• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence
    President William Ruto of Kenya has Urged fellow African Rulers to address on Agribusiness beyond Production to Value Addition and Manufacturing
    Africa’s Economic Growth to Outpace Global Forecast in 2023-2024, AfDB Report
    Growers in Uganda to succeed from Nigeria’s AFEX’s Tech-Enable Products having expanding its Products Exchange Business in Nigeria’s AFEX from Kenya
    Nigeria Sets Quality Control and Assurance Laboratory for the Oil and Gas Industry
    Zimbabwe Records it’s Largest Wheat Production in 2022
    …for Electricity Generation Kenya’s Electricity Capacity Rises at 3,000MW
    The Administration of the Egypt Pound diminished by 13% below 32 to the U.S.D as the Central Bank of Egypt started a flexible exchange rate of an International Monetary Fund Financial Support Package
    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)
    Dangote and Partners Invest $1 Billion in Sugar Production in Nigeria

    Zimbabwe’s Money Policy Satisfactorily Subsidized by $1 Billion in their Foreign Currency Accounts

    Posted On 01 Jul 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 12

    By Abdul Rahman Bangura–

    Zimbabwe’s Central Bank Governor John Mangudya

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Zimbabwe, Mangudya confirmed that, local lenders have almost $1 billion in their Foreign Currency Accounts (FCA).

    “It’s about adequate reserves utilization of resources,” Mangudya was quoted in Harare according to reports.

    “The first thing is that we do not expect the exchange rate to continue to go up because there is now a formal market of foreign exchange,” he clarified.

    The Southern African country reintroduced the foreign currency system for the first time in sixteen years on June 23rd, 2020 in a bid to halt the local currency debacle that was reintroduced a year ago.

    New Africa Business News
    Africa’s Fastest Growing Global Newspaper. Forward www.newafricabusinessnews.com

    “Just to put things into perspective, the interbank system which we tried earlier in the year failed because the banks could not trade among themselves due to counterparty limits, as well as issue of de-risking,” he said.

    “The exchange rate will be driven by effective demand from corporates,” he said. He added that he expects “the exchange rate to stabilize at a level which allows users of foreign exchange to price their goods and services appropriately, while at the same time providing good value for money for exporters.”

    On a monthly basis, Zimbabwe exports $350 million to $400 million and receives $50 million to $60 million as remittances from abroad.

     

     

    Invest in Modern Africa
    Africa Fastest Growing Continent. Six of the World’s Ten Fastest Growing Economies are in Africa. More than Half of Global Population Growth between now and 2050 is Expected to Occur in Africa. This Decade Belongs to Africa as Technology Ripples through the Continent. Africa the Untapped Market. Africa Great Continent to Invest & Grow Business. Africa the Last Frontier for Investment. Africa is the Future.

     

    AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA)
    Accelerating Intra-African Trade and Boosting Africa’s Trading Position in the Global Market by Strengthening Africa’s Common Voice and Policy Space in Global Trade Negotiations. For More Information Contact: African Union Headquarters, P.O. Box 3243, Roosvelt Street W21K19, Addis Ababa  Ethiopia,  Tel: +251 11 551 77 00  Fax: +251 11 551 78 44.

     

    Africa President of the year 2020
    Start Voting for Africa President of the year 2020. Nomination Starts February 01 & Ends December 15/ 2020. Please Submit your Nominee’s Name, Country, Brief Reason for the Nomination. Please Limit Submission to 100 words and One Submission per Person. Email all Nomination to info@newafricabusinessnews.com  .Africa President of the year will be announced January 01/ 2021. New Africa Business News. Africa’s Most Read and Fastest Growing Global Newspaper.  www.newafricabusinessnews.com

     

    HELP FIGHT CLIMATE CHANGE
    United Nations Environment Programme (UNEP) Leading Global Environmental Authority that Sets the Global Environmental Agenda, Promotes Coherent Implementation of the Environmental Dimension of Sustainable Development within the United Nations System, and Serves as an Authoritative Advocate for the Global Environment.  Visit:  www.unenvironment.org 

     

    The Global International Company
    International Business Consultant Company, Specialize With Companies Want To Do Business or Doing Business In Africa & United States. Contact:  info@theglobalinternational.com

     

    NEW AFRICA BUSINESS NEWS
    ADVERTISING OPPORTUNITY WITH AFRICA’S FASTEST GROWING GLOBAL ONLINE NEWSPAPER.    INFO@NEWAFRICABUSINESSNEWS.COM

     

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Lazarus McCarthy Chakwera took Oath of Office as newly Voted President of Malawi at the Parliament Building of Lilongwe

    Next Story

    Ghana Commission Digital Petroleum Measurement Project to Increase Government Revenue

    12 Comments

    1. Fahadi July 1, 2020 at 3:13 am Reply

      Despite current global crisis and economic sanctions from the west for many years. Zimbabwe is doing good steadily. Bulawayo Zimbabwe. Fahadi

      • New Africa Business News, Staff Correspondent July 1, 2020 at 3:14 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Alfred July 1, 2020 at 3:20 am Reply

      Am sure Zimbabwe will do good despite, many years of economic sanctions. Alfred! Helsinki! Finland!

      • New Africa Business News, Staff Correspondent July 1, 2020 at 3:21 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Nancy July 1, 2020 at 3:25 am Reply

      Thank you for signing me to your newsletter. Good reporting. Great newspaper. Ottawa CANADA. Nancy

      • New Africa Business News, Staff Correspondent July 1, 2020 at 3:26 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Andrew July 1, 2020 at 3:50 am Reply

      Mangudya is working hard for our people. Thank you for reporting. I love your newspaper. Andrew in Harare, Zimbabwe.

      • New Africa Business News, Staff Correspondent July 1, 2020 at 3:50 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Foday July 1, 2020 at 3:59 am Reply

      Bangura you are the best. I enjoy reading your reports. Africa needs reporters like you. Thank you. Freetown, Sierra Leone. Foday

      • New Africa Business News, Staff Correspondent July 1, 2020 at 4:00 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Abdul Rahman Bangura Freetown, Sierra Leone. July 1, 2020 at 10:30 am Reply

      Go Zimbabwe, don’t relent for once. Thank you, so much Foday from Sierra Leone.

      • New Africa Business News, Staff Correspondent July 1, 2020 at 5:39 pm Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence

    Posted On 28 Jan 2023

    President William Ruto of Kenya has Urged fellow African Rulers to address on Agribusiness beyond Production to Value Addition and Manufacturing

    Posted On 27 Jan 2023

    Africa’s Economic Growth to Outpace Global Forecast in 2023-2024, AfDB Report

    Posted On 26 Jan 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Facebook

    Latest Posts

    $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence

    President William Ruto of Kenya has Urged fellow African Rulers to address on Agribusiness beyond Production to Value Addition and Manufacturing

    Africa’s Economic Growth to Outpace Global Forecast in 2023-2024, AfDB Report

    Recent Posts

    • $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence
    • President William Ruto of Kenya has Urged fellow African Rulers to address on Agribusiness beyond Production to Value Addition and Manufacturing
    • Africa’s Economic Growth to Outpace Global Forecast in 2023-2024, AfDB Report
    • Growers in Uganda to succeed from Nigeria’s AFEX’s Tech-Enable Products having expanding its Products Exchange Business in Nigeria’s AFEX from Kenya
    • Nigeria Sets Quality Control and Assurance Laboratory for the Oil and Gas Industry

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.