Meikles Limited 2019 Abridged Report

We have extracted below the Chairman’s Statement from the 2018 annual report of Meikles Limited (MEIK.zw), listed on the Zimbabwe Stock Exchange:

It gives me pleasure to present the Chairman’s Report for the financial year ended 31 March 2019.

FINANCIAL OVERVIEW

There were significant developments in the operating environment during the year under review. The main highlights impacting the financial statements are as follows:

  • Year on year inflation was 66.8% at the end of March 2019.
  • In October 2018, Reserve Bank of Zimbabwe (“RBZ”), through a Monetary Policy announcement separated bank accounts into RTGS FCA and Nostro FCA and maintained the exchange rate between them at 1:1.
  • Government promulgated Statutory Instruments (