News / National
GMAZ in US6 Million loss
14 Jun 2023 at 13:43hrs | Views
The Grain Milling Association of Zimbabwe (GMAZ) has lost over USD 6 million over the past three months due to the continuous loss of value of the local currency.
The board's chairman, Dr Tafadzwa Musarara said due to the current inflation, it's members are currently owed an aggregate of circa ZWL12.8 Billion, being outstanding payments of goods supplied in the past 90 days.
He added the losses were a result of the exchange rates which have accumulated to over USD6 Million and continue to accumulate.
Following the free fall of the local currency, the body has directed that all ZWL transactions shall require payment upfront while USD transactions will remain open on credit terms.
"ALL purchases from wholesalers and retailers in ZWL will require upfront payment or at least payment on delivery.
"USD transactions will continue to obtain on credit considerations," said Dr Musarara.
GMAZ is the apex representative body of grain milling industry with over 130 members who are in the bussines of milling and processing of maize meal, flour, stock feeds, salt, sugar beans, rice among other things.
Meanwhile, the local currency is on a free fall forcing most businesses to shun it and transact in foreign currency.
Below is the statement:
The board's chairman, Dr Tafadzwa Musarara said due to the current inflation, it's members are currently owed an aggregate of circa ZWL12.8 Billion, being outstanding payments of goods supplied in the past 90 days.
He added the losses were a result of the exchange rates which have accumulated to over USD6 Million and continue to accumulate.
Following the free fall of the local currency, the body has directed that all ZWL transactions shall require payment upfront while USD transactions will remain open on credit terms.
"USD transactions will continue to obtain on credit considerations," said Dr Musarara.
GMAZ is the apex representative body of grain milling industry with over 130 members who are in the bussines of milling and processing of maize meal, flour, stock feeds, salt, sugar beans, rice among other things.
Meanwhile, the local currency is on a free fall forcing most businesses to shun it and transact in foreign currency.
Below is the statement:
Source - Byo24News
