Zimbabwe Ruling Party Reaffirms Decision To De-List Old Mutual From Stock Exchange

Zimbabwe Ruling Party Reaffirms Decision To De-List Old Mutual

Zimbabwe Ruling Party Reaffirms Decision To De-List Old Mutual

Zimbabwe’s ruling Zanu PF has reaffirmed its decision to have one of the country’s biggest financial services groups, Old Mutual Zimbabwe, de-listed from the local stock exchange.

This comes after Old Mutual released a statement seeking clarification after President Emmerson Mnangagwa’s party announced that it had endorsed a decision to “eject Old Mutual from the financial system”. Old Mutual has attracted the ire of the ruling Zanu PF party which accuses the company of fuelling the rise in the black market foreign exchange rates due to the Old Mutual Implied Rate (OMIR).

 

Below is the full statement from Zanu PF regarding the de-listing of Old Mutual from the Zimbabwe  Stock Exchange.

 

ZANU PF STATEMENT CLARIFYING ITS POSITION ON THE TRADING OF OLD MUTUAL SHARES ON THE ZIMBABWE’S STOCK EXCHANGE

For a better appreciation and understanding of the position taken by ZANU PF at its 341st session of the Politburo on Friday the 9th of July 2020, we give below the prevailing situation, the concerns of ZANU PF as well as the decision that ZANU PF is directing government to implement.

PREVAILING SITUATION

  • Old Mutual Limited is a global conglomerate operating in 14 countries Zimbabwe included and is the conglomerate listed on the Zimbabwe Stock Exchange (ZSE).
  • Old Mutual Limited is listed on the Johannesburg stock exchange (SA) Africa, London Stock Exchange, Zimbabwe Stock Exchange, Stock Exchange of Namibia and on the Malawi Stock Exchange
  • Old Mutual limited shares which are listed in all these countries are the same and can be transferred across the various exchanges i.e they are fungible. Fungibility of the Zimbabwean shares was suspended for 12 months in February 2020
  • Old Mutual dividends are paid in SA Rands which therefore represents foreign earnings for the country in respect of the shares on the Zimbabwean register
  • Old Mutual has 65 718 552 shares listed on the ZSE with a market value estimated at SAR849million
  • In Zimbabwe, Old Mutual Limited has 30 168 shareholders made up of pension funds, local institutions and individuals
  • The shares listed on ZSE trade in local currency i.e Zimbabwean dollars
  • Other fungible shares on the ZSE include PPC listed on JSE and Seedco International which is listed on the Botswana Stock exchange
  • Old Mutual Zimbabwe Limited is a subsidiary of the Old Mutual Limited and is not the one directly listed on the ZSE

CONCERNS OF ZANU PF REPRESENTING THE PEOPLE OF ZIMBABWE

Stock Exchanges primary function is to raise capital in the productive sector and continuing opportunities to build wealth in the secondary market.

ZSE has not had any new listings and this is of grave concern to the Party. As a result, the ZSE is now being used for speculative purposes which is harmful to the economy.

Distortions have risen emanating from the Old Mutual share being traded on multiple stock exchange counters. The distortions emanate fundamentally from differences from the relative strengths of the underlying economies in which the Old Mutual shares are listed.

This fact alone has created an opportunity for fungibility to generate arbitrage gains. Fungibility creates an opportunity for speculation as there are arbitrage opportunities to trade the share between Zimbabwe and other stock exchanges. This speculation may distort the foreign currency market.

Fungibility is open to the risk of being abused as has been the case in Zimbabwe and has become a vehicle to externalise capital out of Zimbabwe.

Allowing the Old Mutual share to be traded on multiple stock exchanges has given rise to the Old Mutual Implied Rate (OMIR).

Fungibility has created an opportunity for the determination of the foreign exchange rate in Zimbabwe to be determined from activities emanating from actions of speculators operating on the stock exchange.

Share prices react to investor sentiment and exchange rates react to demand and supply of foreign currency by importers and exporters.

A share price can therefore not be substituted as a reference indicator for exchange rates because it is not driven by similar fundamentals, i.e speculators versus importers and exporters are dissimilar.

ZANU-PF is surprised that the fungibility of the shares of one organisation is used as a benchmark for the exchange rate.

This makes this counterpart of the drivers of the mirage of economic problems centred on our parallel market.

This clandestine trade in the dollar has forced the Black Market Rate to keep pace with the OMIR condemning our people to destitution as their wages and salaries are eroded every day.

There is no employment creation, no products on our shelves neither do we see a rise in the standard of living of our people from speculative wealth creation by a few.

ZANU PF is at a loss to understand how the government of the day can run an economy where the fungibility of the shares of one company create money, externalise funds and determine the rate of exchange.

Zimbabwe Ruling Party Reaffirms Decision To De-List Old Mutual
Zimbabwe Ruling Party Reaffirms Decision To De-List Old Mutual

ZANU PF CLARIFIES AND REAFFIRMS ITS POLICY POSITION

ZANU PF is totally opposed to the fungibility of the Old Mutual Shares and to this end it reaffirms its policy position that the ZSE should compulsorily de-list the Old Mutual Limited shares from trading on the ZSE.

To protect the interests of the 30168 shareholders of Old Mutual Limited, ZANU PF is recommending to its government that it sets up a stock exchange which will trade only in US$.

Old Mutual Limited can then be allowed to migrate, find home and trade on such a foreign currency-denominated counter in Zimbabwe. Trading on other counters has been normal and the Party is recommending that trading be resumed.

Setting up a foreign exchange denominated stock exchange is an appropriate institution for raising and attracting foreign direct investment into Zimbabwe.

Companies that want to invest in Zimbabwe and requiring foreign currency would then list on such a stock exchange to attract foreign direct investment in foreign currency for investment.

The details of implementing this recommendation are left to government including the timeframe within which this recommendation can be implemented.

It is the desire of ZANU PF that implementation is in the shortest possible time to avoid undue disruption to inflows of investment capital.

ZANU PF says an emphatic NO, to self-enrichment through speculative trading and externalisation.

ZANU PF also wishes to commend government for the decision that it has taken to allow mobile money operators to be overseen by the Reserve Bank of Zimbabwe through the Zim-Switch platform.

As a matter of fact, ZANU PF considers this decision to be a masterstroke which will give an invisible hand to the government to manage and direct the country towards a common good.

The channelling of all mobile money transactions through this platform is the right thing to do and will, in the end, restore stability and sanity to the banking sector.

Mobile money transaction platforms had become a law unto themselves making rules for banks and others to comply with.

ZANU PF thus supports the measures that the government has taken in this regard as it considers them necessary medicine to cure our economy which is under siege.

The measures will no doubt in due course become a sound basis for strategic sustainable nation-building, a platform for robust employment creation for our people, stabilisation of the exchange rate and resuscitation of our key productive sectors.

It is high time that Zimbabwe corporates and foreign corporates working in Zimbabwe put Zimbabwean Interests First and deploy their resources to the productive sectors that generate employment, goods and services.

Cde P.A Chinamasa

Acting Secretary for Information and Publicity & Party Spokesperson

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    Official Exchange Rate Now At ZWL$68.89 As Zimbabwe Dollar Loses Again

    RBZ Now Says ALL FUEL Can Be Sold In United States Dollars

    Official Exchange Rate Now At ZWL$68.89

    Official Exchange Rate Now At ZWL$68.89

     

    The official foreign exchange rate for the United States Dollar (USD) to the Zimbabwe Dollar has now moved to US$1: ZWL$68.8879 following the fourth edition of the Reserve Bank of Zimbabwe’s weekly forex auction system on Tuesday. The Zimbabwe Dollar continued to lose ground as it depreciated from ZWL$65.88 for every USD to ZWL$68.89 per USD.

    The highest bid rate for this week was ZWL$85:USD 1 while the lowest bid was ZWL$40.00: USD 1. However, the lowest bid rate which was actually accepted was ZWL$64.2: USD 1. This resulted in a weighted average of ZWL$68.8979: USD 1, a slight increase from last week’s ZWL$65.88: USD 1.

    Last week’s edition of the weekly forex auction system saw the official exchange rate move from ZWL$63.74 for every USD to ZWL$65.88 for every dollar.

    A total of US$18, 719, 664.66 was received in bids and US$15, 998, 219.59 was successfully allotted. This means that 86 per cent of the bids managed to get the foreign currency they needed. The US$15, 998, 219.59 which was successfully allotted is an increase from last week’s total allotment of US$13.6 million.

    This week’s highest allotment was $5,6 million for raw materials. Below is how the rest of the money was allotted.

     

    Purpose Amount Allotted(US$)
    Raw Materials 5 623 684.60
    Machinery and Equipment 3 016 110.90
    Retail and Distribution (Incl. Food, Beverages, etc) 2 476 441.00
    Consumables (Incl. Spares, Tyres, Electrical) 1 416 913.67
    Pharmaceuticals and Chemicals 1 264 842.70
    Services (Loans. Dividends and Disinvestment) 900 526.72
    Paper and Packaging 761 500.00
    Fuel, Electricity and Gas 528 200.00
    TOTAL 15 988 219.59

     

    Official Exchange Rate Now At ZWL$68.89
    Official Exchange Rate Now At ZWL$68.89 (Image Credit: Reserve Bank of Zimbabwe)

     


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    PIC: Here Is What Zimbabwe Mine Workers Are Receiving As Bonuses For Great Productivity

    Here Is What Zimbabwe Mine Workers Are Receiving As Bonuses

    Here Is What Zimbabwe Mine Workers Are Receiving As Bonuses

     

     

    In a rather sad and chastening development, one of the biggest mining companies in Zimbabwe is giving its workers 2 (two) bottles of soft drinks as a bonus for the great productivity attained last month.

    iHarare has learned that the management at Renco Mine in Masvingo was so pleased with the high production volumes attained in the month of June that it has offered all its workers a ‘token of appreciation.’ The workers are each being given two 300 ml bottles of soft drinks as a token of appreciation by the company which is 100% owned by RioZim Limited.

    According to a notice from the Renco Mine Management all the workers were directed to bring two empty bottles to allow them to collect their share of the token of appreciation.

    Below is the notice from the company which iHarare is publishing in full below,

    14/07/2020

    NOTICE

    TO: ALL EMPLOYEES

    FROM: RENCO MINE MANAGEMENT

    PLEASE BE ADVISED TO COLLECT 2 X 300ML SOFT DRINKS TODAY (14/07/20) AS A TOKEN OF APPRECIATION FOR THE GOOD PRODUCTION ACHIEVED IN THE MONTH OF JUNE.

    THE TIME OF COLLECTION IS FROM 1400HOURS GRADE 11+ (PERMANENT & CONTRACTORS) – BANGALA CLUB
    GRADE 1-10 MINE NO 13 – 2309 – MARAMBA CLUB MINE NO 2310-9133, CONTRACTORS AND STUDENTS – MANYANGA

    NB: PLEASE BRING EMPTY BOTTLES UPON COLLECTION.

    RENCO MANAGEMENT

     

    Here Is What Zimbabwe Mine Workers Are Receiving As Bonuses
    Here Is What Zimbabwe Mine Workers Are Receiving As Bonuses

     

    Unsurprisingly, the company’s token of appreciation did not go down well with many Zimbabweans on social media who felt that the Renco Mine Management was taking advantage of its workers.  Soft drinks are currently retailing for an equivalent of between US$0.25 (25 cents) and US$0.50 (50 cents), between R4 and R8.

    Below are some reactions from social media,

     

     


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    Old Mutual Speaks Following De-Listing Threats By Zimbabwe’s Ruling Party

    Old Mutual Speaks Following De-Listing Threats

    Old Mutual Speaks Following De-Listing Threats

     

    One of Zimbabwe’s biggest financial services groups, Old Mutual Zimbabwe, has finally spoken out following threats of de-listing which were issued by the ruling Zanu PF party.

    On Friday, the Zanu PF party announced that it had endorsed a decision to “eject Old Mutual from the financial system”.  President Emmerson Mnangagwa’s government has already suspended the Zimbabwe Stock Exchange (ZSE) which it is blaming together with Old Mutual and mobile money company EcoCash for causing the collapse of the local currency, the Zimbabwe Dollar. Old Mutual is being accused of fuelling the rise in the black market foreign exchange rates due to the Old Mutual Implied Rate (OMIR).

    Old Mutual is one of the biggest companies in the country with interests in insurance, securities investments, property and banking. Many financial analysts have expressed confusion over what the statement that came from Zanu PF actually means for the company, the ZSE and the country at large. Old Mutual has since released a statement “seeking clarity on the matter”.

    iHarare is publishing the statement from Old Mutual in full below:

     

    Old Mutual Statement to Customers.

    12 July 2020

    We have noted reports in the media relating to the Old Mutual Group. We are working with all relevant stakeholders to seek clarity on the matter.

    In line with the Group’s Responsible Business policy, Old Mutual has and will always continue to comply with all regulations and legislation within the countries where it operates. As a part of the community, Old Mutual remains committed to serving its customers and to contributing to the development and growth of the economy.
    We appreciate the support we get from our customers, our partners, the government and other stakeholders in industry.

    We advise you that all our services and operations are continuing to run as normal. Old Mutual Zimbabwe Limited and its business units, including CABS, continue to be financially stable and sound. We will ensure to continue to update you of any significant developments on our official company platforms.

    Old Mutual Speaks Following De-Listing Threats
    Old Mutual Speaks Following De-Listing Threats
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    EcoCash Dealt Major Blow As RBZ Designates ZimSwitch As National Payment Switch

    RBZ Speaks On Devaluing Zimbabwe Dollar

    RBZ Designates ZimSwitch As National Payment Switch

    RBZ Designates ZimSwitch As National Payment Switch

     

    The country’s biggest mobile money company EcoCash Zimbabwe has been dealt a huge blow by the Reserve Bank of Zimbabwe (RBZ) after the central bank designated ZimSwitch as the National Payment Switch. This means that all mobile money transactions will now have to go through ZimSwitch.

    According to local publication TechZim, this also means that mobile money subscribers will be able to send money from one mobile money service to another without the need to have an account with different mobile money companies. Says TechZim,

    The business that is affected by this the most is EcoCash because essentially everyone else is on Zimswitch. The mobile money service is a platform in itself with its own ecosystem that banks connect to on EcoCash’s terms.

    Designating Zimswitch as the primitive platform that everyone else must connect to takes away incredible chunks of EcoCash’s market power. For example, nothing stops a NetOne customer from merely sticking to NetOne’s OneMoney and not open an account with EcoCash. From their OneMoney, such a customer will now be able to send money to or receive it from EcoCash.

    iHarare is publishing the full statement from the RBZ which designated ZimSwitch as the national payment switch.

    DESIGNATION OF ZIMSWITCH TECHNOLOGIES (PRIVATE) LIMITED (ZIMSWITCH) AS A NATIONAL PAYMENT SWITCH

    In accordance with the provisions of the National Payment Systems Act [Chapter 24:23] and the Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, Statutory Instrument 80 of 2020 (the Regulations), the Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that it has designated Zimswitch as a national payment switch with immediate effect.

    All mobile money transmission providers and mobile banking providers are hereby directed to be connected to Zimswitch as provided for by section 4 of the Regulations. To ensure seamless integration, all money transmission providers and mobile money providers must complete the necessary Installation or deployment or commissioning of Infrastructure and connection protocols, credentials and documentation for connection to Zimswitch by no later than 15 August 2020.

    John P Mangudya
    Governor
    9 July 2020

    RBZ Designates ZimSwitch As National Payment Switch
    RBZ Designates ZimSwitch As National Payment Switch

     


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    Musina Businesses Face Closure Without Its Zimbabwean Customers

    Musina Businesses Face Closure Without Its Zimbabwean Customers

    Musina Businesses Face Closure

    Musina Businesses Face Closure Without Its Zimbabwean Customers
    Musina Businesses Face Closure Without Its Zimbabwean Customers

    Musina Business is facing closure without its Zimbabwean customers. The economic sustainability of Musina businesses has taken a massive beating during the Covid-19 coronavirus lockdown. Musina’s business survival is largely dependent on Zimbabwean customers. Before the lockdown business was booming as most Zimbabweans bought most of the goods from Musina.

    However, shop owners in Musina say the lockdown has practically destroyed their businesses, as there are no customers to buy their goods.

    “We are struggling because business is bad right now because of the coronavirus. Most of our customers from Zimbabwe are not able to come and buy anymore, so we lose half of the customers,” said Rana Masut, who owns a shop in the small town of Musina.”

    Masut said that due to the closure of international borders as a result of the Covid-19 pandemic, his income has dropped drastically from R6 000 per day to just about R1 000 on a good day.

    Another shop owner, Shohel Rana said that Zimbabwean and Zambians constituted a large portion of their customer base and without them, their business was good as dead.

    “Most of our customers come from Zimbabwe and Zambia so we cannot survive without them, otherwise we close the shop and move on. You can see for yourself that we have stock, but we do not have customers, so I don’t know how I am going to pay rent this month. This lockdown has been the worst for my business, and I might have to think about closing down if things do not change.”

    Another businessman, Hermanus Schoeman said that the effects of lockdown were affecting their livelihood and crippling the economy.

    “You must understand that 50% of the local buying market is from Zimbabwe…As I speak to you right now, I have lost bookings worth R20 million from international tourists who want to come and hunt game here” said Schoeman.

    Zimbabwean migrant workers in Musina are also suffering as they are failing to make ends meet. Webster Mdlongwa, who works as a shop assistant at one of the retail shops in Musina says that the lockdown is negatively affecting their livelihood, and prospects of finding a job elsewhere are fruitless.

    “Food, groceries, winter blankets, and clothing were the most sought after items. They buy everything here in Musina, so you can imagine what the lockdown has done. I might be unemployed again if the lockdown continues, after struggling to find a job since I matriculated three years ago,” said Mdlongwa


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    Zimbabwe Official Exchange Rate Moves To $65.88 As Zimbabwe Dollar Depreciates Slightly

    RBZ Speaks On Devaluing Zimbabwe Dollar

    Zimbabwe Official Exchange Rate Moves To $65.88

    RBZ Speaks On Devaluing Zimbabwe Dollar

     

    The official foreign exchange rate for the United States Dollar (USD) to the Zimbabwe Dollar has now moved to US$1: ZWL$65.88. This comes after the country held the third edition of the Reserve Bank of Zimbabwe’s forex auction system on Tuesday.

    The highest bid rate was ZWL$90:USD 1 while the lowest bid was ZWL$30.00: USD 1. However, the lowest bid rate which was actually accepted was ZWL$55:USD 1. This resulted in a weighted average of ZWL$65.8765: USD 1, a slight increase from last week’s ZWL$63.74: USD 1.

    Last week’s edition of the forex auction system saw the official exchange rate move from ZWL$57.36 for every USD to ZWL$63.74 for every dollar.

    A total of US$15 872 481.93 was received in bids and US$13 602 407.84 was successfully allotted. This means that 86 per cent of the bids managed to get the foreign currency they needed.  However, the US$13.6 million which was successfully allotted is a decrease from last week’s total allotment of US$16 321 028.61.

     

    This week the manufacturing sector came through with the highest allotment at $5,6 million.

    Below is how the rest of the money was allotted.

     

    Purpose Amount Allotted
    Manufacturing 5,621,578.86
    Retail and Distribution 1,936,463.70
    Services 1,864,916.71
    Agriculture 1,089,108.24
    Construction, Engineering and Electricals 1,036,653.18
    Energy (Gas) 575,421.34
    Paper and Packaging 468,800.00
    Consumables (Spares and Parts) 438,423.46
    Pharmaceuticals and Chemicals 411,042.35
    Mining 160,000.00
    Total 13,602,407.84

     

     

    So far the RBZ’s foreign currency auction system appears to be on the right trajectory as it has resulted in  a stabilization of the foreign currency exchange rates on the black market.  Prior to the introduction of the forex auction system the black market was spiralling out of control which resulted in prices shooting up and inflation going through the roof.


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    Here Is The Reason Why Zimbabwe Prioritizes Remittances

    Why Zimbabwe Prioritizes Remittances |Terence Zimwara

    Why Zimbabwe Prioritizes Remittances

     

     

    The global pandemic, COVID 19 will count as one of the most consequential events for the coming decade.

    Not only has it brought grief but it spawned global chaos on a scale perhaps last seen during World War 2.

    Economies were voluntarily shut down as clueless leaders grappled with just how to contain the growing infections. The need to preserve lives superseded everything else and rightly so.

    However, this exclusive focus on containing the spread of the disease meant other goals had to be ignored or sacrificed.

    For instance, long term objectives like reducing poverty levels, protecting vulnerable groups or the fight to bring financial inclusion to the unbanked seem peripheral for now.

     

    Pandemic affects remittances

    At the start of the mandatory economy shutdowns, the World Bank released a report warning of the dire effects of economy closures on global remittances.

    The global financial institution anticipates that those relying on remittances for survival will be hit hard.

    A reduction of remittances not only affects the vulnerable groups but national economies as well. For examples, in countries like Zimbabwe, remittances bring in more foreign currency than some top exports.

    Although reliable data on this is hard to find, many people agree that remittances are a vital resource for poor countries like Zimbabwe.

    In Zimbabwe, where authorities maintain strict control over who receives or keeps foreign currency, remittances are not subject to such.

    In fact, financial regulators have consistently made it a point not to antagonize those receiving funds formally.

    Formal institutions like registered money transfer agencies or banks have standing instructions to remit the so-called ‘free funds’ in the form in which they were sent. Those receiving in South Africa Rands will get Rands and those getting USD will be paid in that currency.

    Regulators are not worried that such funds will find their way to the much-maligned foreign currency parallel market.

    In the regulator’s calculations, it seems the positive economic impact of the small remittances outweighs any benefits of controlling movement of such funds.

    Besides, it would be an administrative nightmare to attempt policing remittances. However, it certainly makes sense doing this to a few large exporters.

    Indeed, large exporters and other big foreign currency earners like tobacco farmers face different rules when it concerns their foreign currency holdings.

    Exporters are expected or are forced to convert their revenues into local currency within a stipulated period and at the ‘ruling’ exchange rate.

    The message here is clear, remittances are a very vital source of foreign currency, especially now when the economy is struggling. All efforts must be made to encourage migrants abroad to send.

    So it was a little surprise when the government initially announced that MTOs would be shut down along with other businesses when the country started the lockdown in late March 2020. However, this decision would be revoked also immediately.

    Money transfers agencies were deemed an essential service, and as such, they are exempt from some of the restrictive lockdown measures.

    In fact, it was the Reserve Bank of Zimbabwe (RBZ) governor who rushed to make this clarification. This was after large and swelling crowds were seen at many MTOs just before the lockdown went into effect.

    There is a general consensus, public safety remains paramount but so are the food security needs of the same public. So there was not much debate when banks and MTOs were allowed to operate almost normally in an economy that had is essentially closed.

     

    Why Zimbabwe Prioritizes Remittances
    Why Zimbabwe Prioritizes Remittances

     

    Restrictions hit informal remittance channels

    However, this decision prompts another question: What about those that receive their remittances via informal channels. How are they supposed to receive this at a time when internal and external movement is restricted?

    These questions need to be answered because this remittances channel is as important as the formal one.

    Globally, it is a widely accepted fact that remittances sent via informal channels are larger than funds coming through formal means. That the lockdowns have made things worse for informal remittances is not in dispute.

    Zimbabwe which has an estimated quarter of its working population living outside the country is similarly affected by lockdown restrictions. A majority of Zimbabwean migrant workers are undocumented and thus can only send money via informal means.

    The common methods used when sending money informally include cross border bus and haulage trucks. In other instances, it is the regularly travelling friends and relatives who act as couriers.

    Why Zimbabwe Prioritizes Remittances
    Why Zimbabwe Prioritizes Remittances

     

    Trust is the bedrock of these informal channels.

    A sender gets no concrete assurances that the funds will reach the intended beneficiary on time. They simply trust the sender will honour the obligation.

    Unfortunately, trust can be always be breached and funds will be lost forever. Also, there is no legal recourse in case something like that happens.

    This is why informal sending channels cannot grow. Failure to scale means the remitting fees will remain high. At the moment, informal channels levy the same fee as MTOs despite carrying higher risks.

    But because migrants lack better options they will pay the exorbitant sending fee but now Covid-19 has trashed this channel.

    It will be sometime before the world realizes just how devastating the pandemic will be on economies but preliminary indications point to a serious devastation.

    It is in these times that authorities must end regulations that stop innovators from bringing solutions. In a follow up next article we will examine how technology helps to ease the pain of lockdowns.


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    The post Here Is The Reason Why Zimbabwe Prioritizes Remittances appeared first on iHarare News.

    Good News As City Council Confirms Mupedzanhamo Will Reopen This Week

    Mupedzanhamo reopens- iHarare

    Mupedzanhamo reopens this week.

    Mupedzanhamo- iHarare
    Mupedzanhamo Flea Market before lockdown

    In good news to informal traders and the majority of the general public, Harare City Council confirmed that Mupedzanhamo Flea Market and Glen View 8 Complex are set to be reopened this week.

    Harare City spokesperson  Michael Chideme confirmed in an interview with The Herald that Mupedzanhamo and Glen View 8 Complex will reopen this week.

    He said that the City of Harare is yet to finalise consultations with the traders at the market.

    Chideme also said council wants to avoid a situation where traders at Mupedzanhamo were paying rent to space barons thereby prejudicing Harare City Council of money. He said council wants to protect the interests of the traders this time around.

    Chideme said,

    Mupedzanhamo will open this week; we are yet to finalise consultations with the traders at the market. This is the same with Glen View 8 Complex. We want to avoid problems in the past where people were paying rent to space barons, prejudicing council along the way. This time around we want to protect the interests of traders.

    Chideme said they are also in the process of registering traders at Mupedzanhamo and Glen View 8 Complex.

    He said the purpose of registering was to make it easy even when they want to trace contacts in the event that a Covid-19 case was recorded.

    The City of Harare said it has been renovating Mupedzanhamo Flea Market during the national lockdown.

    Zimbabwe has lifted some Covid-19 restrictions by reopening its national parks to the public and allowing restaurants to start serving food within their premises.

    Lockdown regulations allowed restaurants to stay open for their full licensed hours but limited them to takeaway services.

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    The post Good News As City Council Confirms Mupedzanhamo Will Reopen This Week appeared first on iHarare News.

    iHarare Lift Club Group Links for Zimbabwean Towns and Harare Suburbs

    iHarare Lift Club group links

    iHarare Lift Club brings you iHarare Lift Club Whatsapp group Links, that are specific to your City, Town and Location so that no one is left out. Join a group that’s relevant to you and advise on whether you are seeking lifts or providing the lifts, advise of timelines as well, our developers are working on a peer to peer Uber/Vaya like Android application that will match a lift seeker to a lift provider in real-time. Thank you.

    P/S iHarare isn’t responsible for anyone’s safety and by using our product you absolve us of any responsibility. We are not liable for any loss or damage, please be cautious and employ discretion.

    Intercity Groups Harare to Smaller cities and vice versa

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    16. A group with the subject iHarareLiftClub H-Ruwa has been created by the iHarare Whatsapp BOT. The link to join: https://chat.whatsapp.com/DeKMgAVmq8AAHdlRWwfO9s

    HARARE SUBURBS GROUPS

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    iHarare Lift Club group links
    iHarare Lift Club Whatsapp group Links

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    25. A group with the subject iHarareLiftClub Harare CBD to..Masasa has been created by the iHarare BOT. The link to join: https://chat.whatsapp.com/F2vgcJ1V75PJjgKBSBmbou

    The article iHarare Lift Club Whatsapp group Links Appeared First on iHarare.com

  • How To Never Miss IHarare Latest News On Your News Feed Following Facebook’s New Algorithm
  • IMPORTANT NOTICE:Access LIVE News, Jobs and Exchange rates directly on WhatsApp. Send a WhatsApp message with the word HIE to +263718636522 or just CLICK HERE to try it out. iHarare is now a information one-stop-shop. Please click on the links highlighted in Red to access News, Events, Jobs, Pricecheck, Classifieds, Dating and Education services by iHarare.For any queries contact us by CLICKING HERE .

    The post iHarare Lift Club Group Links for Zimbabwean Towns and Harare Suburbs appeared first on iHarare News.