RioZim Ltd., a former unit of Rio Tinto Group, lost its operating license in Zimbabwe after the miner failed to develop a 2,800 megawatt coal-fired power plant.
Zimbabwe is seeking investors to partner with it in a satellite project that will bolster telecommunications connectivity, Finance Minister Mthuli Ncube said.
Zimbabwe is taking steps to clear the $23 billion it owes multilateral institutions, as talks with lenders progress well, President Emmerson Mnangagwa said.
Street vendors at the bus terminus in the central business district of Harare, Zimbabwe, on Wednesday, July 5, 2023. Consumer prices are climbing at an annual pace of over 100%, sparking jitters in a nation where the scars of hyperinflation run deep.
Zimbabwe is taking steps to clear the $23 billion it owes multilateral institutions, as talks with lenders progress well, President Emmerson Mnangagwa said.
Street vendors at the bus terminus in the central business district of Harare, Zimbabwe, on Wednesday, July 5, 2023. Consumer prices are climbing at an annual pace of over 100%, sparking jitters in a nation where the scars of hyperinflation run deep.
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John Mushayavanhu, governor of Zimbabwe's central bank, anounces a new currency unit called ZiG during a news conference in Harare, Zimbabwe, on Friday, April 5, 2024. Zimbabwe, in its latest bid to end the serial collapse of the local dollar, has replaced it with a new unit called ZiG, which will be backed by a basket of foreign currencies, gold and other precious metals.
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John Mushayavanhu, governor of Zimbabwe's central bank, anounces a new currency unit called ZiG during a news conference in Harare, Zimbabwe, on Friday, April 5, 2024. Zimbabwe, in its latest bid to end the serial collapse of the local dollar, has replaced it with a new unit called ZiG, which will be backed by a basket of foreign currencies, gold and other precious metals.
Zimbabwe expects to produce more than 360 million kilograms (793 million pounds) of tobacco this year, surpassing a 2025 record of 355 million kilograms, the agriculture ministry said.
Workers load tobacco bales at the Tobacco Sales Floors in Harare.
Zimbabwe’s annual inflation rate has fallen below 10% for the first time since 1997, a milestone for a nation once synonymous with hyperinflation and trillion-dollar banknotes. The question now is whether the stability can last.
A one hundred trillion dollar Zimbabwe note issued in 2008.
Zimbabwe’s economy could grow at its fastest pace in 14 years after the nation secured a 10-month staff-monitored program with the International Monetary Fund, its secretary for finance and economic development said.
Street traders in the central business district of Harare, Zimbabwe. Photographer: Cynthia R Matonhodze/Bloomberg
Zimbabwe, after years of talks with the International Monetary Fund, has secured a 10-month staff-monitored program, a crucial step toward clearing billions of dollars in debt arrears.
Commercial office buildings in the central business district of Harare.
Zimbabwe’s state-owned Mutapa Platinum Group said it has approached other miners to help it develop a $500 million mine in the country.
Workers survey the Portal One area of the Great Dyke Investments Ltd. Darwendale platinum mine project, near Harare, Zimbabwe, on Wednesday, Sept. 16, 2020. The so-called Darwendale project, which lies 65 kilometers (40 miles) from the capital Harare, is central to the Zimbabwean government’s plans to revive its stagnant economy.
Zimbabwe’s High court said Impala Platinum Holdings Ltd.’s local unit is not liable to pay mining royalties of $7.1 million on exports matte and concentrates.
Zimbabwe’s annual inflation rate fell to single digits for the first time since 1997, a development authorities say is essential to adopting the gold-backed ZiG as the country’s sole currency by 2030.
Shoppers browse grocery stores in the central business district of Harare, Zimbabwe.
Zimbabwe remains committed to curbing inflation, but plans to shift the focus of monetary policy to place more emphasis on managing the money supply, the central bank said.
Zimbabwe’s inflation was 0.2% in December. Photographer: Cynthia R Matonhodze/Bloomberg
Zambia and Zimbabwe agreed to each contribute $220 million to build the delayed $4.2 billion Batoka Gorge hydropower plant that will supply electricity to both nations.
The Kariba Dam between Zimbabwe and Zambia. Photographer: GUILLEM SARTORIO/AFP
Zimbabwe will continue to make strategic mineral purchases in 2026 in order to build its foreign currency reserves, as it pushes ahead with plans to adopt the ZiG as its sole currency by 2030, central bank governor John Mushayavanhu said on Sunday.
John Mushayavanhu, governor of Zimbabwe's central bank, during an interview in Harare, Zimbabwe, on Monday, July 15, 2024. Mushayavanhu is building up the nation’s gold reserves to help support the ZiG currency, taking steps that have so far helped curb exchange-rate volatility and an inflation spiral.
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