Business - Companies & Markets - Featured - Local - December 8, 2020

Econet expects foreign currency transactions

THE leading mobile telecommunication service provider Econet Wireless Zimbabwe is seeking approval from relevant authorities to conduct some of its services in foreign currency.

This comes after the Government gazetted Statutory Instrument (SI) 85 of 2020 which allowed the use of foreign currency for local transactions in March 2020.

In its Abridged Consolidated Financial Results for the half-year ended 31 August 2020, Econet board chairman Dr. James Myer said the business is yet to pursue opportunities so as to receive some of its payment in foreign currency.

“This is because the introduction of the Foreign Exchange Auction System, has resulted in instability of the exchange system,” Myers said.

With the introduction of the foreign exchange system and the gazetted of (SI), 85 of 2020 many companies are pegging their prices using both local and foreign prices.

The Company has remained afloat for the past 20 years despite the ever-changing operating environment.

“Our ability to transform the business and swiftly adopt new technologies has been demonstrated as communications technology evolved from GPRS (2G), 3G, 4G (LTE) and now 5G and we are now taking bold steps to pivot our strategy from a communications service provider to a digital services provider,” Myers said.

Econet continues to explore new opportunities presented by the local conditions as well as global technological trends.


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