Zim newspapers sold in foreign currency

23 Jan 2009

The country's mainstream newspapers this week began retailing in foreign currency after being granted exchange control approval by the country's central bank.

The new foreign currency-denominated prices however brought to the fore widely-held views that local newspapers were too expensive compared to those published elsewhere in the region, a factor newspaper executives said was due to high production costs in the crisis-ravaged economy.

“All newspapers on the streets and in selected outlets will be sold in foreign currency,” an announcement by The Financial Gazette said, indicating that only sales from its offices would be in Zimbabwe dollars according to terms of its exchange control approval.

The state-controlled Zimbabwe Newspapers (Zimpapers) CEO, Justin Mutasa, said 75% of the group's newspapers would retail in foreign currency, with the two dailies, The Herald and The Chronicle selling for US$1 or R10 per copy. Only copies sold through its offices or to government would be priced in Zimbabwe dollars, Mutasa said in a notice on Wednesday, 21 January 2009.

The Financial Gazette was priced at US$2 or R20 per copy.

Similar exchange control approvals had been granted to the Zimind Publishers, which produce Friday's The Zimbabwe Independent and Sunday's The Zimbabwe Standard. Both were expected to sell on the streets at US$2 or R20 per copy through their distribution agent, Munn Marketing.

Dumisani Ndlela

About Dumisani Ndlela

Dumisani Ndlela is a Zimbabwean journalist specialising in business and financial reporting, with experience reporting on commodities, stock and financial markets, advertising, marketing and the media. He has previously reported from a number of regional countries as well as from the UK and Germany on commodities and regional integration. He can be contacted on ku.oc.oohay@aleldnd.