Zimbabwe’s central bank reduced its interest rate for a second time in a row, bucking a global trend toward keeping borrowing costs higher for longer as the US-Iran standoff keeps energy prices elevated.

South Africa and Zimbabwe are discussing a $500 million dam project to supply water to an industrial hub near their border, according to documents seen by Bloomberg.

Zimbabwe’s transition to a single currency will be driven by market conditions and macroeconomic stability, rather than a fixed timetable, central bank Governor John Mushayavanhu said.

The World Bank cautioned Zimbabwe against rushing to end the use of dollars in the economy as it could trigger capital flight.

Tsingshan Holding Group Co. is considering as much as tripling output at a Zimbabwe steel plant it started in 2024, an expansion that could add to pressure on South Africa’s struggling steel industry as much of its production is exported to that country.

Zimbabwe said it’s on track to meet the economic goals set by the International Monetary Fund under an agreement struck earlier this year.

Zimbabwean President Emmerson Mnangagwa appointed a US-sanctioned tycoon who backed his campaign to extend his term to the country’s senate.

China’s Sichuan Yahua Industrial Group Co. plans to start operating a $200 million lithium-sulfate plant in Zimbabwe in the second quarter of next year amid a push by the southern African country to reap more value from its natural resources.

Shares in Old Mutual Ltd. began trading on Zimbabwe’s dollar-denominated stock exchange, six years after they were suspended on the country’s main bourse to curb a currency rout.

Zimbabwe said it will cap government support for buying gold at $300 million this year and review the scheme in the 2027 national budget, according to a letter from top economic officials to the International Monetary Fund.

Zimbabwe’s dollar-denominated stock exchange plans to boost its market value by 25% over the next year after Old Mutual Ltd. joined the bourse, while rolling out new products including a venture board that will help junior mining and exploration companies raise capital.

Zimbabwe won’t rush to phase out the US dollar and make the ZiG its sole currency until it is confident that inflation is under control and the exchange rate is stable.

France and the UK agreed to co-chair a body that will help Zimbabwe restructure the billions of dollars it owes creditors, the southern African nation’s Finance Ministry said.

Mutapa Energy Resources, Zimbabwe’s state-owned lithium miner, has secured $300 million from a group of companies, which includes Chinese entities, to develop its assets in the southern African nation.

Zimbabwean President Emmerson Mnangagwa said a constitutional amendment to extend his tenure by two more years was a collective decision, the Sunday Mail reported.

Zimbabwe’s president signed into law a constitutional amendment that will extend the 83-year-old leader’s rule of the southern African nation by two years.

Zimbabwean lawmakers approved a controversial amendment to the constitution that will lay the ground for President Emmerson Mnangagwa to extend his rule by two years.

Zimbabwe’s central bank became the first in the world to cut interest rates after the US and Iran said they reached an interim peace deal to reopen the Strait of Hormuz, an announcement that drove down oil prices.

Zimbabwe is in talks with the African Development Bank for a $150 million loan as part of efforts to clear billions of dollars of debt arrears, Finance Minister Mthuli Ncube said.

China’s Zhejiang Huayou Cobalt Ltd. plans to set up a lithium carbonate plant in Zimbabwe, according to the southern African country’s mines minister.