Cassava Remit reported a $506 foreign exchange loss for the 6 month period leading to 31 August 2019, Newsday reports.
This was revealed By Cassava Remit Board Chair Sherree Shereni who released a statement accompanying the Cassava remit financial results for the period in question.
Shereni said:
The Continued depreciation of the ZWL agaisnt the USD had a significant impact on our financial perfomance. As we had to recognise foreign exchange losses amounting to $506 million.
Mr Shereni also stated that power cuts and fuel shortages, which have been the norm for some time now, also negatively affected the group’s performance.
Source: Newsday