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Govt To Meet Business Over Price Hikes: Industry Minister

5 years agoMon, 19 Nov 2018 08:41:02 GMT
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Govt To Meet Business Over Price Hikes: Industry Minister

Industry and Commerce Minister Mnagaliso Ndlovu says he is to meet manufacturers and retailers today in order to deal with the scourge of price hikes experienced in the past few weeks. The prices hikes occurred after the RBZ instructed banks to separate RTGS accounts from FCA accounts. This led to a steep fall in the value of the bond note/RTGS value against the United States dollar. The chain of events triggered sharp price increases which the government blamed on hoarding and panic-buying.

In an interview with the Herald during his tour of Samic, a motorcycle assembling company in Bulawayo yesterday, minister Ndlovu said

The issue of price hikes is temporary and it’s being addressed. And for any investor, what is more critical is how Government responds to such hikes and our response has been engagement. We should be able to work things out… Tomorrow we are having a critical engagement session with manufacturers and retailers to try and identify critical cost-push factors.

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