Companies risk it all to earn US dollars as Zim currency slides
Companies are risking it all in Zimbabwe as they gun for earnings in foreign currency and try to stay out of trouble with monetary authorities that are cracking down on firms deemed to be promoting usage of US dollar and driving down the value of the Zim dollar unit of exchange.
This comes as foreign currency earnings are replacing local currency income for Zimbabwean companies and banks. The Zimbabwean economy, increasingly mainstayed by remittances and blighted by a currency crisis that is driving up inflation, is rejecting the local dollars.
Zimbabwean President Emmerson Mnangagwa charges that companies engaged in currency dealings are sabotaging through stocking up an uprising.
Social media campaigners have called for protest action against Mnangagwa’s administration on Monday, a week after a wave of price increases and a crippling public transport crisis took a toll on Zimbabweans.