Zimbabwe will introduce higher denomination bank notes to increase the amount of cash in circulation. The country’s finance minister, Mthuli Ncube made this announcement, as inflation soars, pushing prices beyond the majority’s reach.
The country brought back the Zimbabwe dollar currency last year in June after a decade of dollarization. This move did not end severe cash shortages but rather worsened inflation, which reached 676.39% in March- one of the highest in the world.
Ncube says the central bank will start circulating 10 and 20 Zimbabwe dollar or $0.80 notes. Until now, the highest denomination was a 5 Zimbabwe dollar bank note.
Inflation is seen ending this year way above the central bank and treasury’s 50% target.
South African Cities Preparing Off Grid Electricity Solutions
The era of load shedding or limited electricity could soon be a thing of the past in South Africa. At the moment, South Africa’s biggest cities are preparing to generate electricity for their own power needs.
This option is backed by Energy Ministry, Gwede Mantashe who approved allowing major cities to source their energy needs. This will relieve the stress on Eskom, the state power utility that had been the cause of South Africa’s dwindling electricity supply for the past 13year, a factor blamed in the fall of South Africa’s revenue.
Leading this change, are Johannesburg and Cape Town. Between them these two cities have a total population of 10 million people. And will be depending on renewable energy sources like solar and bio gas, mainly from landfill sites.
Cape Town’s executive director for energy and climate change, Kadri Nassiep affirms that 300 megawatts electricity generation is being projected. He adds “If all clarity is obtained and plans forge ahead, we could start seeing greater diversification of our energy resources as a city in about three to five years time.”
But this positive development Cape Town and Johannesburg would further reduce Eskom’s earning and make it harder to pay off its $30 billion debt.
Botswana’s Thapelo Tsheole Re-elected CoSSE Chair
Thapelo Tsheole, Chief Executive Officer of the Botswana Stock Exchange, has been re-elected as Chairperson of the Committee of the Southern African Development Community (SADC) Stock Exchanges (CoSSE).
CoSSE, in a communique said Tsheole, whose new tenure would run until March 2022, said “the development of regional securities exchanges remains high on the committee’s agenda.’’
Tsheole further said “it is the collective effort of exchange members to collaborate and work together to foster synergies that will serve to promote harmonisation in a bid to promote cross-border listings amongst members.
“We will encourage the transfer of security markets’ intellectual capital and technical expertise among member exchanges, increase liquidity for regional exchanges and strive towards development of efficient, fair and transparent securities markets within the SADC region.
“I am confident that with the support of the members, we can achieve our goals.’’
According to CoSSE, during Tsheole’s last two-year tenure, there has been significant improvement in market and product developments in the SADC region.
Formed in 1997, CoSSE has become a collective body of 14 stock exchanges from 13 SADC countries.
South Africa’s Pick n Pay To Open Store In Nigeria
Pick n Pay, the second largest supermarket chain store in South Africa, plans to open its first store in Nigeria.
The retailer – which has stores in Botswana, Zambia, Zimbabwe, Lesotho, Namibia, and Swaziland will enter a market that rivals like Shoprite and Mister Price are withdrawing from.
Pick n Pay’s Nigeria venture will be a partnership with A G Leventis, a group with investments in West Africa ranging from agricultural equipment to property management.
The South African supermarket chain believes it can overcome problems that have hit competitors, like currency devaluations and logistical challenges, as well as barriers to repatriating profits.
Pick n Pay’s strategy in Nigeria will focus on opening small neighbourhood stores, whereas other foreign retailers have established flagship stores in large shopping centres.
On Tuesday the company reported a 56% drop in profits for the first half of the financial year, following constraints caused by South Africa’s strict lockdown, with reduced trading hours, a ban on sales of alcohol and tobacco, plus restrictions on sales of clothing.
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