Articles tagged 'george guvamatanga'

Jail term for procurement procedures violation 4 December 2018 HARARE - Violation of procurement procedures by a procuring entity now attracts a maximum fine of $5 000 and a jail term not exceeding 12 months, a government official has said. George Guvamatanga, the permanent secretary in the Finance ministry, said every procuring entity shall plan with a v...
Govt plans mass public sector retrenchments 1 November 2018 HARARE - President Emmerson Mnangagwa's government is planning mass layoffs of public sector workers as it considers various ways to pull the economy out of a recession that has rattled investor confidence. This comes as the economy has slipped into recession in the second quarter, according t...
'FCA accounts separation curbs market indiscipline' 1 November 2018 HARARE - Government directed banks to separate foreign currency accounts from the bond notes and their associated electronic deposits to curb market indiscipline, Finance and Economic Development permanent secretary George Guvamatanga has told a parliamentary committee. “The separation of FCA ...
Govt owed over $4,5bn by tax dodgers 31 October 2018 HARARE - Government is owed over $4,5 billion by tax evaders, Finance ministry secretary George Guvamatanga has said. Presenting the 2018 expenditures and 2019 budget priorities before the parliamentary portfolio committee on Finance on Monday, Guvamatanga expressed concern over tax dodging. ...
Zim to strengthen capital markets 30 October 2018 HARARE - Zimbabwe requires strong capital markets to help it achieve a middle income status by 2030, Finance ministry permanent secretary George Guvamatanga has said. This comes as research has shown that a positive link exists between the sophistication of the financial system and economic gr...
Govt struggling with spike in fuel demand 21 October 2018 HARARE - Suspected smuggling of Zimbabwean fuel across the border is propelling the country's demand to record highs, with fuel consumption  spiking by a staggering 30 percent since July this year, permanent secretary in the Finance ministry George Guvamatanga has said. That rapid growth in ap...
Guvamatanga retires 12 December 2017 HARARE - Barclays Bank Zimbabwe managing director George Guvamatanga has retired from the financial institution he served for nearly 30 years. He has since been replaced by Samuel Masekete in an acting capacity. Masekete is the bank's chief finance officer. “The bank is deeply indebted to G...
Controversy dogs Barclays deal 17 July 2017 HARARE - The sale of Barclays Bank Zimbabwe (BBZ) continues to be dogged by controversy amid revelations that the deal was consummated through a share-swap and in which Barclays plc would get a stake in Mauritius' FMB Capital Holdings. This also comes as opposition to the Malawian entity's 42 ...
Zim banks reject rand adoption 22 May 2017 HARARE - Zimbabwean banks say adopting the South African rand will not help solve the country's economic challenges. Addressing delegates at the two-day Financial Markets Indaba in Harare last week, Barclays Bank Zimbabwe managing director George Guvamatanga said more has to be done to solve t...
Malawi bank eyes Barclays Zim 29 March 2017 HARARE - Malawi's FMB Capital Holdings (FMB Capital) is in exclusive talks with Barclays Plc to buy its 68 percent stake in Barclays Bank Zimbabwe (BBZ). This also comes as sources have told businessdaily that a local consortium — led by an Indian family with ties to President Robert Mugabe's ...
Barclays facilitates $300m deals 1 March 2017 HARARE - Barclays Bank Zimbabwe (BBZ) said it has facilitated deals worth over $300 million in various sectors of the economy. The bank's managing director, George Guvamatanga, yesterday said the financial institution had participated as funders or advisors in six key transactions of national ...
Zim operations intact — Barclays 8 May 2016 HARARE - Barclays Bank Zimbabwe (BBZ) says operations have continued unaffected after parent company Barclays Plc divested from African operations, with the bank posting a $16 million total income in the four months to April 2016. BBZ managing director George Guvamatanga on Thursday told an An...
Unbanked money on rise 23 March 2014 HARARE - The Bankers Association of Zimbabwe (Baz) has commissioned a study to ascertain the amount of cash circulating outside the formal system, which is estimated to be as much as $7,4 billion. While initial approximates put the figure at around $2 billion, it is believed that the unbanked ...
Foreigners snap up Zim banks 18 March 2014 HARARE - More Zimbabwean banks are increasingly becoming foreign-owned despite government's aggressive indigenisation programme, the Bankers Association of Zimbabwe (Baz) has said. Although President Robert Mugabe's administration has vowed to have the financial sector indigenised, locals lack...
Foreign banks yet to indigenise 17 March 2014 HARARE - Foreign banks are yet to comply with Zimbabwe’s indigenisation policy due to authorities’ delay in approving their compliance plans, the Bankers Association of Zimbabwe (Baz) says.  This is despite government’s pressure for the institutions to conform to the law compelling foreigners ...
Bank charges hike justifiable: Baz 16 March 2014 HARARE - Zimbabwean financial institutions insist that the recent hike in bank charges is justifiable to meet their operating costs. This comes as banks recently increased levies by at least 50 percent — following expiry of an agreement with the central bank barring them to — resulting in a de...
Barclays Zim may cut jobs 13 February 2014 HARARE - Banking group Barclays Plc’s Zimbabwe unit says it may lay off some of its workers if the move improves operational efficiencies. This comes as the parent company has decided to axe at least 12 000 jobs by 2015 in a bid to contain costs and counter falling income. George Guvamatang...
Barclays MD donates to former school 16 October 2013 HARARE - George Guvamatanga, Barclays Zimbabwe managing director, traced back his footsteps to Kambuzuma High 1 School where he was educated 25 years ago, donating six lap tops with Internet access, text books and a generator. Guvamatanga toured the school and addressed students. In a speech f...
Barclays profits up 37pc 18 August 2013 HARARE - Barclays Bank Zimbabwe (Barclays Zim), a unit of British multi-national banking and financial services group, posted a $1,1 million profit before tax in the half year to June 2013, up 37 percent from prior comparable period. George Guvamatanga, Barclays Zim's managing director, said w...
Reforms weigh down Barclays' income 29 June 2013 HARARE - Barclays Bank of Zimbabwe Limited (Barclays) says banking reforms recently imposed by the Reserve Bank of Zimbabwe are heavily restraining growth of its non-funded income. In February, banks — through the Bankers Association of Zimbabwe (Baz) ? signed a memorandum of understanding wit...
Guvamatanga pleads with Diaspora professionals 23 April 2013 HARARE - Barclays Zimbabwe managing director George Guvamatanga says Zimbabwean professionals living in the Diaspora should contribute to the embattled country s economic turnaround. Guvamatanga, also the Bankers Association of Zimbabwe president, said while Zimbabweans continued to nurse hyperin...