Minister Nzenza Condemns Exclusive Pricing Of Basics In Forex

The Government has acknowledged that some suppliers and manufacturers are demanding payment for goods exclusively in foreign currency in violation of the dual currency pricing system.

In a statement, Minister of Industry and Commerce Sekai Nzenza said some suppliers are selling goods below the prescribed weight and volume. She warned that the unscrupulous behaviour will not go unpunished. She said:

It has come to our attention that some suppliers of basic commodities have been observed demanding payment exclusively in foreign currency for certain basic commodities in violation of the dual currency pricing system adopted by the Government.

Furthermore, a few manufacturers of basic goods have been observed selling goods that are below the prescribed weight and volume and corrective action will always be taken to protect consumers.

Nzenza said the ministry has engaged the Reserve Bank of Zimbabwe (RBZ) to avail foreign currency to manufacturers to ensure that shops do not run out of basics. She said:

All stakeholders concerned are being engaged and are committed to finding a lasting solution to this situation. The public is encouraged to take note that there are no shortages of basic commodities in the economy.

The ministry, in liaison with relevant arms of Government, continues to advocate for the availability of foreign currency to productive sectors of the economy and to achieve macro-economic stability.

We also assure the private sector that issues brought forward in our engagements are being attended to for the benefit of the consumers.

Manufacturers and suppliers price their products exclusively in foreign currency to avoid losses emanating from the rapidly depreciating Zimbabwe dollar on the parallel market.

The local currency is currently changing hands on the parallel market for at least US$1: ZWL$2 200 while the official exchange rate is roughly US$1: ZWL$1 000.

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