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HARARE, Zimbabwe's President Robert Mugabe says high bank charges and failure to pay interest on deposits is killing the culture of saving and stifling economic development of the country.

High bank charges and zero interest have been blamed for continued low confidence in the banking system which has resulted in huge amounts of money circulating outside formal channels.

The low uptake of banking services is happening despite the signing between the Reserve Bank of Zimbabwe and the Bankers Association of Zimbabwe, of a Memorandum of Understanding in 2013 for reduction of bank charges and interest rates on loans.

The emergence of mobile banking services such as EcoCash, One Wallet and TeleCash on the domestic market has created alternative platforms where people transact and save their money.

Addressing mourners gathered for the burial of former Local Government, Public Works and National Housing deputy Minister Aguy Georgias at the National Heroes Acre here Tuesday, President Mugabe said banks were charging unrealistic interest rates.

“True this economy faces many challenges, wrought mainly by sanctions. But there is a way in which the banking sector has not made matters any easier,” he said. “Banks seem to pass their own sanctions package against us including those who deposit with them. It is only in banks where time reduces deposited savings instead of growing them. One gets punished for

depositing savings with banks it seems.”

President Mugabe said the situation was untenable and would stifle economic growth. “How do we ever hope to grow this economy when we undermine the propensity to save, punish borrowers? I am happy the Minister of Finance and the Reserve Bank governor are looking at other strategies of reforming the banking sector and injecting liquidity into the market,” he said.

He expressed confidence that introduction of more Yuan into the foreign currency basket next year would provide new possibilities for Zimbabwe.

Recently, Finance and Economic Development Minister Patrick Chinamasa said local financial institutions should be innovative and adapt to changing economic conditions to attract more long term deposits.


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Zimbabwe Tyre Market Forecast and Opportunities, 2020 – Competitive Landscape and Strategic Recommendations

DUBLIN, December 16, 2015 /PRNewswire/ --

Research and Markets (http://www.researchandmarkets.com/research/dx6z5d/zimbabwe_tyre) has announced the addition of the "Zimbabwe Tyre Market Forecast and Opportunities, 2020" report to their offering.

(Logo: http://photos.prnewswire.com/prnh/20130307/600769 )

The country's tyre market is dominated by the passenger car tyre segment, which accounted two-thirds of the market share in 2014

On account of lack of tyre manufacturers in the country, Zimbabwe is predominantly an import driven tyre market. Apollo Tyres is the only tyre company that operates its manufacturing plant in the country, with other major tyre players operating in Zimbabwe through import route being Bridgestone, Yokohama, Continental and Dunlop.

With a population of around 14.5 million in 2014, Zimbabwe is one of the fast growing nations of the African continent. As of 2013, the vehicle motorization rate in Zimbabwe stood at around 60 vehicles (includes passenger cars & commercial vehicles) per 1,000 people. As a result, there is a huge potential for the country's automotive industry to grow in the coming years. In 2013, Zimbabwe launched its National Transport Policy aimed at promoting reliable, efficient, safe and sustainable road transport system in the country.

Due to the poor condition of road network in Zimbabwe, the government plans to enhance its focus on strengthening the country's infrastructure, which is expected to drive demand for commercial vehicles in the coming years, thereby boosting commercial vehicle tyre market in the country. Also, government initiatives towards providing easy financing for tractors used in agriculture sector is expected to increase the demand for OTR tyres during the forecast period.

Zimbabwe Tyre Market Forecast & Opportunities, 2020 report elaborates following aspects of tyre market expansion in Zimbabwe:

Zimbabwe Tyre Market Size, Share & Forecast

Segmental Analysis - Passenger Car Tyres, Light Commercial Vehicle Tyres, Medium & Heavy Commercial Vehicle Tyres, Two Wheeler Tyres & OTR Tyres

Policy & Regulatory Landscape

Changing Market Trends and Emerging Opportunities

Competitive Landscape and Strategic Recommendations

Key Topics Covered:

1. Research Methodology

2. Analyst View

3. Product Overview

4. Zimbabwe Tyre Manufacturing Production Capacity

5. Zimbabwe Tyre Market Outlook

6. Zimbabwe Passenger Car (PC) Tyre Market Outlook

7. Zimbabwe Medium & Heavy Commercial Vehicle (M&HCV) Tyre Market Outlook

8. Zimbabwe Off-The-Road (OTR) Tyre Market Outlook

9. Zimbabwe Light Commercial Vehicle (LCV) Tyre Market Outlook

10. Zimbabwe Two-Wheeler (2W) Tyre Market Outlook

11. Import-Export Analysis

12. Market Dynamics

13. Market Trends & Developments

14. Policy & Regulatory Landscape

15. Zimbabwe Economic Profile

16. Competitive Landscape

17. Strategic Recommendations

Companies Mentioned

- Apollo Tyre Company Limited (Dunlop Tyre)

- Bridgestone Corp.

- Continental AG

- Hankook Tyre Co. Ltd.

- Kumho Tyre Co., Inc.

- Michelin North America, Inc.

- Pirelli & C. SpA

- The Yokohama Rubber Co., Ltd.

- Toyo Tyre & Rubber Co., Ltd

For more information visit http://www.researchandmarkets.com/research/dx6z5d/zimbabwe_tyre

About Research and Markets

Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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IAEA Mission Says Tanzania Faces Challenges in Radiation Safety Regulation

An International Atomic Energy Agency (IAEA) team of experts said Tanzania’s Atomic Energy Commission (TAEC) faced several challenges in building an independent nuclear regulator, while also noting that the Commission has established a comprehensive education system. The Integrated Regulatory Review Service (IRRS) team today concluded...
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Schools Promote Book Piracy

The anti-piracy taskforce convened by the Zimbabwe International Book Fair has engaged the Primary and Secondary Education Ministry in a bid to address the problem of use of pirated books in schools. Zimbabwe Book Publishers Association chairperson ...
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