Zimdollar fall: TelOne suffers US$7,4m loss

SATE-OWNED telecom firm, TelOne, says government’s delay in paying its debt has caused a loss of US$7,4 million on its balance sheet as the local currency continues to depreciate.

The Zimdollar has lost value significantly this year against the United States dollar to reach $6 299,32 as of yesterday.

This loss in value has wiped a significant chunk of the debt that government owes TelOne, resulting in the firm losing significant value in real terms.

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