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Zimbabwe’s economy as started to feel the heat caused by Corona Virus. The parallel market forex rate has hit 43. The Victoria Falls cancellations are coming in thick and fast now. Corona financial impact is here
Impact in tourism industry
The Econet Victoria Falls Marathon has just communicated the suspension of bookings through a Facebook post: The Econet Victoria Falls Marathon event is scheduled to take place in July 2020. We have temporarily closed online entries until 30 April or until we have a clear indication from WHO and Zimbabwe Health Ministry as to whether we may proceed with the event. Please subscribe to our newsletter on our website to be kept up to date. Thanking you in advance.
The Econet Half Marathon attracts thousands of participants across the world. Victoria Falls has also been affected due to the lack to direct flights to the resort town. Since other countries are banning arrivals from high risk countries, connecting airlines become difficult for would be tourists. Most of Zimbabwe’s high spending tourists come from high risk countries such as Europe and China.
Forex rates shoot up
Zimbabwe is struggling to meet its foreign currency demand to finance the import of maize, petroleum and other important commodities. The spreading of corona virus has prompted the government to spend towards their preparedness to combat the diseases when it reaches Zimbabwe as well as to detect it when it enters our borders. The spending will increase the liquidity in the economy causing the foreign currency rate to go up.