The bank had a core capital position of US$26 million below the central bank regulatory requirement of US$30 million.

He said Japanese firms were also interested in investing in minerals like lithium.

By making the gold coin purchasable in local currency, the central bank intended consumers to rush and buy the commodity asset.

Last year, Zesa spent US$225 million on power imports from regional utilities, including in South Africa, according to official data.

The Stock Exchange (ZSE) listed giant has approached the bourse over the delay, the firm said Wednesday.

Tsheole was the keynote speaker for this year’s survey, which analysed trends on the ZSE and awarded the best performing counters.

Under this blueprint, the country was supposed to grow by 5,5% by the end of this year, 5,2% in 2023 and 2024, before slowing to 5% by 2025.

Due to the disparities between the official and parallel forex rates, the gains made by this arbitrage were over 50%.

This, he said, is because of current laws not breaking down electronic fraud into specific areas that are always evolving with the growth in technology.

Tsheole was the keynote speaker for this year’s survey, which analysed trends on the ZSE and awarded the best performing counters.

In October 2020, as part of reforms to make SOEs and parastatals efficient, the government announced it was evaluating the ownership model of these entities.

The common director is Terrace Africa managing director Brett Abrahamse who founded and co-founded both firms, respectively.

High production costs end up with rocketing inflation as businesses pass costs to final users.