A court has told a bank to return money taken by the Reserve Bank, which has raised fears about a possible flood of legal suits against banks.
After giving Cambria's indigenisation plan a thumbs-up last May, Zimbabwe's indigenisation ministry is now reassessing the company's proposal.
Warning bells are sounding in Zimbabwe as cheap imports replace locally made products and the manufacturing sector stagnates.
Unstable policies have resulted in Zimbabwe's citizens relying more on cash and shying away from depositing their money in banks.
Zimbabwe's annual inflation rate remained unchanged at 4.3% in February, according to official statistics.
The Reserve Bank of Zimbabwe is severely hamstrung by a debt bill of $1.5-billion.
Zimbabwe's central bank laid off three-quarters of its workforce -- more than 1Â 400 employees -- on Friday to cut costs, state media reported.
Zimbabwe's central bank will lay off 74% of its workers as part of a drive to return focus to its core role as a monetary authority.
Zimbabwe's gold production plunged by 64,5% in October compared with the same period last year, underscoring the woes of the once vital industry.
Zimbabwe's bank chief Gideon Gono did not hold his long-awaited name-and-shame meeting with a parliamentary committee this week because Parliament has adjourned until April, state radio said on Tuesday. Gono was on Monday scheduled to give a damning report on top officials he calls cash barons.
New banknotes, including a Z$10-million bill, will go into circulation in inflation-ravaged Zimbabwe this week, the central bank's governor said on Wednesday. Less than a month after announcing a similar move, Gideon Gono said the new notes would provide much-needed relief to consumers who often have to go shopping with sacks of cash.
Zimbabwe's agricultural production is poised to plummet further amid revelations that the country has secured less than 5% of the agricultural sector's fuel requirements for the 2007/08 season. In a development likely to hurt the key tobacco sub-sector, only 9-million litres of fuel have been acquired by cash-strapped Harare authorities.
Zimbabwe's central bank on Monday raised its main lending rate to 800% from 650% to tame "angry and formidable" inflation, Reserve Bank of Zimbabwe Governor Gideon Gono said. The central bank also will launch a new currency soon to try to curtail a thriving foreign-exchange black market, he announced in a bi-annual monetary policy speech.
Murowa Diamonds -- Zimbabwe's sole operating diamond miner -- recorded a 40% drop in production in 2007, owing to frequent power failures and machine breakdowns, the company said. Murowa is 78% owned by London-based mining firm Rio Tinto.
Simon Kamunhukamwe just shrugged when Zimbabwe's official inflation figure topped 26 000%. Exploding prices have become a part of life and protesting against the economic meltdown can be risky, especially as President Robert Mugabe digs in for elections next month.
A legislator in Zimbabwe's ruling party has fled to Britain, fearing arrest in a police probe of foreign-currency payments he made last month, official media reported on Sunday. The state-owned Sunday Mail quoted unnamed sources as saying police wanted to interview David Butau, the Zanu-PF MP for a northern constituency.