Crisis forces business to cut back or close

Zimbabwe's economic crisis has forced businesses to cut working days or suspend trading and key decisions have been put on hold ahead of elections this month, the head of the country's main business group was quoted as saying on Tuesday.

"Business is bad. A lot of companies have gone on short time and some have closed their doors," Alister Ross, chief executive of the Confederation of Zimbabwe Industries, told Reuters. "It is not just the elections, there are a whole load of problems at the moment. The lack of foreign currency is one and the managed exchange rate is another," he said.

Many firms are expected to report weaker financial results due to an acute foreign currency shortage, high inflation and interest rates seen compounded by farm invasions since February.