Zimbabwe is weighing the reintroduction of the national currency it abandoned in 2009 in favor of the U.S. dollar as it struggles to meet its monthly wage bill, three members of the ruling party’s decision-making body said.
Zimbabwe stocks, Africa’s worst performers in 2014, fell for a sixth day to the lowest since January 2013 as a slump in consumer spending cut company profits and uncertainty over government policy lingered.
Delta Corp Ltd., the Zimbabwean brewer that’s the nation’s biggest company by market value, said lager volumes decreased 26 percent in the fourth quarter on high excise duties and a collapse in disposable incomes.
Robert Diamond’s Atlas Mara Co-Nvest Ltd. plans to arrange a 150 million-euro ($207 million) bond for President Robert Mugabe’s cash-strapped Zimbabwe government, said Finance Minister Patrick Chinamasa.
Zimbabwean factories are struggling to stay open in the face of cheaper imports from South Africa and China, the high cost of capital and lack of lending, according to a survey by state-run export promoter ZimTrade.
Five years after standing on the brink of electoral defeat, Zimbabwean President Robert Mugabe was inaugurated to extend his 33-year rule with renewed power at home and acceptance from neighboring countries.