to recover and also prevented total default on the bad loans.
Presenting the Monetary Policy Statement last week, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya said the improvement in banks’ asset quality had been phenomenal.
Dr Mangudya said the acquisition of NPLs and their replacement with risk-free assets (treasury bonds) had provided banks with earning assets that could be used by the institutions to unlock liquidity as security. He said:
<blockquote>
ZAMCO has managed to pay off its obligations of $1,2 billion to the Government ahead of the sunset time of 2025 and plans to wind off its operations in line with section 57A of the Reserve Bank of Zimbabwe Act are underway.
</blockquote>
ZAMCO was established by the RBZ in July 2014 to deal with the systemic risk that was posed by rising NPLs in the local financial services sector.
NPLs had also resulted in banks reducing lending to productive sectors of the economy to avoid accruing more bad debts.
ZAMCO acquired most of the NPLs held by banks, which belonged to companies that were strategically important to the economy and demonstrated potential to be turned around if the constraints of costly debt were removed.
At the time, NPL levels had peaked at around 20 per cent, way above the global benchmark of 5 per cent and below.
Mangudya said the latest RBZ data shows that the average non-performing loans (NPLs) to total loans ratio has remained low at 0.55 per cent as of June 30, 2021.
More: <a href="https://www.herald.co.zw/zamco-repays-12bn-debt-to-acquire-npls/">The Herald</a>

ZAMCO Repays $1.2 Billion Loan From Government

The government intends to clear the foreign currency backlog at the auction system within a month-and-a-half, Secretary for Finance and Economic Development George Guvamatanga has said.
Guvamatanga said this while speaking at the post-Mid-Term Budget and Economic Performance Review hosted by Business Weekly in partnership with Zimpapers Television Network (ZTN) and the Confederation of Zimbabwe Industries (CZI).
Although Guvamatanga did not specify the amount involved, former Monetary Policy Committee member Eddie Cross is on record saying the backlog is approximately US$200 million.
He said with inflation coming down and production growing, the exchange rate should be strengthening. Said Guvamatanga:
<blockquote>
We would want to assure the market that within the next 30 to 45 days we will clear the backlog that is there in the auction system. We know what it is and it is very much manageable.
What we receive on a monthly basis is very much adequate to support industry growth and demand for foreign currency.
</blockquote>
Guvamatanga said the local banking sector is now sitting on US$1.7 billion in foreign currency deposits which banks are failing to utilise. He said:
<blockquote>
We have banks today who are sitting on 50 per cent of their deposits which they are not lending, so the ecosystem is actually disrupted because we have US$1.7 billion sitting in foreign currency accounts which is not circulating in the economy.
So if banks were lending that money, the companies which are currently coming to the auction would stop coming to the auction and that would actually complete the ecosystem of the economy.
</blockquote>
<h4>More: <a href="https://www.herald.co.zw/forex-backlog-to-be-cleared-in-one-month/">The Herald</a></h4>

Forex Backlog To Be Cleared In 45 Days - Govt

West Property Zimbabwe Chief Executive Officer Kenneth Sharpe was on Friday honoured at the Forbes Best of Africa Awards held virtually by the Foreign Investment Network (FIN) Leadership and Philanthropy Round Table.
Sharpe became the first Zimbabwean to be recognised in Forbes Best of Africa Awards where he bagged the best of Africa Award of Excellence innovative chief executive officer of the year award. In accepting the award, Sharpe said:
<blockquote>
My dream is to bring to Zimbabwe what I have seen in other countries. There is no reason why we can’t bring Dubai here to Zimbabwe.
I see hope and a bright future for Zimbabwe, I know we can build Zimbabwe and we are doing that brick by brick.
Africa is a continent of enormous, but untapped opportunity, mostly the news from Africa is negative — about corruption, inept leadership and mediocrity, but that is not the whole story.
</blockquote>
The guest of honour at the event was the Nigerian vice-president Yemi Osinbajo, who was represented by the country’s Minister of Trade and Investment Niyi Adebayo.
Other winners at the event included Wendy Ackerman, a prominent Cape Town businesswoman who received the Forbes Lifetime Achievement Award.
Ackerman was instrumental in the development of the Pick-n-Pay brand alongside her husband, Raymond.
Sam Matekane, an entrepreneur and chairman of Matekane Group of Companies Lesotho, was also among the recipients.
<h4>More: <a href="https://www.thestandard.co.zw/2021/08/08/zim-businessman-wins-top-africa-award/">The Standard</a></h4>

Ken Sharpe Scoops Top Award

Qatar Airways on Friday launched a new service to Lusaka in Zambia and Harare, bringing its service to two important southern African destinations.
The new service to Lusaka and onwards to Harare will connect passengers in Zambia and Zimbabwe with Qatar Airways’ global network of more than 140 destinations, reported Gulf Times.
With the addition of these two new routes, the carrier will operate over 100 weekly flights to 27 destinations in Africa.
The launch of Lusaka and Harare also supports increased demand for trade between Zambia and Zimbabwe and destinations on the Qatar Airways network such as London, Frankfurt and New York and from multiple points in China.
The weekly three flights are on Wednesday, Friday and Sunday. The schedule is as follows: Doha (DOH) to Lusaka (LUN) QR1455 departs: 02:20 arrives: 08:50, Lusaka (LUN) to Harare (HRE) QR1455 departs: 10:20 arrives: 11:20, Harare (HRE) to Lusaka (LUN) QR1456 departs: 18:55 arrives 19:55, Lusaka (LUN) to Doha (DOH) QR1456 departs: 21:25 arrive 05:55 (+1).
<h4>More: <a href="https://www.gulf-times.com/story/697929/Qatar-Airways-launches-new-service-to-Lusaka-and-H">Gulf Times</a></h4>

Qatar Airways Launches New Service To Zimbabwe And Zambia

Zimbabwe’s foreign currency earnings registered a 29 per cent growth to US$4 billion in the first six months of this year, compared to US$3.12 billion achieved in the same period last year.
Despite the COVID-19 pandemic, which forced global economies to shut down under strict lockdowns, disrupting production, trade and supply channels, Zimbabwe’s foreign inflows have remained buoyant.
This was revealed by Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya in his 2021 mid-term monetary policy review on Thursday. He said:
<blockquote>
On account of the strong external sector performance, foreign currency receipts have remained buoyant, with US$4.02 billion having been received in the first half of the year, representing a 29.1 percent increase in foreign currency supply into the economy.
Of this amount, Diaspora remittances through the formal system amounted to US$649 million, an impressive 73 per cent increase from the US$374.6 million received during the same period in 2020.
</blockquote>
The central bank chief also expressed confidence that the current stability of inflation would continue in the outlook period.
He said the external sector had largely been driven by the recovery in the global economy, projected to expand by 6 per cent this year, which has sparked a rally in commodity prices.
Similarly, tobacco prices have been firmer at an average of US$2.92 per kilogramme during the just ended marketing season compared to last year, which helped show up foreign exchange earnings.
<h4>More: <a href="https://www.ebusinessweekly.co.zw/zim-exports-defy-covid-19/">Business Weekly</a></h4>

Zimbabwe Registers Growth In Foreign Currency Earnings

The Restaurant Operators’ Association of Zimbabwe (ROAZ) is pushing for the vaccination of workers in the sector to facilitate the resumption of sit-in services.
In the latest update, the association said it has started facilitating staff vaccinations, which saw more than 270 restaurant staffers from Harare alone receiving their first COVID-19 jabs on Wednesday.
ROAZ vice president, Karen Mutasa, said to date, close to 1 000 members in the capital city have received one or two vaccinations and the drive will be spread across the country. Said Mutasa:
<blockquote>
Restaurants around the country have been responding positively to the call by the Government for people to be fully vaccinated and ROAZ wanted to increase that level of support with a day session that would enable as many staff as possible to receive their first jabs.
These first-timers will receive their second jabs in a few weeks’ time and will join the many other restaurant staff around Zimbabwe who are fully vaccinated.
</blockquote>
She said feedback from ROAZ members has shown that about 1 000 people now had first or second-time vaccination, which is about 94 per cent of staff totals.
The day-long vaccination session took place at Mutasa’s Organikks restaurant venue in Chisipite and was conducted by a team of nurses from the Ministry of Health and Child Care.
Staff came in from member restaurants on a pre-booked schedule and the operation was conducted smoothly and successfully.
ROAZ is working in partnership with the Hospitality Association of Zimbabwe, the Tourism Business Council of Zimbabwe and the Zimbabwe Tourism Authority to advocate for the re-opening of restaurants to sit-down dining.
At present restaurants are able only to serve takeaway or delivery food, but ROAZ has argued through research that this is unsustainable for the trade.
<h4>More: <a href="https://www.chronicle.co.zw/just-in-restaurant-operators-join-vaccination-drive/">Chronicle</a></h4>

Restaurant Operators Join COVID-19 Vaccination Drive

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has said all banknotes and coins issued by the central bank since 2016 have not expired and remain legal tender.
The RBZ introduced bond notes and coins in 2016 which it said were at par with US dollar notes and coins of similar denominations.
A few years later the RBZ reintroduced the Zimbabwe dollar, with the $2 banknote being the smallest paper denomination.
In his 2021 Mid-Term Monetary Policy Statement released on Thursday, Mangudya said all bond notes and coins as well as Zimbabwe dollar notes remain legal tender. He said:
<blockquote>
In order to improve efficiency and convenience to the public, the Bank introduced ZW$50 banknotes into the national economy on the 7th of July 2021. All banknotes and coins issued by the Bank since 2016 remain legal tender in Zimbabwe.
The banknotes and coins have not expired and hence the behaviour by some traders to reject some of the notes in circulation to the detriment of members of the public is deplorable and an unfair way of conducting business.
That wayward behaviour is spurred by negative ulterior motives which are associated with arbitrage and the practice of not banking money.
The Bank encourages the public not to be short-changed by such traders and to report such unbecoming behaviour to the Bank or the Financial Intelligence Unit (FIU) or the Zimbabwe Republic Police for corrective action to be taken against such malpractices.
</blockquote>
<a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/08/Monetary-Policy-Statement-5-August-2021-1.pdf">DOWNLOAD 2021 Mid-term Monetary Policy Statement</a>
The RBZ introduced the $50 banknote on 6 July this year, in addition to $10, and $20 banknotes which were still being accepted by informal traders.
<h4>More: <a href="https://zero.pindula.co.zw/">Pindula News</a></h4>

Bond Notes And Coins Still Legal Tender - Mangudya

The Zimbabwe Energy Regulatory Authority (ZERA) has announced new fuel prices effective Thursday, 5 August 2021.
ZERA has set the maximum pump price of diesel at ZWL$114.29 or US$1.33 per litre and petrol at ZWL$117.07 or US$1.37 per litre.
In a public notice issued on Wednesday, 4 August 2021, ZERA said operators may sell at prices below the cap depending on their trading advantages.
<ul>
<li class="entry-title">
<h2><a href="https://news.pindula.co.zw/2021/07/05/zera-maintains-june-fuel-prices-for-now/">ZERA Maintains June Fuel Prices, For Now</a></h2>
</li>
</ul>
The latest fuel price review by ZERA is the first in two months after it opted against adjusting prices last month as it was “watching developments on the international market”.
For the past two months, that is, from 5 June to 4 August 2021, the maximum price of diesel was ZWL$110.54 or US$1.30 per litre while petrol was pegged at ZWL$112.55 or US$1.33 per litre.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

ZERA Hikes Fuel Prices Effective 5 August 2021

Care hire rental company Impala Car Rental is reportedly teetering on the brink of collapse due to boardroom squabbles.
According to The NewsHawks, the company’s problems emanate from several fronts, among them the Tawanda Muchehiwa abduction scandal by state security agents with its connivance, subsequent desertion by spooked clients, and the death of its chief executive Thompson Dondo in January.
Reports suggest that following the abduction of Muchehiwa by state security before the 31 July protests last year, Impala was hit by contracts cancellations when its role in the seizure and horrific torture of the student journalist was exposed.
Muchehiwa, a Midlands State University (MSU) student and nephew to ZimLive editor Mduduzi Mathuthu, has since fled to South Africa, fearing for his life.
Impala’s problems were worsened by reports of its entanglement with the Central Intelligence Organisation (CIO) through dodgy ownership deals cut by the late Madondo. Impala is the CIO’s favourite car hire company.
There has been a mass exodus of senior employees in recent weeks resulting in the formation of a splinter company known as Legacy Car Rental which has offices located at 6 Devine Road, Milton Park, Harare, The NewsHawks reported sources as saying.
After Dondo’s death, his wife Matirasa Francisca, who is a director, ordered an audit to establish the financial state of the company as she was taking from where her husband had left and suspected misappropriation of funds.
According to the company’s CR14 documents, Matirasa and the late Dondo’s sister Clara are listed as directors. Said a source:
<blockquote>
When Matirasa took over, she ordered a forensic audit to ascertain the financial state of the company.
She also suspected that her co-director Clara and some senior members of management were siphoning funds.
This did not go down well with some of Dondo’s relatives and the subsequent squabble resulted in the quitting by at least six employees and others.
Clara led the defectors to form their own splinter company, Legacy Car Rental, and they have taken away with them their skills, experience and clients.
</blockquote>
Legacy is led by Clara and her brother Darlington Dondo, Thompson’s siblings. Added the source:
<blockquote>
Darlington is Clara and Thompson’s brother. They were angered by their in-law’s boardroom coup and the audit that she ordered.
Thompson’s siblings also did not like the fact that they were being accused of misappropriating funds.
So they mobilised other disgruntled employees, including a driver called Chivizhe, to quit and then started Legacy.
</blockquote>
This has left Impala in deeper operational and financial trouble. Its Zambia branch has already closed shop, while the South African operation was already struggling.
<h4>More: <a href="https://thenewshawks.com/impala-car-rental-faces-collapse/">The NewsHawks</a></h4>

Impala Car Rental Faces Collapse

Zimbabwe’s largest bank by depositors, Steward Bank, has joined forces with Kunashe Foundation to end period poverty in the country by supplying reusable sanitary wear to underprivileged girls.
A recent study by SNV Zimbabwe revealed that 72% of menstruating schoolgirls do not use sanitary pads because they cannot afford them resulting in the unhygienic use of rags and cow dung. This not only affects the girls’ health but also strips them of confidence and dignity.
Steward Bank’s Head of Corporate Affairs, Nyasha Choga, said the bank decided to chip in after realising that many girls in Zimbabwe are at risk of developing infections and suffering the embarrassment of leakages and discomfort due to lack of clean sanitary wear.
“Hunhu/Ubuntu, as knitted into our model of business, calls for the expression of compassion, reciprocity, and actions that bestow dignity and humanity to the community. We value the privilege of contributing towards the efforts to keep girls in school and equip women to make reusable pads for their families and communities as a means of income generation,” she said.
In support of Kunashe Foundation’s vision to provide information and access to sustainable sanitary wear, Steward Bank responded with ZW$300 000.00 in May 2021 to fund over 1 000 girls in the form of a charitable grant.
Subsequently, the Foundation distributed reusable pads, which can be used for up to three years, to 262 girls in Glenview, Glen Norah, Epworth, Hatcliffe and Highfields and at St David’s children’s home (Nyanga), Shalom Children’s home, Danai Children’s home, St Marcelin’s children’s home and at Chikurubi Maximum Prison.
Kunashe Foundation said the strategic partnership with Steward Bank will go a long way in empowering women and girls across the country in helping them gain access to reproductive health rights and restoring human dignity and confidence.
Period poverty generally forces many girls to miss out on important confidence-building experiences in the classroom or in after-school activities.
Missing out on things like this can limit girls from reaching their full potential during puberty and beyond.
The foundation not only seeks to provide sanitary wear but to also improve the lives of women and girls through the provision of reliable information on women’s health as well as related access to essential products and services.
In line with its objective, the team conducted menstrual hygiene management training at Chisipite Senior School with the Leo Club, where participants were also taught the art of making reusable pads using sewing machines.
Due to the Covid-19 pandemic, in-person training for the bigger groups was not possible.
As a solution, easy-to-understand training packs in the form of guide books, pamphlets, e-fliers, and video content were provided in both instances.
END

Steward Bank Partners Kunashe Foundation To Support Underprivileged Girls

Stanbic Bank’s parent company, Standard Bank Group has provided R10.9 billion in relief to personal and SME clients across Africa in recognition of the challenges faced by SMEs as well as help them get through this difficult period.
Standard Bank Group recognises that Small &amp; medium enterprises (SMEs) are the engine of economic growth in Africa, particularly when small businesses develop their potential to expand and contribute to job creation.
According to the World Bank, formal SMEs contribute up to 40% of GDP in emerging economies, and this number is much higher when including informal businesses.
The Brookings Institute expects that consumer spending in Africa will reach $6.66 trillion in 2030, up from $4 trillion in 2015, and a large portion of this will be driven by small businesses.
During the COVID-19 pandemic, SMEs have been hit hard by economic lockdowns, curfews and cash-strapped consumers.
The crisis also highlighted the importance of small businesses in our communities as many quickly adapted to serve evolved customer needs.
“During the pandemic, it was essential that SMEs and entrepreneurs continued to receive business development support and training, and leads to markets through our business incubators in Botswana, Mozambique, Zambia, Uganda and Zimbabwe,” says Leon Barnard, Head: Business &amp; Commercial Enablement at Standard Bank Group.
He adds that Standard Bank’s incubators were also able to support SMEs with trade innovations by guiding them on import and export requirements and regulations.
Growing entrepreneurship in Africa should be a priority for corporates and governments as the continent responds to and recovers from the economic fallout of the pandemic. 
Entrepreneurs will need access to the practical tools, knowledge, advice, skills, and connections to markets that are essential for their growth.
“There are five strategic pillars that need to be considered for enterprise development support across Africa, if we can empower small business owners across all these pillars they will be on the road to success”, says Barnard.
With a focused effort on these five strategic pillars, small businesses can position themselves for growth:
<ol>
<li>Platform to nurture businesses ideas for growth and empowerment. In Botswana, ACCELERATE serves as a dynamic platform for entrepreneurs to develop innovation, business development, thought leadership and networking opportunities. Standard Bank and ACCELERATE work with partners and stakeholders across the public and private sectors towards finding solutions for the empowerment of the Batswana people.</li>
<li>Incubation as an innovative approach to helping businesses transform ideas into a minimum viable product. Incubation supports the de-risking of seed and early-stage businesses and thereby improve sustainability as well as improved access to finance. Five digital iDeate bootcamps that hosted a total of 178 entrepreneurs were held in Mozambique in 2020, led by Standard Bank and supported by their delivery partner Ideialab. The virtual format opened participation to SMEs from across the country and accessibility to the programme was enabled through a sponsorship of data bundles by the bank in partnership with Vodacom.</li>
<li>Acceleration of assistance that leads to improved business operations for profitability and growth. 
The Stanbic Bank Zimbabwe Incubator Hub was set up to help young people tackle the challenges they faced when starting or growing a business, as well as to support the Central Bank’s National Financial Inclusion Strategy as it relates to SMEs. Through workshops, training, coaching and mentoring, the hub provides support for young businesses to access markets and finance.</li>
<li>Value chain development by supporting high potential, local SMEs to access supply chain integration opportunities. In Mozambique, a virtual iDeate bootcamp was held over five days, in partnership with ENI Rovuma Basin, to build SMEs’ from 14 different sectors, in their technical and managerial capacity as well as to enable them to access the value chains of oil and gas multinationals. The virtual format empowered SMEs from across the country to participate.</li>
<li>Financial Inclusion that supports gender, youth and informal sector empowerment. 
In Uganda, the Stanbic Business Incubator was able reach more entrepreneurs across 10 districts by taking training online during the pandemic. Since its inception in 2018, A total of 1,219 small and medium enterprises benefited from the Business Development Services and coaching support.</li>
</ol>
Job creation is critical to the growth of Africa, and if small businesses have access to information and mentorship across these pillars, they will more likely be able to scale their businesses and increase employment opportunities in their community.
While the pandemic has had a devastating impact on lives and livelihoods, it has also created new opportunities to accelerate change.
“Africa’s small business owners have proven themselves as inventive and resilient in the face of an unprecedented crisis, and we believe that they are well-positioned to make great progress as the continent emerges from this pandemic,” says Barnard. 
Ends

How Business Incubators Are Helping Entrepreneurs In Africa

The Reserve Bank of Zimbabwe (RBZ) recorded a decline in Reserve Money as of the week ending 23 July 2021 reflecting a decrease in RBZ’s liquidity.
In the RBZ’s previous report for the week that ended on 9 July, Reserve Money had increased by ZW$926.48 million to ZW$24.46 billion.

<ul>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/30/rbz-reserve-money-in-sharp-decline-2/">RBZ: Reserve Money In Sharp Decline</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/04/reserve-bank-of-zimbabwe-reserve-money-increase-2/">Reserve Bank of Zimbabwe: Reserve Money Increase</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/05/18/rbz-reserve-money-in-sharp-decline/">RBZ: Reserve Money In Sharp Decline</a></li>
<li class="entry-title"><a href="https://www.rbz.co.zw/documents/weekly_review/2021/May/Reserve-Money-Update----7-May--2021.pdf">DOWNLOAD: RBZ Update On Reserve Money – 30 April 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/05/05/reserve-bank-of-zimbabwe-reserve-money-increase/">Reserve Bank Of Zimbabwe: Reserve Money Increase</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/04/30/rbz-reserve-money-update-as-of-23-april-2021/">RBZ: Reserve Money Update As Of 23 April 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/04/28/download-reserve-bank-of-zimbabwe-reserve-money-update-pdf/">DOWNLOAD: Reserve Bank Of Zimbabwe Reserve Money Update -PDF</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2020/10/17/rbz-update-on-reserve-money-6-october-2020/">RBZ Update On Reserve Money 6 October 2020</a></li>
</ul>
Pindula News presents the central bank’s statement.
1. Reserve money for the week ending 23rd July 2021 declined by ZW$906.52 million to ZW$23.40 billion. This largely reflected a decrease of 
ZW$966.91 million in banks’ liquidity (RTGS balances) at the Central Bank.
2. The decrease in reserve money was largely due to mopping-up operations by the Bank, through the issuance of non-negotiable certificates of deposits (NNCDs). 
3. Partially offsetting the decline in liquidity were increases of ZW$56.74 million and ZW$3.66 million in required reserves and currency issued, respectively.
<h2>Download <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/08/Reserve-Money-Update-23-July-2021.pdf">Reserve-Money-Update—-23-July-2021</a></h2>

Reserve Money At The RBZ As Of 23 July 2021

The Zimbabwe dollar further weakened against the US dollar on the Reserve Bank of Zimbabwe (RBZ) foreign currency (forex) auction conducted on Tuesday 03 August 2021.
Last week the weighted average was US$1: ZWL$85.6402, falling to US$1: ZWL$85.7286 this week.
This week, US$10.3 million was allocated to the Small to Medium Enterprises forex auction while US$35.2 million was allocated to the main forex auction.
In total, US$45.5 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment.

<ul>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/07/27/rbz-foreign-currency-auction-results-27-07-2021/">RBZ Foreign Currency Auction Results: 27/07/2021</a></li>
<li><a href="https://news.pindula.co.zw/2021/07/06/rbz-forex-auction-results-06-july-2021/" rel="bookmark" title="RBZ Forex Auction Results – 06 July 2021">RBZ Forex Auction Results – 06 July 2021<abbr title="5.000000 is the YARPP match score between the current entry and this related entry. You are seeing this value because you are logged in to WordPress as an administrator. It is not shown to regular visitors."></abbr></a></li>
<li><a href="https://news.pindula.co.zw/2021/03/30/zimbabwe-dollar-loses-further-ground-against-the-us-dollar/" rel="bookmark" title="Zimbabwe Dollar Loses Further Ground Against The US Dollar">Zimbabwe Dollar Loses Further Ground Against The US Dollar<abbr title="4.000000 is the YARPP match score between the current entry and this related entry. You are seeing this value because you are logged in to WordPress as an administrator. It is not shown to regular visitors."></abbr></a></li>
<li><a href="https://news.pindula.co.zw/2021/04/20/rbz-forex-auction-zimbabwe-dollar-firms-against-usd/" rel="bookmark" title="RBZ Forex Auction: Zimbabwe Dollar Firms Against USD">RBZ Forex Auction: Zimbabwe Dollar Firms Against USD</a></li>
</ul>
687 bids were received on the Small to Medium enterprises forex auction, with 624 accepted and 63 disqualified.
On the main forex auction, a total of 393 bids were received, 352 were accepted while 41 were disqualified.
<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe (RBZ)</a> said bids that were disqualified were not eligible in terms of the Priority List.
Bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were allotted on a pro-rata basis to conform with the Import Priority List, the RBZ said. Below is the RBZ summary of the forex auction:
<table class="table table-bordered table-hover" id="table_2">
<tbody>
<tr>
<td title="Character Accurarcy=99.63">                                                    SMEFX51/2021    </td>
<td title="Character Accurarcy=99.84">MAINFX57/2021   </td>
<td 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=99.62">Number of Bids Received :</td>
<td title="Character Accurarcy=99.97">687</td>
<td title="Character Accurarcy=99.9">393</td>
</tr>
<tr>
<td title="Character Accurarcy=99.64">Number of Bids Disqualified :</td>
<td title="Character Accurarcy=99.87">63</td>
<td title="Character Accurarcy=99.76">41</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">Total Number of Bids Accepted :</td>
<td title="Character Accurarcy=99.95">624</td>
<td title="Character Accurarcy=99.9">352</td>
</tr>
<tr>
<td title="Character Accurarcy=99.78">Total Number of Bids Allotted :</td>
<td title="Character Accurarcy=99.94">624</td>
<td title="Character Accurarcy=99.93">352</td>
</tr>
<tr>
<td title="Character Accurarcy=99.64">Total Value of Bids Accepted :</td>
<td title="Character Accurarcy=98.93">USD10,313,921.32</td>
<td title="Character Accurarcy=87.72">USD35, 186,456.89</td>
</tr>
<tr>
<td title="Character Accurarcy=98.96">Amount Allotted :</td>
<td title="Character Accurarcy=98.77">USD10,313,921.32</td>
<td title="Character Accurarcy=93.91">USD35, 186,456.89</td>
</tr>
<tr>
<td title="Character Accurarcy=99.37">Highest Rate Received :</td>
<td title="Character Accurarcy=98.11">91.0000</td>
<td title="Character Accurarcy=97.37">91.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.56">Lowest Bid Rate Received :</td>
<td title="Character Accurarcy=97.69">82.0000</td>
<td title="Character Accurarcy=98.23">82.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.52">Lowest Bid Rate Allotted :</td>
<td title="Character Accurarcy=97.32">82.0000</td>
<td title="Character Accurarcy=98.87">82.0000</td>
</tr>
<tr>
<td title="Character Accurarcy=99.63">Weighted Average Rate :</td>
<td title="Character Accurarcy=99.84">85.7286</td>
<td title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
 
</div>
<div class="row justify-content-center">
<table class="table table-bordered table-hover" id="table_1">
<tbody>
<tr>
<td title="Character Accurarcy=99.75">PURPOSE</td>
<td title="Character Accurarcy=99.55">AMOUNT ALLOTTED SME AUCTION</td>
<td title="Character Accurarcy=99.9">AMOUNT ALLOTTED MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Raw Materials</td>
<td title="Character Accurarcy=99.82">2,420,925.75</td>
<td title="Character Accurarcy=99.84">14,424,474.16</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.86">2,491,365.09</td>
<td title="Character Accurarcy=99.88">8,122,641.57</td>
</tr>
<tr>
<td title="Character Accurarcy=99.56">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.86">2,119,675.23</td>
<td title="Character Accurarcy=99.5">2,821,012.22</td>
</tr>
<tr>
<td title="Character Accurarcy=99.52">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.88">770,877.03</td>
<td title="Character Accurarcy=99.88">1,820,934.53</td>
</tr>
<tr>
<td title="Character Accurarcy=99.62">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.87">1,383,858.25</td>
<td title="Character Accurarcy=99.92">3,779,637.98</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Fuel, Electricity and Gas</td>
<td title="Character Accurarcy=99.94">334,796.07</td>
<td title="Character Accurarcy=99.73">1,428,010.66</td>
</tr>
<tr>
<td title="Character Accurarcy=99.64">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.58">440,846.64</td>
<td title="Character Accurarcy=99.87">2,178,056.90</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Paper and Packaging</td>
<td title="Character Accurarcy=99.96">351,577.26</td>
<td title="Character Accurarcy=99.94">611,688.87</td>
</tr>
<tr>
<td title="Character Accurarcy=99.82">TOTAL</td>
<td title="Character Accurarcy=99.73">10,313,921.32</td>
<td title="Character Accurarcy=99.93">35,186,456.89</td>
</tr>
<tr>
<td title="Character Accurarcy=99.83">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=99.86">45,500,378.21</td>
</tr>
</tbody>
</table>
</div>
More: <a href="https://news.pindula.co.zw">Pindula News</a>

RBZ Foreign Currency Auction Results: 3 Aug 2021

Cassava Smartech Zimbabwe has announced that it was rebranding by adopting the name EcoCash Holdings Zimbabwe Limited to avoid confusion.
Cassava’s Statement on the name change reads as follows:
<blockquote class="wp-block-quote">
Members are advised that the Company’s controlling shareholder, Econet Global Limited, owns other businesses outside Zimbabwe that have the word “Cassava” in their name. Apart from the common shareholder, such businesses are separate from the Company.
In order to avoid confusion and to align the name of the Company with the Company’s main operating subsidiary, EcoCash (Private) Limited, the company shall seek a Special Resolution of Members at the next Annual General Meeting to change its name from Cassava Smartech Zimbabwe Limited to EcoCash Holdings Zimbabwe Limited. The Company has already secured the written consent of the Registrar of Companies to change its name to EcoCash Holdings Zimbabwe Limited, subject to the provisions of Section 26 of the Companies and Other Business Entities Act, [Chapter 24:31].
Members are further advised that, pending the change of name approval at the next AGM, the directors have resolved that the Company shall use EcoCash Holdings Zimbabwe as its trading or assumed name effective 7th August 2021, subject to compliance with Section 29 of the Companies and Other Business Entities Act [Chapter 24:31] and any other approvals that may be required in this regard.
<cite><a href="https://www.google.com/url?sa=t&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwijzpXQ75HyAhW1_rsIHYXJCjIQFjABegQIBRAD&amp;url=https%3A%2F%2Fcassavasmartech.com%2F&amp;usg=AOvVaw1Y7eE-a_MVbFgETcC_a_5j" rel="noreferrer noopener" target="_blank">Cassava Smartech</a> </cite></blockquote>

Cassava Smartech Zimbabwe Limited Rebrands To EcoCash Holdings Zimbabwe Limited

ZOL provides LTE (Wibroniks) which can be fixed or mobile in the form of MIFI; Fibre internet which they call Fibroniks, and VSAT
<h2 data-fontsize="18" data-lineheight="25.2px">Wibroniks Prices and packages:</h2>
<ul>
<li>Home Capped- you have a maximum amount of data. Once this runs out you need to top up or your connection stops working</li>
<li>Home Unlimited-you have unlimited internet.</li>
<li>Office- these packages are designed with businesses in mind. They often get better speeds during the day</li>
</ul>
<table>
<thead>
<tr>
<th>Package</th>
<th>Data</th>
<th>Price in USD</th>
<th>Price in ZWL</th>
<th>Validity In Days</th>
<th>Roll-Over</th>
<th>Maximum Speed</th>
</tr>
</thead>
<tbody>
<tr>
<td>Capped Packages</td>
</tr>
<tr>
<td>2GB</td>
<td>2GB</td>
<td>$3</td>
<td>$257</td>
<td>15 Days</td>
<td>15 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>3GB</td>
<td>3GB</td>
<td>$5</td>
<td>$429</td>
<td>15 Days</td>
<td>15 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>5GB</td>
<td>5GB</td>
<td>$10</td>
<td>$857</td>
<td>15 Days</td>
<td>15 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>10GB</td>
<td>10GB</td>
<td>$19</td>
<td>$1 217</td>
<td>15 Days</td>
<td>15 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>15GB</td>
<td>15GB</td>
<td>$24</td>
<td>$2 055</td>
<td>30 Days</td>
<td>30 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>20GB</td>
<td>20GB</td>
<td>$27</td>
<td>$2 312</td>
<td>30 Days</td>
<td>30 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>25GB</td>
<td>25GB</td>
<td>$33</td>
<td>$2 826</td>
<td>30 Days</td>
<td>30 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>30GB</td>
<td>30GB</td>
<td>$40</td>
<td>$3 426</td>
<td>30 Days</td>
<td>30 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>60GB</td>
<td>60GB</td>
<td>$60</td>
<td>$5 138</td>
<td>30 Days</td>
<td>30 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>100GB</td>
<td>100GB</td>
<td>$80</td>
<td>$6 851</td>
<td>30 Days</td>
<td>30 Days</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>
<h2>Uncapped</h2>
</td>
</tr>
<tr>
<td>Wibroniks Unlimited</td>
<td>Unlimited</td>
<td>$119</td>
<td>$10 191</td>
<td>30 Days</td>
<td>None</td>
<td>15 Mbps</td>
</tr>
<tr>
<td>
<h2>Office</h2>
</td>
</tr>
<tr>
<td>Wibroniks Nano Office</td>
<td>Unlimited</td>
<td>$125</td>
<td>$10 705</td>
<td>30 Days</td>
<td>None</td>
<td>7 Mbps</td>
</tr>
<tr>
<td>Wibroniks Micro Office</td>
<td>Unlimited</td>
<td>$185</td>
<td>$15 844</td>
<td>30 Days</td>
<td>None</td>
<td>10 Mbps</td>
</tr>
<tr>
<td>Wibroniks Small Office</td>
<td>Unlimited</td>
<td>$295</td>
<td>$25 264</td>
<td>30 Days</td>
<td>None</td>
<td>15 Mbps</td>
</tr>
</tbody>
</table>
<ul>
<li>Before you can start using Wibroniks you need to buy the LTE Simcard at the very least and have a compatible device such as a phone or a router</li>
<li>Currently, the ZOL LTE SIM Card is going for $100 ZWL</li>
<li>For capped packages, you just need to top up with data. Data prices are listed above</li>
<li>Capped packages have a roll-over period of 15 or 30 days. This means if you don’t use up all your data you in a given month (let’s say 10GB is left from June) when you top-up (let’s say you buy 25GB in July) the following month your unused data will be combined with new data. So in our example, you will have a total of 35GB.</li>
</ul>
<h2 data-fontsize="18" data-lineheight="25.2px">Fibroniks (fibre packages):</h2>
<ul>
<li>ZOOM is a special type of low cost capped Fibre found in areas such as Warren Park</li>
<li>Capped -these are capped packages with limited data. Unlike Wibroniks where you can just top up, with Fibroniks you need to pick a capped package and pay for it.</li>
<li>Unlimited which means uncapped</li>
</ul>
<table>
<thead>
<tr>
<th>
<h2>Package Name</h2>
</th>
<th>
<h2>Data</h2>
</th>
<th>
<h2>USD Prices</h2>
</th>
<th>
<h2>ZWL Prices</h2>
</th>
<th>
<h2>Validity</h2>
</th>
</tr>
</thead>
<tbody>
<tr>
<td>
<h2>Home</h2>
</td>
</tr>
<tr>
<td>Fibroniks Zoom</td>
<td>10GB (Pay As You Go)</td>
<td>$11</td>
<td>$942</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Lite</td>
<td>40GB (Pay As You Go)</td>
<td>$29</td>
<td>$2 485</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Lite + Night Owl</td>
<td>40GB (Pay As You Go) + 40GB (Night Owl)</td>
<td>$35</td>
<td>$2 998</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Basic Essentials</td>
<td>50GB (Pay As You Go)</td>
<td>$39</td>
<td>$3 340</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Basic Essentials + Night Owl</td>
<td>50GB (Pay As You Go) + 50GB (Night Owl)</td>
<td>$47</td>
<td>$4 025</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Family Essentials</td>
<td>100GB (Pay As You Go)</td>
<td>$89</td>
<td>$7 622</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Family Essentials + Night Owl</td>
<td>100GB (Pay As You Go) + 100GB (Night Owl)</td>
<td>$105</td>
<td>$8 992</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Come Alive</td>
<td>150GB (Pay As You Go)</td>
<td>$100</td>
<td>$8 564</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Family Entertainment</td>
<td>Unlimited</td>
<td>$149</td>
<td>$12 760</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Modern Family</td>
<td>Unlimited</td>
<td>$199</td>
<td>$17 042</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Power Pack</td>
<td>Unlimited</td>
<td>$290</td>
<td>$24 834</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Turbo Pack</td>
<td>Unlimited</td>
<td>$339</td>
<td>$29 031</td>
<td>30 Days</td>
</tr>
<tr>
<td>
<h2>Office</h2>
</td>
</tr>
<tr>
<td>Fibroniks Micro Office</td>
<td>Unlimited</td>
<td>$175</td>
<td>$14 987</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Small Office</td>
<td>Unlimited</td>
<td>$275</td>
<td>$23 550</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Office</td>
<td>Unlimited</td>
<td>$495</td>
<td>$42 391</td>
<td>30 Days</td>
</tr>
<tr>
<td>Fibroniks Large Office</td>
<td>Unlimited</td>
<td>$725</td>
<td>$62 087</td>
<td>30 Days</td>
</tr>
</tbody>
</table>
<h2 data-fontsize="18" data-lineheight="25.2px">Top-up Packages</h2>
<ul>
<li>For Fibroniks first, you need to select a relevant package then you can top up to have additional data</li>
<li>This is especially useful if you exhaust your data on a capped account</li>
<li>Wibroniks top-up packages are the same as capped packages</li>
</ul>
<div>
<div><a href="https://zimpricecheck.com/price-updates/internet-services/">Click here to see prices from other Zimbabwean Internet Service Providers</a></div>
</div>
<div>More: <a href="https://zimpricecheck.com/price-updates/internet-services/zimbabwe-online-zol-internet-prices/">ZimPriceCheck</a></div>

Zolspot Internet Prices For August

Below are August fees, and charges for Ecocash, Zimbabwe’s largest mobile phone-based money transfer, financing and microfinancing service.

<h2 data-fontsize="21" data-lineheight="33.8167px">Ecocash Fees</h2>
<ul>
<li>The 2% IMT tax now only applies to transactions above $500 ZWL</li>
<li>Transaction values are still capped at $5 000 ZWL</li>
<li>However, you can do up to 7 of these transactions per week</li>
<li>This means the weekly limit is $35 000 ZWL</li>
<li>Wallet to bank charges are below</li>
</ul>
<h2 data-fontsize="18" data-lineheight="25.2px">NB</h2>
<ul>
<li>Cash-in is FREE</li>
<li>Send Money Max $5 000 ZWL per transaction and $35 000 ZWL per week</li>
<li>Pay Merchant Max $5 000 ZWL per transaction</li>
<li>Transactions for less than $1 are FREE</li>
<li>Balance Inquiry $1.50 ZWL</li>
<li>Bank To Wallet is Free</li>
<li>Request Bank Balance $1.50 ZWL</li>
<li>Request Bank Statement $1.50 ZWL</li>
</ul>
<h2 data-fontsize="18" data-lineheight="25.2px">Bank To Wallet</h2>
<ul>
<li>Based on information ascertained by <a href="https://www.techzim.co.zw/2021/01/heres-how-much-your-bank-charges-you-to-do-a-bank-to-ecocash-wallet/">Techzim.</a></li>
</ul>
<h2 data-fontsize="18" data-lineheight="25.2px">Other charges and limits</h2>
<h2>Monthly And Daily Limits</h2>
More: <a href="https://www.techzim.co.zw/2021/01/heres-how-much-your-bank-charges-you-to-do-a-bank-to-ecocash-wallet/">Techzim</a>

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