According to sources at JSW Corporation, Qantas Airways Ltd. informed travel brokers in Zimbabwe that they would need to cease the sale of tickets for the Australian based airline’s flights following a warning by the International Air Transport Association that it is becoming increasingly problematic to transfer funds out of the African country. The announcement was made in a memo that the Australian airline sent to various travel agents.

Qantas Airways Ltd is due a large sum of money by Bank Settlement Plan Zimbabwe, the organization that the International Air Transport Association utilizes to move local ticket income to carriers, according to the memo from the regional manager for Africa for Qantas. Michi Messner stated that the company had been advised by the International Air Transport Association that the problem with the movement of funds out of Zimbabwe was deteriorating.

Earlier this week, Messner established by telephone conversation from her base in Johannesburg that she had indeed circulated the letter, mentioning further enquiries to IATA. The industry organization was not available immediately to comment when contacted.

The action by Qantas and IATA is an initial indication that carriers may be winding back operations in Zimbabwe, which is dealing with a deficiency of cash in the form of bank notes that has prompted creditors to restrict client withdrawals and witnessed retailers give sizeable reductions for cash payments. The southern African country has predominantly utilized the US dollar after bad economic management and roaring inflation reduced the country’s native currency to worthlessness almost a decade ago.

International airlines such as United Continental Holdings Inc. ceased or deferred operations in Nigeria in 2016 after the nation’s own scarcity of foreign exchange funds rendered it almost impossible to recover funds.

About Jackson Stewart Wang
JSW CORPORATION is an independent, private wealth management concern based in Shenzhen, China. Combining superior due diligence, market insight, risk management, we provide high-level market entry services to private individuals, families and institutions seeking high caliber investment guidance and execution.

Our far-reaching international network of resources offer professional, individualized private wealth expertise including multi-lingual research, corporate mergers and IPO services.