FLEA Market operators should stop selling their wares in foreign currency and the Reserve Bank of Zimbabwe is the only institution mandated to grant such authority, Small to Medium Enterprise Minister, Cde Sithembiso Nyoni said on Friday. Cde Nyoni?s comments were triggered by widespread reports that majority of flea market operators in Bulawayo were now selling some of their ware in foreign currency to locals. Speaking in a telephone interview on Friday, Cde Nyoni said business people needed RBZ authority to charge their products in hard currency. Most of the vendors said they had opted to charge their goods in foreign currency to cushion themselves against the instability of the local currency and galloping inflation. We still accept the local currency from our customers as long as they pay us the equivalent to whatever the charge is in foreign currency,? said another vendor who declined to be disclosed. Various goods including baby wear, clothes, shoes and electric gadgets are on sale in foreign currency at a number of flea markets in Bulawayo. read more

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Foreign currency assets fell $694 million during the week to $302. Petroleum minister Murli Deora also proposed ovl and Angola’s National Oil Company should form a joint venture to take part in the next round of offer on exploration blocks in that country. This has come into effect from July 3. read more

[Tags]3, 302, 694, angolas, assets, blocks, forex news[/Tags]

LONDON, July 4 (Reuters) – The euro hovered near one-week lows versus the dollar on Friday, deflated after the European Central Bank signalled it wasn’t planning another rate rise and as U. The ECB raised euro area borrowing costs by a widely anticipated quarter percentage-point to 4. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here . read more

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EOUs are required to be net foreign exchange earners in five years from the date of commencement of production. As per a notification by the Directorate General of Foreign Trade, the five year period could now be suitably extended by the Board of Approval. EOUs require a Letter of Permission (LoP) by the Development Commissioner before commencing operations. Bharat Dynamics Ltd, a mini-ratna Category-I company under the Ministry of Defence, has a new man at the helm of affairs with Maj Gen (Retd) Ravi Khetarpal taking over as the new Chairman and Managing Director. read more

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Mumbai, July 2 (PTI) The Indian rupee gained 18 paise at 43. High global oil prices, which traded above USD 141 per barrel in Asian markets, however, continued to put downward pressure on the domestic unit. In brisk activity at the Interbank Foreign Exchange (forex) market, the rupee witnessed movements in a range of 43. Forex dealers said the rupee drew support from a strong surge in Indian equity markets which raised hopes that capital inflows will start pouring into the bourses. The capital inflows are the principal driver for the rupee, which remained under pressure due to continued outflows so far in the current calendar year. read more

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Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. read more

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