In Zimbabwe, rapid informalization and currency woes were the main tenets of the period under review. This led to a tight monetary policy stance by authorities, resulting in a liquidity crisis and less transactions in the formal market. Compliance hurdles increased for formal businesses while the informal sector was able to avert some regulations. The Zambian market faced import inflation from South African goods due to the devaluation of the Kwacha against the Rand. Malawi experienced headwinds such as a 29% exchange rate depreciation and the proliferation of counterfeit goods. Despite subdued credit sales, TVSH’s volumes went up by 6% YTD on the back of cash sales growing by 26% y/y.
