Delta reports improved liquidity on the interbank, reviews pricing model

Harare – Zimbabwe’s largest beverages manufacturer, Delta Corporation Limited has said that foreign currency availability on the interbank market has now improved for “ongoing operations.”

In light of this, Delta said it is now selling all returnable glass packs (RGPs) in RTGS$.

In a statement released on Tuesday, the company said “This policy position applies to both beer and soft drinks.”

“We urge all our wholesale and retail partners to align prices to our suggested price schedule that our sales-force constantly communicates.”

Since the introduction of the interbank in February 2019, quite a number of businesses have been reporting difficulties in accessing foreign currency from the interbank while trades evidently remained largely constrained due to lack of adequate foreign currency injection.

At an AGM held in May 2019, Delta’s chief executive Pearson Gowero said that the company had not been able to access foreign currency on the interbank foreign exchange market.

He said that 40 percent of their revenue in foreign currency was generated through the sale of some products in US dollars.

Government has however, recently committed to inject US$500 million to the interbank so as to meet the forex payment requirements of businesses and individual.

The central bank Governor, Dr John Mangudya said that “this amount shall go a long way to stabilise the exchange rates and prices of goods and services in the economy.”

Equity Axis News

Raynold Mhotseka

Raynold Mhotseka is a Journalism and Media Studies student at the University of Zimbabwe. He serves as a news writer at financial research firm, Equity Axis where he is currently on attachment. He can be contacted through the following email links, rayjnr.mhotseka@gmail.com and raynoldm@equityaxis.net.

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