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Bulawayo captains of industry optimistic of enhanced capacity

United Refineries MD and Zimbabwe Investment and Development Agency Busisa Moyo Captains of industry in Bulawayo are optimistic of enhanced production capacity growth, following government’s commitment to revive the country’s industrial hub. The down turn of agricultural sector at the turn of the millennium affected a number of manufacturing companies in Zimbabwe, with such firms as Archer clothing, now Paramount garments and United Refineries Limited in Bulawayo greatly affected. Despite facing these challenges, these companies have remained resilient and after the visit by President Emmerson Mnangagwa this Friday, there is confidence of an increased production capacity. “The prospects of us expanding are very high. We had a discussion today with the ministers and the President and we highlighted that raw material supply is a critical need that we have. He has given us a pledge of support for various initiatives like contract farming, out grower for cotton.

RBZ Forex Auction Allots Over US$1 Billion To 3 000 Companies

NewZimbabwe.com – The Zimbabwe News You Trust is Zimbabwe’s leading online newspaper and published by New Zimbabwe Media Ltd. The platform brings you the latest breaking News, Business, Showbiz, Sports, Diaspora and gives you everything you’ve come to expect and love.

ZNCC Slams Forex Auction Beneficiaries Demanding Higher Premiums

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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