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Econet Develops Weather-Indexed Insurance For Smallholder Farmers

Econet Develops Weather-Indexed Insurance For Smallholder Farmers

Telecommunication giant Econet Wireless, has developed a weather-indexed drought insurance service for small holder farmers, allowing them to make a financial claim if their crops fail because of either inadequate or excessive rainfall. Under the Econet scheme, which is part of a programme for farmers known as EcoFarmer, a farmer…

Zimbabwe to retain multiple currencies for “foreseeable future”

Zimbabwe to retain multiple currencies for “foreseeable future”

HARARE (Zimbabwe Investor) – Newly appointed Finance Minister Patrick Chinamasa said Zimbabwe is to retain the multi-currency regime for the foreseeable future as part of measures to ensure financial stability. Zimbabwe is using the U. S. dollar, South African rand and Botswana pula, among other currencies, in the market after…

Zimbabwe Reserve Bank chief says no return to local dollar

Zimbabwe Reserve Bank chief says no return to local dollar

Zimbabwe’s central bank chief has ruled out an immediate return of the local currency after elections last week that extended President Robert Mugabe’s 33-year rule. “There are no plans whatsoever within and outside the bank for the immediate or near-term introduction of a new currency or return of the Zimbabwean…

Minister says banking sector safe from indigenisation laws

Minister says banking sector safe from indigenisation laws

Zimbabwe’s banking sector has been exempted from complying with indigenisation and empowerment regulations compelling foreign owned firms to sell controlling stakes to locals despite earlier warnings of interference ahead of general elections, Finance minister Tendai Biti has told a local newspaper. In an interview with NewsDay on Tuesday, Biti said…

Zim executives head for African financial services conference in UK

Zim executives head for African financial services conference in UK

LONDON (Zimbabwe Investor) – Zimbabwe’s financial industry executives will join others from across continent at the Africa Financial Services Investment Conference being held in United Kingdom’s south-coast city of Brighton on May 7 and 8, 2013. The event brings together listed, and other investable, African focused financial services companies with…

Zimbabwe to ‘shut down defiant’ British bank

Zimbabwe to ‘shut down defiant’ British bank

Zimbabwe has threatened to shut down British-owned Standard Chartered Bank and two mining companies that have not complied with its indiginisation laws. According to state media, the National Indiginisation and Economic Empowerment Board (NIEEB) has told Stanchart as well as foreign owned mining firms, Metallion Gold and Duration Gold that…

BancABC happy with performance in tough environment

BancABC happy with performance in tough environment

HARARE (Zimbabwe Investor) – Pan-African bank BancABC’s holding company ABC Holdings Limited says it is satisfied with the growth of its retail business despite a challenging global economic environment after reporting a 97% increase on pre-tax profit for the year ended 31 December 2012. The increase in profits was attributed…