One of Zimbabwe’s leading taxpayers, Delta Beverages, will demand payment in foreign currency for its products from Friday, effectively shutting the door on bond notes.
The beverage company, which bottles cool drinks such as Coca-Cola, Sprite and Fanta alongside beer brands Castle Lager and Castle Lite, says it will accept international currencies pegged to the official US dollar rate.
Delta said it will not recognise bond notes and mobile money as currencies. “The company does not trade on parallel or black market and does not subscribe to any exchange rate between the US dollar and the RTGS [real-time gross settlement] or bond note, as they are not currencies,” said the company in a statement.
One of Zimbabwe’s leading taxpayers, Delta Beverages, will demand payment in foreign currency for its products from Friday, effectively shutting the door on bond notes.
The beverage company, which bottles cool drinks such as Coca-Cola, Sprite and Fanta alongside beer brands Castle Lager and Castle Lite, says it will accept international currencies pegged to the official US dollar rate.
Delta said it will not recognise bond notes and mobile money as currencies. “The company does not trade on parallel or black market and does not subscribe to any exchange rate between the US dollar and the RTGS [real-time gross settlement] or bond note, as they are not currencies,” said the company in a statement.
Delta, which contributes more than $200m in taxes annually, follows fast-food giant Simbisa Brands in switching to forex prices, although the later still accepts bond notes.
Pub and nightclub operators, the major customers of beverage suppliers, say they will also stop accepting bond notes because they will be sourcing their products in hard currency.
Article sourced from Times Live
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