Econet Reportedly Lost ZWL$1.9 Billion In Exchange Losses

4 years agoTue, 31 Dec 2019 06:38:34 GMT
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Econet Reportedly Lost ZWL$1.9 Billion In Exchange Losses

Telecoms giant Econet reportedly lost ZWL $1.9 Billion in exchange losses for the period ending August 31 2019 all because of the depreciation of the currency, The Chronicle reports.

This was revealed by the Econet chairman Dr James Myers in a statement accompanying the financial results for the period in question.

Dr Myers said:

The group’s results for the period under review were significantly weighed down by the accelerated depreciation of the local currency. As a result of outstanding foreign currency obligations, the group recorded foreign exchange losses of ZWL$1,9 billion

The Zimbabwe Dollar has been depreciating ever since its debut as the RTGS $ on 20 February 2019.

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