Left Menu
Development News Edition

UPDATE 1-Zimbabwe to rebase economy after adopting new currency - finance minister

Reuters | Updated: 15-05-2019 23:10 IST | Created: 15-05-2019 23:10 IST
UPDATE 1-Zimbabwe to rebase economy after adopting new currency - finance minister
Zimbabwe’s Finance Minister announced the rebasing of the economy on Wednesday, following the adoption of a new currency earlier this year, and said growth would be slowed this year by a drought and a cyclone that hit eastern regions.

The economy grew higher than expected in 2018, Finance Minister Mthuli Ncube told parliament. The central bank scrapped the peg between its quasi-currency bond note and electronic dollars against the U.S dollar in February and merged them into a single transitional currency called the RTGS dollar.

Rebasing the economy broadly means changing the reference points used to calculate the country's gross domestic product. The southern African nation rebased its economy last October boosting it by 40% to $25.8 billion and Ncube said the adoption of the RTGS$ required another rebasing exercise, which put the economy at RTGS$70.1 billion or $21 billion at the official exchange rate.

Ncube said the economy had grown by 6.2 percent in 2018 compared to an initial forecast of 3.1 percent but he saw growth being throttled this year by “severe economic shocks”, including a drought that has wilted crops and a cyclone that hit western parts of Zimbabwe in March. He said Zimbabwe had 876,000 tonnes of maize in strategic grain reserves, enough to feed the country for seven months.

Ncube said the national treasury’s austerity measures had meant a budget surplus of RTGS$443 million was recorded in the first quarter and added that the target of a budget deficit of 5% of GDP would be achieved this year. $1:RTGS$3.3 (Reporting by MacDonald Dzirutwe Editing by Janet Lawrence and Frances Kerry)



Rethinking Rural Livelihoods in the Times of COVID-19

The reverse migration caused by COVID 19 pandemic has put an additional burden of about one crore people on Indian villages particularly in the states of Uttar Pradesh, Bihar, Bengal and Odisha. Besides increasing the risk of spreading the ...

‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...


Latest News

Attack in northern Burkina Faso kills at least 15

At least 15 people were killed following an attack on a convoy transporting traders in a town in northern Burkina Faso on Friday, the government said on Saturday.The attack, carried out by an unidentified group of assailants, left several o...

#Unlock1: Unrestricted movement of persons, goods allowed

The Centre on Saturday issued new guidelines under which there shall be no restriction on inter-State and intra-State movement of persons and goods. No separate permissionapprovale-permit will be required for such movements, as per the MHA ...

Maximum temperatures hover below normal in Haryana and Punjab

With light rains lashing some parts of Punjab and Haryana during the past two days, maximum temperature on Saturday hovered below normal limits. Chandigarh, the common capital of the two states, recorded a maximum temperature of 32.8 degree...

Senior technical supervisor at LNJP Hospital dies of COVID-19

A senior technical supervisor at the Delhi government-run LNJP Hospital died of COVID-19 on Saturday, officials saidLNJP Hospital is a dedicated COVID-19 facilityThe senior technical supervisor, who was admitted at the hospital, died today ...

Give Feedback