SUPPLIERS DEMAND FOREX UPFRONT

The Confederation of Zimbabwe Retailers (CZR) has said most suppliers have changed their trading terms demanding foreign currency up-front.

CZR president Denford Mutashu said they have been to Midlands and Matabeleland where retail players were reportedly “very bitter” over the decision by suppliers to change trading terms.

“Suppliers are now demanding to be paid in foreign currency, of which the retailers do not have. They even moved from the 30-day term to payment up-front strategy which is crippling the smooth running of retailers,” Mutashu said.

He said the pay up-front strategy by suppliers has made the situation unbearable for retailers as goods they purchase face a delay in delivery as the suppliers are now delivering only upon payment or when the money reflects in the bank account.

The high demand for foreign currency has consequently resulted in unforeseen change in business deals. Daily News

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