Zimbabwe Business Watch : Week 43
Telcoms is now a problem due to power shortages to add to the list of woes. Faults are now beginning to surface and seroiously effect business which is staggering in an already testing environment. Due to extended power outages, NetOne has resorted to standby generators which now cannot be used because of shortage of Diesel. The result is they simply shut-down whole telphone exchanges. Mweb (Internet provider) has also advised that there will be no internet surfing at night due to the expense of running generators.
Some exporting companies have invested huge summs of money into auxilliary power supplies on the basis that they can source fuel privately. This is necessary to protect their hard won exports orders. Deals are being struck with the state power utility to pay for power in hard currency. This is another desperate measure being employed as an option to total shutdown.
Currency is trading as high as 1,6 million to the USD and the Reserve Bank continues to buy on the black market forcing rates even higher.
