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RBZ, Business Leaders Fail To Reach Consensus On Pricing

Business leaders said they failed to reach a consensus with the Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) when the two parties met on Tuesday last week.

Confederation of Zimbabwe Industries (CZI) president, Kurai Matsheza, told Business Weekly that there was no consensus on two major issues that were on the agenda.

FIU wanted to know why businesses getting foreign currency from the auction system are pricing their products at rates above the auction rate.

The other issue that was discussed was the selling of some products exclusively in USD terms by some companies, in particular retailers and wholesalers.

Matsheza said while there was no consensus on the issues on the agenda, there was mutual agreement that the economy is in a difficult situation. He said:

. . . we met the RBZ unit, the FIU . . . we discussed and they told us the concerns they had. They had two concerns.

But there was no consensus; the only agreed concern is that we are in a difficult situation as a country.

He said the CZI highlighted that even if some members are receiving money from the auction, they are getting only 32 per cent of their requirements.

Moreover, a backlog on the auction is forcing companies to also try and raise USD on the domestic market so that they can supplement their USD requirement to continue operating.

The meeting between the FIU and business was attended by manufacturers, suppliers, retailers, wholesalers, and many other representatives including the Grain Millers Association of Zimbabwe (GMAZ), Zimbabwe National Chamber of Commerce (ZNCC) and the CZI.

FIU director, Oliver Chaperesa, said the main agenda of the meeting was to address issues of price and goods that are exclusively sold in USD terms.

He said it is unacceptable because there are consumers who earn only Zimbabwe dollars, therefore, there should be an option for everyone. Said Chaperesa:

We listened to what they had to say. But we then agreed that they should not be charging USD exclusively for goods and this was agreed on.

More: Business Weekly

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