Thursday, November 27, 2008

State papers turn back on Zimdollar

Zimbabwe’s state-owned newspaper publishing company Zimpapers has turned its back on the local currency and is demanding that subscriptions be paid in foreign currency, writes Gugu Ziyaphapha.

The financially troubled entity publishes the Herald, Chronicle, Sunday News, Sunday Mail, Manica Post, Kwayedza and Umthunywa.

Sources from the publisher’s marketing and accounts departments say CEO Justin Mutasa has instructed them to charge in forex.

Mutasa told the managers that the action was necessary in order for the company to survive. “From now on, after the expiry of all individuals newspaper and corporate bodies subscriptions, be advised accordingly that all renewals of the same must strictly be done in US$ component. Checks and local currency will no longer be entertained,” Mutasa reportedly told his staff.

Because of newsprint and ink shortages the group’s flagship daily Herald’s circulation figures have drastically gone down from 171 thousand to 10 thousand copies.


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