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Govt to recalculate interest on RBZ debt – Government will enlist the services of a consultant to recalculate interest on debts it contracted before 2013 with a view to identifying instances where it overpaid and enforce recovery of such amounts. Government assumed the RBZ Debt which was contracted prior to 2013 with the process involving validation and reconciliation by the Public Debt Management Office in the Ministry of Finance and Economic Development. However, due to the complexities surrounding the validation and reconciliation exercise, Government feels that there is need to subject the interest calculation process to specialised interest recalculation. (Herald)
Gold output to surpass target – Zimbabwe’s gold output is projected to surpass the 2018 annual target and is already marginally above last year’s total with four months to go, according Fidelity Printers and Refineries (FPR), the country’s sole buyer of gold and silver. As of August 29, output was just five tonnes below the full-year target of 30 tonnes and slightly higher than the 2017 output of 24,8 tonnes, about four tonnes higher than the 2016 level of 21,4 tonnes. The small-scale miners are currently contributing around 60% of all the gold that is being delivered to Fidelity Printers and Refineries. (Newsday)
752m litres of fuel gobbled as economy awakes – Fuel consumption has spiked 24 percent to 752,4 million litres between January and June this year, largely in response to rising economic activity sparked by renewed investor confidence. Apart from new investments such as Varun Beverages which is producing Pepsi, Mountain Dew and Mirinda soft drinks, a number of existing companies have also ramped up production in the last nine months. The surge in business confidence has resulted in high demand for fuel, particularly diesel, and foreign currency, as companies ramp up production. Industry gobbles 60 percent of diesel in the country. (SundayMail)
Belt and Road Initiative critical for Zim – The Belt and Road Initiative (BRI) will contribute to genuine, all-encompassing globalisation and help Zimbabwe in particular to achieve its goal for middle-income status by 2030. The BRI is an ambitious effort to improve regional co-operation and connectivity on a trans-continental scale. It aims to strengthen infrastructure, trade, and investment links between China and some 65 other countries that account collectively for over 30 percent of global Gross Domestic Product (GDP), 62 percent of world population and 75 percent of known global energy reserves. President Mnangagwa said the BRI is a significant enhancement of the old Silk Road, an ancient trade route that linked China with a network of countries in Europe, Asia and Africa.
Zimbabwe Stock Exchange
Zimbabwe Stock Exchange Performance
The Industrial Index was up 0.64% to 397.16 points on the back of a 22.5% gain in CBZ Holdings Limited which was offset a 9.09% decline in Star-Africa Corporation. The Mining Index remained unchanged to close at 161.34 points. The All Share Index inclined by 0.63% to close at 118.07.
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