It's Back to the Same Old as Companies Ask for Top Up
Today, it is ZWL 5,978 68, and we are only half way through the month.
Its back to the same old as Zimbabwean companies have started issuing distress letters to their clients as they did in 2008.
One of Zimbabwe’s oldest security companies, Fawcett Security, has sent a letter to its clients letting them know that they will have to top up their June fees due to the Zim Dollar losing strength against the US Dollar.
Read letter below 👇🏾
Attention FAWCETT CLIENTS
14 June, 2023
BACK TO THE SAME OLD
Here we are again, sinking deeper and deeper into this economic quagmire. It seems like we have tuned the clock back. What you now spend on one large trolley of supermarket goods, (SI,7m) would have purchased 100 x brand new half ton pickups 7 years ago. It is, truly, beyond understanding.
On 31 May I wrote advising of a supplementary June invoice for our ZWL ees. On that date, the oficial bank rate was ZWL2,514.73 : USD1. Today, it is ZWL 5,978 68, and we are only half way through the month. This represents an inerease over 15 days of 137.8% and accordingly, we have no alternative but to implement the following:
1. The corresponding supplementary invoice will be dispatched forthwith, and must be paid in full by close of business on 23 June, failig which it will be re-valued.
2. All outstanding fees, some of which go back over 90 days, have now been reduced in value to ridiculous amounts. Accordingly, all fees outstanding will also be re-valued if not setled in full by close of business on 23 June.
3. With effect from July, all invoicing will be denominated in USD. refered to the following address only: currency@fawcetts.co.zw.
4. Settling ccounts in USD will obviate the inconvenience of these constant fee reviews, which are so disruptive.
