RBZ Governor Meets Business Community Over “Pricing Madness”

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya Saturday said his meeting with the business community on Sunday was meant to make authorities understand the root cause of an increase in prices of commodities lately.

The all-stakeholder forum was attended by representatives of retailers, producers, wholesalers and everyone involved in the value chain.

Mangudya said the meeting would explore sustainable solutions to the widespread parallel market pricing that is eroding economic stability. Mangudya spoke to The Chronicle on Saturday:

We are going to meet all the business community, the producers, retailers, and wholesalers so that we find a sustainable solution.

It has come to our attention that everyone in this country has become a price taker, so we want to find out who is causing it. It’s not about arresting people; it’s about understanding the real cause of what’s happening.

The most sustainable way of running a business or running a country is not arresting, but it’s about understanding the behaviour and behaviour dynamic is not a fundamental.

Mangudya said for businesses to operate viably, they require a stable environment adding that the pricing dilemma caused by parallel market activities was threatening the macro-economic gains the country has so far achieved.

Confederation of Zimbabwe Retailers (CZR) president Mr Denford Mutashu urged the government to set up an inter-ministerial committee to interrogate the foreign currency exchange rate challenges.

He said the prevailing pricing dilemma is a warning for most retailers and wholesalers of the tough times ahead. The parallel market rate has been rising lately after months of stability following the adoption of the Dutch Foreign Currency Auction System by the RBZ last year.

More: The Chronicle

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