By Alois Vinga
THE Zimbabwe National Chamber of Commerce (ZNCC) has slammed local businesses for circumventing official exchange rates through pricing goods and services at premiums higher than the stipulated rates when they were major beneficiaries of the auction system.
The Reserve Bank of Zimbabwe (RBZ) last year incepted the Foreign Exchange Auction system which has been credited for stabilising exchange rates and slowing down both monthly and yearly inflation rates.
Despite close to 800 companies having benefited from the weekly Foreign Currency Auction Trading System, where US$639,5 million has been allotted since the introduction of the platform, many businesses continue to peg their goods at premiums which were higher than those obtaining in the official market.
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Kse-100: Bulls lift index to cross 45,000 mark
April 10, 2021
Bulls continued to dominate Pakistan Stock Exchange (PSX) for the second day, as stocks extended their gains to lift benchmark kse-100 index by 445.12 points by the closing bell to cross 45,000 mark.
Senior Vice President, BMA Capital Management Limited, Irfan Saeed said that Friday’s gains were primarily linked to a technical bounce back as the index was projected to cross 45,200 level, but warned that technical correction can be witnessed in the next session, as profit taking is expected at this level. Mr Saeed, however added that the current uphill trajectory of the index can also be linked to upbeat investors sentiments, who are expecting strong financial results season, specifically for the cement and steel sector, which have witnessed a surge in dispatches and sales.
Market watch: KSE-100 breaches 45,000-point mark
Benchmark index gains 445.12 points to close at 45,186.48
KARACHI:
The stock market continued its recovery on Friday with the benchmark KSE-100 index recouping another 445 points on last trading day of the week as positive macros once again helped the index surpass the 45,000-point mark.
A surge in foreign exchange reserves, which rose above $16 billion on Thursday with the receipt of $2.5 billion via Eurobond issue, played the role of a catalyst in the bullish close at the Pakistan Stock Exchange.
Last week, Pakistan entered the international capital market after a gap of over three years by successfully raising $2.5 billion through a multi-tranche transaction of 5-, 10- and 30-year Eurobonds.
Zim industries begin regaining footing
Zimbabwe’s economic story is a tale of many turns.
Even economists and critics like US-based Johns Hopkins Professor Steve Hanke have tripped over their own projections countless times.
While the odds were heavily staked against local industry, especially with the coronavirus pandemic that was largely expected to weigh on the local economy, the manufacturing’s sector has been performing better than expected.
Local products now occupy about half of supermarket shop-shelves.
On March 12, President Mnangagwa tweeted: “In 2017, 5 percent of stock in Zimbabwe’s supermarkets was locally manufactured. Today, 45 percent of our supermarket supplies are proudly made in Zimbabwe. The worst of our economic woes are now behind us. Zimbabwe shall rise once again!”