AB InBev Halts Zimbabwe Currency Plan After State Intervenes
- Delta, AB Inbev associate, planned to charge in hard currency
- Company’s CEO issued joint statemnt with central bank
Photographer: Waldo Swiegers/Bloomberg
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Delta Corp Ltd., the Zimbabwean company part owned by Anheuser-Busch InBev SA/NV, abandoned a plan to only accept hard currency for its beverages after the government intervened a day after the measure was announced.
The maker of Castle Lager, Chibuku sorghum beer and a range of soft drinks hasn’t been able to pay some international suppliers for “extended periods,” choking off access to further credit, the Harare-based company told retailers and wholesalers in a letter dated Jan. 2. Delta, which had planned to implement the measure from Friday, isn’t receiving enough foreign currency from banks to pay for imports, it said.