General Beltings Holdings Limited (GBH.zw) HY2019 Interim Report

We have extracted the Chairman’s Statement from the 2019 half year financial report for General Beltings Holdings (GBH.zw), listed on the Zimbabwe Stock Exchange:

Introduction

I hereby present to you the unaudited half year results for the six months period ended 30 June 2019. The continued effort by the authorities to stabilise the macroeconomic environment culminated among others into the change of the functional currency from US dollars to RTGS Dollars on 22 February 2019. The enactment of statutory instrument 142 of 2019 removed the use of the multicurrency system for legal tender purposes and simultaneously replaced it with the use of the Zimbabwe Dollar in June 2019. According to Zimstats year on year inflation stood at 175.5 % at 30 June 2019 (2018: 2.91 %) as a result of the unintended consequences of the policy interventions.