Econet Seeks For Permission To Charge In USD

Econet Wireless, the biggest mobile operator in Zimbabwe is seeking permission to charge some of its services in foreign currency.

This was revealed by Econet chairman, Dr James Myers, in a statement accompanying the group’s financials for the half-year to August 31, 2020. Myers said:

The business continues to pursue opportunities to receive payment of some of its services in foreign currency.

Zimbabwe last year ended a 10-year tenure of the multicurrency system that had been adopted in 2008 following a record-high 231 million percent hyperinflation.

Through Statutory Instrument (SI) 85 of 2020 issued in March this year, the government removed the ban on the use of all foreign currencies for local transactions.

The use of foreign currency for local transactions was welcomed by the business community which argued that the local currency was fast losing value hence bad for business.

Some argued that the ban on the use of foreign currency was making it hard for them to raise enough forex to purchase goods and services from abroad where the local currency was not accepted.

Econet also announced plans to pursue opportunities available on the local market as well as global trends in its quest to transform from being a communication to a digital services provider.

More: Chronicle

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