Zimbabwe's economy is fragile and it does not have its own currency

Zimbabwe’s leading beverage manufacturer, Delta Corporation, has reversed a decision to charge products in foreign currency after government intervention.

A joint statement by the company and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said late Thursday the company had reverted to its old pricing system while the central bank undertook to allocate it the foreign currency it needs for its operations.

Vice President Constantino Chiwenga, finance minister Mthuli Ncube and Mangudya met Delta officials Thursday night and resolved to maintain the old prices.

“The parties agreed that Delta withdraws the notice to sell its products exclusively in hard currency, in the spirit of the multi-currency framework,” said the statement.

“The Reserve Bank of Zimbabwe will endeavour to provide the foreign currency required to ensure that Delta continues to trade on the current basis,” it said.

Earlier, Delta had said in a statement to customers that its business had been adversely affected by shortages of foreign currency, which had resulted in the company failing to meet orders, and “in the case of soft drinks, being out of stock for prolonged periods.”

“In order to sustain its operations, the company advises the retail and wholesale customers that its products will be charged in hard currency with effect from Friday, 4th January 2019,” the statement said.

The government, however, said the move was illegal and would intervene.

The move by Delta had left many beer lovers fuming and questioning where they would get the elusive foreign currency. Enditem


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