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Cassava Remit In $506 Foreign Exchange Loses

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 

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