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President Emmerson Mnangagwa has said the government is implementing a comprehensive set of measures aimed at stabilizing prices, curbing speculative activities, and maintaining exchange rate stability.
Mnangagwa, who is also ZANU PF’s First Secretary, made the remarks while addressing the 375th session of the Politburo on Wednesday, 27 March. He said:
<blockquote>
My Government is determined to implement responsive interventions towards arresting speculative activities, inflation, price increases and stabilising the exchange rate.
Equally important, our home-grown innovative solutions and hard honest work remain critical to increasing production and productivity in every sector.
This must see us continually improving the quality of life of our citizenry and ultimately realise Vision 2030.
</blockquote>
On Wednesday, the Zimbabwe National Statistics Agency (ZIMSTAT) revealed that the country’s annual inflation rose to 55.3% in March from 47.6% in February 2024, which is a seventh-month high. Prices rose 4.9% in the month, compared with 5.4% in February.
The Zimbabwean dollar has depreciated against the United States dollar every trading day this year.
It weakened 72% in that period, making it the world’s second-worst-performing currency, after the Lebanese pound.
The President also said the government is putting in place necessary measures to mitigate the adverse effects of the El-Nino-induced droughts. He said:
<blockquote>
My Government will continue to roll out measures to address the negative effects of drought and climate change.
I challenge the party to take the lead at the cell/village level to keep our grassroots updated and knowledgeable about the national climate action plan, including promoting conservation agriculture methods, as well as building resilience and adaptive capacities.
</blockquote>
The Ministry of Lands, Agriculture, Fisheries, and Rural Development recently reported that this year’s maize harvest will be 70% smaller than the previous season due to severe drought damage.
As per the Ministry’s outlook report, Zimbabwe’s maize production is projected to reach approximately 696,116 tonnes, a significant decline from the estimated 2.3 million tonnes for 2023.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Govt Taking Action On Price Increases, Exchange Rate Fluctuations - Mnangagwa

Zimbabwean annual inflation rose to 55.3% this month from 47.6% in February, which is a seventh-month high, reported <a href="https://www.bnnbloomberg.ca/zimbabwe-inflation-rate-hits-seven-month-high-as-finance-minister-pledges-to-act-1.2052151">Bloomberg</a>.
The announcement by the Zimbabwe National Statistics Agency (ZIMSTAT) on Wednesday, March 27, comes days after the Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, pledged to address price increases that are being fueled by the country’s free-falling currency.
Prices rose 4.9% in the month, compared with 5.4% in February.
According to ZIMSTAT, the main contributors to the surge were the cost of food and utilities including housing.
Ncube said at the weekend that the authorities are aware of ongoing price instability in Zimbabwe and monetary policymakers are preparing a statement that will deal with the challenges. He said:
<blockquote>
We are aware that there is currency instability in the main, which then impacts prices. As government, we will act.
</blockquote>
The Zimbabwean dollar has depreciated against the United States dollar every trading day this year.
It weakened 72% in that period, making it the world’s second-worst-performing currency, after the Lebanese pound. Said Ncube:
<blockquote>
In the not-so-distant future, we will be able to make the relevant announcement through a monetary policy statement from the central bank.
We will make sure that we do the right thing and that the new announcement will engender the stability that is needed because we will put in a monetary mechanism that will ensure that we have stability going forward.
</blockquote>
In 2019, the government reintroduced the Zimbabwean dollar after a decade of dollarization. However, the currency rapidly lost value, leading to challenges.
Recently, the central bank and finance ministry have been actively working on additional measures to stabilize the Zimbabwean dollar.
President Emmerson Mnangagwa mentioned the possibility of introducing a “structured currency,” although details were not provided.
Despite these efforts, confidence in the local currency remains low, and economic agents continue to prefer the U.S. dollar.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe’s Inflation Rate At Its Highest In Seven Months

STATEMENT BY THE HON. MINISTER OF FINANCE, ECONOMIC DEVELOPMENT AND INVESTMENT PROMOTION ON TAX POLICIES ADOPTED BY GOVERNMENT TO GUIDE CONSUMER BEHAVIOUR
1. Government, in observance of the principles of transparency and accountability, takes this opportunity to enlighten the general public on the broad tax policy considerations that have traditionally guided the development of the taxation system, in particular, consumption-based taxes.
2. Consumption taxes are charged on the consumption of goods and services and are generally imposed at the time of the transaction. Targeted tax instruments may, thus, be used to influence or re-direct such consumption, especially, where consumption is deemed or scientifically proven to impose negative externalities to Society.
3. Development and refinement of tax policy measures has always been a result of a consultative process involving business, consumer organisations, civil society, academia, Government Agencies and the general public, among others. Such consultations are in view of the fundamental roles of Stakeholders to exercise their Constitutional right to influence public policy in a responsible manner, with a view to developing this Great Nation.
4. Government has recently noted with concern, the imposing nature of the input from some stakeholders on recently introduced tax measures, notwithstanding the distinct role between stakeholders and policymakers.
5. The implementation of the National Development Strategy 1 (NDS1) is premised on the recognition that bold and transformative measures are needed to underpin the drive towards the attainment of our Vision 2030.
6. One of these measures includes the introduction of the Beverages Sugar Content Tax aimed at addressing quality of life and health matters through mobilising revenue that would be channelled towards such causes.
7. The Beverages Sugar Content Tax has been misconstrued as a levy on sugar when it is applied differently. The tax is, rather, applied on the sugar content in beverages (drinks) specified in current legislation.
8. Government wishes to categorically state that the tax does not apply to sugar in general, hence, should not be misinterpreted as affecting ordinary consumption. Producers of sugar, are, thus, not affected.
9. Specifically, the tax is applied on the Added Sugar in specified beverages, excluding natural sugar, with a view to encouraging responsible consumption of sugar contained therein. It is scientifically proven that excessive consumption of added sugar in beverages is linked to an increased risk of non-communicable diseases.
10. The revision of the tax to US$0.001 per gram is a clear testimony of the commitment by Government to carefully consider and adopt constructive input from relevant stakeholders.
11. Government is also aware that some Producers cannot immediately reconfigure their production processes, whilst there is a commitment to reduce the sugar content by other manufacturers. On the other hand, consumers have to also make the conscious choice to consume responsibly, in view of the negative impact of excessive consumption of sugar on their health status.
12. Government has already made a commitment to initially ring-fence the revenue generated from the Beverages Sugar Content Tax for therapy and procurement of cancer equipment for cancer diagnosis. As a sign of such commitment, Treasury will be commissioning the machines purchased therefrom, and subsequent procurements will be advised accordingly.
13. Notwithstanding the above, Treasury notes the unjustifiable increase of prices for some beverages which is unreasonably attributed to the impact of the Beverages Sugar Content Tax. Such behaviour by the responsible manufacturers, wholesalers and retailers is a clear demonstration of incorrect interpretation and, in some cases, profiteering.
14. Government has, at its disposal, the prices charged by such operators prior to the introduction of the tax, the maximum impact of the Beverage Sugar Content Tax on the beverages in question and the expected prices thereof.
15. Government will continue to consult, as wide as possible, with relevant stakeholders, with a view to ensure enactment of evidence-based policies.
16. In addition, Government remains committed to the implementation of measures targeted at the timely realisation of the NDS1 objectives, also conscious of the Mantra, “Nyika inovakwa nevene Vayo/llizwe lakhiwa ngabanikazi balo”.
Hon. Prof. M. Ncube 
MINISTER OF FINANCE, ECONOMIC DEVELOPMENT AND INVESTMENT PROMOTION 
27 February 2024
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Ncube Defends Unpopular Sugar Tax, Says Beverages Price Increases Are Unjustified | Full Statement

The Zimbabwe Energy Regulatory Authority (ZERA) has announced fuel prices effective from 06 February to 04 March 2024.
ZERA set the price of diesel at US$1.67 per litre, up from US$1.66 and the price of petrol at US$1.64 per litre, up from US$1.57 announced on 04 January. ZERA said in a notice:
<blockquote>
The prices are for February 2024 based on M-1 and they will be effective up to 4 March 2024.
The public and operators are advised that the blending ratio is at E5. Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations.
</blockquote>
The increase in the price of fuel, though slight for diesel, may result in a fresh wave of price increases.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZERA Hikes Fuel Prices; Petrol Now US$1.64 Per Litre, Up From US$1.57

The Government has said it needs more time to investigate claims that basic foodstuffs are disappearing from supermarkets.
This comes after Mpopoma-Mzilikazi legislator Charles Moyo (CCC) asked what measures the government had put in place to curb the disappearance of basic commodities from supermarkets during a question-and-answer session in the National Assembly.
In response, the leader of government business in Parliament, Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi said the Ministry of Industry and Commerce will investigate to ascertain whether claims of the disappearance of foodstuffs from shops have substance or not. He said (<a href="https://www.newsday.co.zw/local-news/article/200022625/well-investigate-basic-goods-scarcity-govt">via NewsDay</a>):
<blockquote>
This is extremely specific and I need to interrogate it to have the relevant ministry analyse whether goods are disappearing and whether there is an impact that has happened because of the budget.
Once they do that analysis, we will be able to inform the government to make the necessary interventions.
I admit what he is saying may be very correct, but I cannot answer that without specific evidence that this has happened because of this and therefore, there is a need for an intervention.
</blockquote>
Earlier this week, the Government reimposed duty on cooking oil, maize meal, milk, sugar, rice, flour, salt, bath soap, washing soap, washing powder, toothpaste and petroleum jelly imports.
The Ministry of Finance, Economic Development and Investment Promotion had allowed the importation of the aforementioned products duty-free since May 2023 in response to shortages and rapid price changes as suppliers resorted to forward pricing.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Set To Investigate Basic Foodstuffs "Scarcity"

The price of bread has gone up again by 20% from last month following a raft of new taxes introduced by the Minister of Finance, Economic Development, and Investment Promotion Mthuli Ncube.
The price of bread is now $US1.20, up from US$1.00 just a fortnight ago.
Retailers increased the bread prices early this month to between US$1.10 and US$1.20 but reverted to the old price a few days later.
However, the price of bread has gone up again to US$1.20 and between $10 000 and $11 000 in some major supermarkets in Harare.
Speaking to <a href="https://www.newsday.co.zw/thestandard/news/article/200022070/ncubes-taxes-push-bread-prices-up">The Standard</a>, Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu attributed the increases to movements in the exchange rate. Said Mutashu:
<blockquote>
The increase is on the supply side which has captured the movement of the exchange rate both on the official and unofficial markets.
</blockquote>
Some tuckshops are selling bread at US$1.20 while some traders in high-density suburbs are charging US$1.10 for a loaf of bread.
Grain Millers Association of Zimbabwe (GMAZ) president Tafadzwa Musarara told The Standard:
<blockquote>
We have not increased the price of wheat. You will have to talk to the National Bakers’ Association of Zimbabwe (NBAZ) to understand why the price of bread has gone up.
</blockquote>
NBAZ president Dennis Zinyama attributed the price increases to the new taxes introduced by the Treasury. He said:
<blockquote>
Previously, when bread was zero-rated as a taxable supply, bread manufacturers could claim, from the Zimbabwe Revenue Authority, input tax charged on production and distribution costs.
Bread manufacturers were, therefore, not factoring these costs into the pricing of bread.
In the new Finance Act, bread has been changed to an exempt supply status, implying that input tax is no longer claimable.
Consequently, manufacturers are compelled to incorporate the tax portion into the cost of production and distribution.
</blockquote>
The price increase comes as the Government, which is the biggest employer in the country, reduced civil servants’ earnings by taxing their US$300 allowances that have been converted to taxable salaries.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Bread Price Goes Up, Again

Statement by the Minister of Industry and Commerce Sithembiso Nyoni after her meeting with business member organisations (BMOs) to discuss basic commodities prices and the market supply situation during the upcoming festive season: 15 December 2023.
<blockquote>
1. I have just concluded a meeting with the relevant Business Member Organizations (BMOs) to discuss the prices and market supply situation of basic commodities, ahead of the upcoming festive season.
2. As we all know, traditionally the holiday season is a period with hyper activities where businesses world over stock up with various goods, in anticipation of increased spending as consumers buy various gifts for their loved ones.
3. In attendance at the meeting were:
<ul>
<li>The Grain Millers Association of Zimbabwe;</li>
<li>The National Bakers Association;</li>
<li>The Oil Expressors Association of Zimbabwe;</li>
<li>The Zimbabwe Retailers Association;</li>
<li>The Confederation of Zimbabwe Retailers;</li>
<li>Zimbabwe Sugar Sales; and</li>
<li>The Zimbabwe Sugar Association.</li>
</ul>
4. As a Ministry, we had observed an emerging trend, of increases in the prices of basic commodities during this week, wherein laundry soap has gone up 16%; cooking oil by 13%; bread by 12%; and mealie-meal by 9%. It was pleasing to note that the price of sugar has remained constant.
5. As the ministry responsible for commerce and Industry, we have the onus to get to the bottom of this and nip any negative developments in the bud. We have witnessed and enjoyed price stability for a very long time now, ever since the Treasury and the Reserve Bank of Zimbabwe instituted a tight Monetary Control Regime and this must be maintained, to promote consumer welfare.
6. By the same token, we also witnessed and enjoyed a normal supply of basic commodities on the market, with no shortages and crises, as previously happened in yesteryear. We are grateful to the business players that have joined hands with the ministry to ensure that we do not allow any price increases, particularly at this point, when families will be celebrating Christmas and the New Year, indeed a time when basic commodities should be not be found wanting on the market!
7. We also agreed that the business community should trade fairly and desist from profiteering and from creating artificial shortages.
8. I am very happy to report that I had a very fruitful dialogue with the BMOs’, to whom I am grateful for their quick response. Ever since I took office as Minister of Industry and Commerce, I have enjoyed a very good and progressive working relationship with the respective BMOs in both the industry and commerce sectors.
9. Let me assure the nation that industry has enough stocks of basic commodities and that business will immediately work on modalities to ensure that there will not be any sharp price increases.
Let me take this opportunity to wish the nation of Zimbabwe a Merry Christmas and a Prosperous 2024.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Industry And Commerce Minister Meets Business Member Organisations

The Consumer Protection Commission (CPC) says some retail outlets reduced prices of basic grocery items by as much as 5 percent last week in response to the continued firming of the Zimbabwe dollar.
In May and June, the Zimbabwe dollar depreciated alarmingly and was trading at US$1:$6 713 on 16 June, before firming to US$1:$4 883 on Friday at the official interbank market.
Speaking to <a href="https://www.sundaymail.co.zw/prices-begin-to-drop">The Sunday Mail</a>, CPC chairperson Mthokozisi Nkosi said:
<blockquote>
Major retail outlets are displaying the reduced rates on a daily basis and giving the consumer (a variety of) payment choices.
There has been a slight decrease in prices in Zimbabwe dollar terms, averaging 5 percent, against an expected drop of 20 percent, to be in line with the movement of the Zim dollar.
Shops were moving with speed to implement price hikes following the depreciation of the Zim dollar, but we don’t see the same speed in reducing prices as the dollar appreciates.
</blockquote>
Nkosi noted that shops were arbitrarily increasing their US dollar prices. He said:
<blockquote>
For example, in one retail outlet, a 500ml PET Coke was going for US$0,60 before the appreciation of the Zimdollar, but the same product is now going for US$0,77.
It appears the price increase is meant to compensate for the firming of the local currency.
Because of the marginal decrease of prices in Zimdollars, it is expensive for consumers to pay using US$ in these shops.
We are soon going to engage the business community and sector associations to understand the reasons behind the sudden increase in prices in US dollar terms.
</blockquote>
According to the survey conducted by CPC last week, the price of a 10kg bag of maize roller meal which was being sold for around $56 772 in June, now costs $39 239.
The price of a 1kg packet of sugar fell from $15 200 to $10 680, and a 2-litre bottle of cooking oil from $28 600 last month to between $17 000 and $22 000 depending on the brand.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Slash Prices In Zimbabwe Dollars | Report

The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu has urged businesses to reduce prices in Zimbabwe dollars after the local unit recovered against the US dollar last week.
The Zim dollar on Thursday firmed by more than $1 000 against the United States dollar on the Reserve Bank of Zimbabwe (RBZ)’s Wholesale Foreign Exchange Auction following another gain on Tuesday.
On Tuesday, the local currency firmed against the US dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
Speaking in an interview with <a href="https://www.sundaynews.co.zw/prices-stabilise-as-government-interventions-take-effect/">State media</a>, Mutashu said shops should start pricing responsibly following the stability in the exchange rate and improved power supply. He said:
<blockquote>
The expectation is to begin to see prices falling in line with key economic indicators like stability in exchange rates, improved power supply and other Government measures.
We have seen price stability in most retail shops but we want to see more. We want to see them reducing prices relative to economic developments. They should start pricing responsibly.
</blockquote>
National University and Science and Technology (NUST) lecturer Stevenson Dlamini said although businesses haven’t reduced prices, the rate at which prices were going up had slowed down lately.
He added that recent fiscal and monetary measures were starting to bear fruit. Said Dlamini:
<blockquote>
The floating of the exchange rate on the wholesale market has destabilised the parallel market and shown the formal market that the Government is now more committed to the price discovery mechanism of the local currency.
This has been further buttressed by the recent fiscal policy measure that requires the payment of corporate tax in local currency.
This is forcing even firms that were beginning to reject the local currency to start demanding it at the official market exchange rate and thus pushing up the demand and value of the local currency.
</blockquote>
Among the measures introduced by authorities include the RBZ’s sale of foreign currency to banks at market-determined rates for on-selling to bank customers.
The central bank has introduced gold coins and gold-backed tokens which have mopped over ZWL$60 billion.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Urged To Reduce Prices As Exchange Rates Stabilise

President Emmerson Mnangagwa has singled out Indian businessmen and Innscor Africa Limited for allegedly hoarding products resulting in artificial shortages and price increases.
Speaking at a ZANU PF rally at Nyele Primary School in Bulilima, Matabeleland South Province on Saturday, 01 July, Mnangagwa said those “unscrupulous” businesses are enemies of the Government.
He warned that if the allegations are true, the Indians will be deported and their goods will be confiscated and distributed to ZANU PF members. <a href="https://www.sundaynews.co.zw/president-warns-economic-saboteurs/">The Sunday News</a> quoted Mnangagwa as saying:
<blockquote>
We are being attacked, currently, nema price achikwira (through price increases). Why? Just when we announced that we are going for a general election, our enemies decided to cause problems among our people, ma-prices kutanga kukwira kunana Inscor (Inscor started to increase prices).
I have been told today that some Indians in Harare are stocking basic goods in Harare.
Vanonotenga sugar yakawanda kuChiredzi (they buy sugar in bulk from Chiredzi), all the basic goods like flour and so on vo-stocker muma warehouses, vokwidza ma-price (and stock the products in their warehouses and raise their prices).
Let me warn them. I have my people investigating these warehouses and if it is true, we shall confiscate not only the warehouses but also the things inside and give to you to distribute.
If they want to hoard, ngavadzokere vanoita hoard kunyika dzekwavo (they should go back and do that in their countries of origin) not in Zimbabwe.
Our government will never tolerate such activities in independent Zimbabwe.
</blockquote>
In recent weeks, some basic grocery items have disappeared from shop shelves, while some businesses, especially those in the informal sector, are charging products exclusively in foreign currency.
Inflation has also been on the rise and jumped to 175.8% in June, up from 86.5% in May.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Indian Businesspeople Under Probe For Hoarding Products, Says ED

Citizens’ Coalition for Change (CCC) leader Nelson Chamisa has blamed President Emmerson Mnangagwa and Finance and Economic Development Minister Mthuli Ncube for the country’s economic challenges.
Chamisa said Mnangagwa “changes like the weather” and that policy inconsistency has resulted in price hikes, erosion of salaries and the precipitous fall in the value of the Zimbabwe dollar.
Ncube, who was appointed Treasury boss in 2018, has struggled to reverse Zimbabwe’s economic downturn and recently threatened to hike the policy rate which at one point was at 200 per cent.
Speaking to journalists Chamisa on Tuesday, Chamisa said Mnangagwa and Ncube cannot resolve Zimbabwe’s economic challenges. <a href="https://www.newzimbabwe.com/everyone-is-hungry-says-chamisa-ccc-leader-blames-mnangagwa-ncubes-haphazard-policies-for-spiralling-prices/">He said:</a>
<blockquote>
Everyone is hungry, everyone is complaining, and everyone feels that the situation in the country is not okay.
This is the problem of having the wrong leader or being led by one who takes power illegitimately as Mnangagwa did.
You will realise none of the things that person will do would have been well thought out.
No one knows how he thinks, he changes like the weather. Nothing works and we want to fix all that by voting for the right candidate.
Look at how Mnangagwa and Ncube are behaving. Their tools box is empty, they cannot resolve the economic questions of the day, and they cannot understand that confidence, predictability and consistency of policy are everything.
The price hikes are an indicator of hikes in all other ill-spheres. We are not part of those that lead in corruption, unemployment, inflation, road accidents, reserves, politically motivated violence, poor road networks, arrest of political players and journalists.
</blockquote>
Over the past few weeks, Ncube has announced a series of measures to deal with price hikes including the recent suspension of duty on all basic grocery items for six months.
The grocery items are rice, flour, cooking oil, margarine, salt, sugar, maize meal, powdered milk, milk formula, tea, petroleum jelly, toothpaste, bath soap, laundry and washing powder.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Chamisa Blames Mnangagwa, Mthuli's Policy Inconsistency For Price Hikes

The Government has reportedly ordered representatives of business member organisations (BMOs) to desist from commenting on rising prices of basic goods and services.
In a survey carried out by <a href="https://businesstimes.co.zw/govt-gags-business/">Business Times</a>, business leaders from all BMOs said they could not comment on rising prices saying there are ongoing engagements with the Government and could only comment after the current crisis had been resolved.
The publication quoted a source as saying state security agents have warned business representatives that if the situation goes out of hand, they will be held accountable for their “reckless utterances”. Said the source:
<blockquote>
The government has taken the price madness personally as it sent state agents to business representatives to stop what it terms reckless utterances in the public as this triggered an unfavourable situation in the country which is already on edge.
The business leaders were told to speak at their peril as if the situation goes out of hand in the country there will be no one to blame but themselves.
</blockquote>
President Emmerson Mnangagwa on Sunday accused businesses of sabotaging the Government and warned that he was ready to take all necessary measures including painful ones to stabilise the exchange rate and the Zimbabwe dollar.
The Zimbabwe dollar fell by 25.5% on the official market on Tuesday, the biggest collapse in one day since the auction system was introduced three years ago.
The local currency now officially trades at 1 888 to the US dollar from 1 404 a week ago.
However, on the parallel market, the Zimbabwe dollar was trading at $3 500 to the greenback on Wednesday, according to <a href="https://www.newsday.co.zw/local-news/article/200012021/zimdollar-in-record-crashas-calls-for-us-salaries-grow-louder">NewsDay</a>.
Economists have blamed excessive money supply by the Government for recent price hikes and the rapid depreciation of the Zimbabwe dollar.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Govt Warns Business Leaders Against Making "Reckless Utterances" On Price Increases

President Emmerson Mnangagwa said that the Government will “take all measures necessary” to protect the consumer and ensure price stability.
Writing in his weekly column for <a href="https://www.sundaymail.co.zw/govt-takes-price-madness-head-on">The Sunday Mail</a>, Mnangagwa said the Government was aware some businesses were rejecting the local currency, abusing the foreign currency auction system and channelling goods to the informal market.
He said it didn’t make sense that the exchange rate has been highly unstable given the increased foreign currency inflows and use of the United States dollar in local transactions. He wrote:
<blockquote>
The more than US$11 billion foreign exchange earned last year is the highest ever done by this economy, and is certainly far higher than in most economies in Sub-Saharan Africa, outside South Africa. Sadly, this has not translated into a stable exchange rate.
</blockquote>
Mnangagwa noted that despite 80 percent of transactions being in foreign currency, with business allowed to retain most of it, the demand for foreign currency on the foreign currency auction has remained the same. He said:
<blockquote>
… Fourth and most exasperatingly, when 20 percent of our transactions were conducted in foreign currency, and 80 percent in local currency, the demand for foreign exchange at the auction averaged US$20 million weekly.
Today, when we find ourselves in an 80-20 percent reverse transaction equation in favour of foreign currency, the demand for foreign exchange at the same auction, and by the same Business now directly selling more wares in United States dollars, has risen to US$30 million a week! How does one explain such a paradox?
</blockquote>
Mnangagwa warned businesses that the Government will not hesitate to punish those that break exchange control rules or are involved in money laundering. He said:
<blockquote>
Above all, short-circuiting set rules and cutting corners in business attract very stiff sanctions.
Those who break our exchange control rules, or who money launder, will only have themselves to blame.
No one in business should doubt my Government’s resolve to correct blatant market failures, and to counteract and foil sinister moves to destabilise our economy.
Government’s responsibility is to protect the consumer, and to ensure stability in the market and inside the country.
We will take all measures necessary to ensure there is stability, including painful ones should that ever become necessary.
</blockquote>
The Government established a committee led by the Ministry of Industry and Commerce to monitor and investigate the recent spate of price hikes.
The committee expects to submit its recommendations this week before they are considered by Cabinet for implementation.
The week before last, the Government removed duty on 11 selected imported basic grocery items and allowed shops and other Zimbabwean businesses to keep 100 percent of the foreign currency they get from sales.
The products that will be imported duty-free include maize meal, rice, milk, flour, sugar, salt, cooking oil, petroleum jelly, toothpaste, bath soap and washing powder.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Ready To Take "Painful" Measures To Stop Price Hikes, Says ED

The cost of living in Zimbabwe has gone up following a sharp rise in prices of nearly all basic grocery items this week.
Last week, the Zimbabwe National Statistics Agency (ZIMSTAT) announced that annual inflation slowed to 87.6% in March from 92.3% in February this year.
However, the Zimbabwe dollar continues to lose value against all major currencies at both the official and parallel markets.
On the RBZ auction system this week, the Zimbabwe dollar plunged to ZWL$944.71:US$1 from ZWL$671: US$1 in January this year.
According to <a href="https://businesstimes.co.zw/zimdollar-hits-new-low/">Business Times</a>, on the parallel market, the Zimbabwe dollar was this week trading between ZWL$1 600:US$1 and ZWL$1 700:US$1.
In an interview with Business Times on Wednesday, Consumer Council of Zimbabwe executive director Rosemary Mpofu said the cost of living has gone up. She said:
<blockquote>
The cost of living as measured by the CCZ’s low-income urban earner monthly basket for a family of six increased ZWL$489 831 by end of March from a figure of ZWL$441 036 by the end of February, showing an increase of ZWL$48 795.
The reasons for the increase varied from localised high inflationary pressures, exchange rate volatility, and external factors.
Even with smaller-denominated gold coins, trying to curb inflation amid a slump in the country’s currency, we still noticed a huge change in prices.
We see a lot of activity on the parallel market exchange rate which was a major factor in driving inflation.
In terms of the US$ basket, we also noticed a huge change as the basket moved to US$478.82 from US$507.67.
This was a huge increase and it is not good for the consumers.
</blockquote>
A survey by Business Times this week shows that the prices of basic grocery items have gone up:
<ul>
<li>2-litre bottle of cooking oil – from ZWL$3 649.99 to ZWL$4 749.99.</li>
<li>2 litre Mazoe drink – from ZWL$3 600 last week to ZWL$4 149.99</li>
<li>white bread – from ZWL$989 to ZWL$1 399.99</li>
<li>a kilogramme of beef – from ZWL$4132.99 last week to ZWL$6 899.99</li>
</ul>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Cost Of Living Goes Up As Zimdollar Hits New Low

A senior government official said that businesses should not use the parallel market exchange rate as a reference for pricing in the economy as it constitutes only a small fraction of cumulative trade volumes.
The Zimbabwe dollar is currently trading above $1 000 per US$1 on the parallel market, while the official rate is US$1:$779.
Businesses have been accused of indexing prices to the parallel market which, in turn, has fuelled runaway inflation.
Ministry of Finance and Economic Development Permanent Secretary George Guvamatanga said that the parallel market accounted for less than 10 percent of foreign currency traded in the economy last year. He said:
<blockquote>
I have indicated that the percentage of the black market (to total forex traded) is less than 10 percent.
If you look at the inflows that came in the Reserve Bank (of Zimbabwe) reports, of US$12 billion traded, maybe only US$1 billion was traded on the parallel market.
All the other funds are traded through FCAs, auction, and willing-buyer, willing-seller systems.
So, why are we keen to use parallel exchange rate marginal pricing, even if someone comes to you with the argument that they are not getting forex from the auction?
You know what? We want to give so much credit to this parallel market, but when you actually look at it, this parallel market only accounts for about 10 percent of the total foreign currency traded in the economy. The bulk of it comes from the auction, interbank and FCAs.
It (parallel market) then becomes the anchor (of pricing), which is a theorem of marginal pricing because even if you take the 10 percent and do weighted price, the rate is still probably around $840:US$1.
</blockquote>
Guvamatanga said foreign currency inflows have been rising and under normal circumstances, this should keep the forex rate stable. | <a href="https://www.sundaymail.co.zw/indexing-prices-to-black-market-improper">The Sunday Mail</a>

Indexing Prices To Black Market Rate Unjustified, Says Guvamatanga

The Zimbabwe Energy Regulatory Authority (ZERA) has announced the prices of diesel and petrol (Blend-E20) with effect from 19 October 2022.
The price of diesel has remained at US$1.73 per litre while the price of petrol has gone up to US$1.56 up from US$1.55 which was announced a week ago.
Notwithstanding the fact that fuel is hardly sold in Zimbabwe dollars, ZERA has announced new prices in the local currency.
<ul>
<li>Diesel is now ZWL$1.088.80, up from ZWL$1.084.08 per litre</li>
<li>Petrol is now ZWL$981.67, up from ZWL$971.21 per litre</li>
</ul>
ERA said the blending ratio remains at E20. It added that operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations.

Price Of Petrol Goes Up, Again

Shops have reportedly started to reduce prices following a similar move by manufacturers who are reducing prices for goods supplied using forward pricing models.
The development follows plummeting consumer demand due to the prevailing liquidity crunch.
According to a <a href="https://www.businessweekly.co.zw/commodities-prices-coming-down/">Business Weekly</a> report, some suppliers are now issuing credit notes to retailers so that they can reduce their prices.
Shopowners are being given a choice either to be refunded or to get products worth the value of the note. An executive with a leading retail chain is quoted as saying:
<blockquote>
Retailers are now holding too much stock because no one is buying; it’s a combination of high prices because the suppliers had used forward costing models; and the prevailing liquidity crunch.
</blockquote>
Retailers Association of Zimbabwe Denford Mutashu told Business Weekly on Wednesday that customer traffic into formal shops had declined by an average of 35 per cent. Said Mutashu:
<blockquote>
It’s critical for authorities to increase the injection of some liquidity into the market as the economy continues to contract.
The economic growth projections may be somewhat a mirage.
The velocity of money is key to any economy thriving to maintain its growth trajectory. There is a need to essentially balance the tight monetary trajectory with a necessity for effective demand.
</blockquote>
In July the Reserve Bank of Zimbabwe (RBZ) introduced gold coins as an alternative to store value instead of US dollars.
Harare-based economist, Victor Bhoroma, said though prices were falling, demand for fast-moving consumer goods has also fallen as well. He said:
<blockquote>
It is true that prices are going down, consumer demand for fast-moving consumer goods has slumped and the free-market exchange rate has retreated.
This is largely due to the non-payment of government contractors and suppliers and the mopping of excess liquidity by the central bank through daily and weekly Negotiable Certificates of Deposits (NCDs) to commercial banks locally.
The interventions will not replace the need for a market-driven foreign exchange market and the need for the central bank to end all quasi-fiscal operations that lead to untenable money supply growth in the economy. 
Hence, it is necessary to give it time and assess Government’s sincerity to critical reforms that bring long-term economic stability.
</blockquote>

Retailers Reduce Prices As Liquidity Crunch Bites

Energy and Power Development Minister Soda Zhemu says the government expects the business sector to start reducing prices as fuel prices continue to fall.
Speaking in an interview with <a href="https://newziana.co.zw/2022/09/14/govt-calls-on-business-to-reduce-prices/">New Ziana</a>, Soda said business should slash prices in tandem with the drop in fuel prices, and stabilised exchange rates, among other factors. Said Soda:
<blockquote>
What we have seen in the past is that when the price of fuel increased even by a single cent, business would increase prices of basic commodities.
… Now that the price of fuel is going down, we do not seem to see that reflected in the prices of goods and services, and it is actually a concern.
They should pass the benefits accruing to the consumers just as they were doing when things were difficult. Why not now?
</blockquote>
He noted that the business sector is always quick to increase prices whenever the price of a key input, such as fuel, was increased, yet was reluctant to reduce prices when fuel prices have been going down.
Last week, the Zimbabwe Energy Regulatory Authority reduced the price of petrol from $1.58 to $1.53 per litre.

Govt Urges Business Sector To Reduce Prices

State-owned telecommunications company TelOne has raised internet package prices, with the new prices effective on 22 February 2022.
The price increase is significant in the bigger data packages with the lower ones not being affected or remaining unchanged.
Here are the TelOne Internet Package Prices:
<h3 id="h-telone-residential-broadband-package-prices">TelOne residential broadband package prices</h3>
<figure class="wp-block-table">
<table>
<tbody>
<tr>
<td>Package</td>
<td>Download Cap</td>
<td>US$</td>
<td><a href="https://www.techzim.co.zw/2020/08/telone-increases-prices-for-internet-packages/" rel="noreferrer noopener" target="_blank">ZWL$ Price</a> August 2020</td>
<td><a href="https://twitter.com/TelOneZW/status/1440668860626059264?s=20&amp;t=GifO6AZrzrnh1SkbG--Wug" rel="noreferrer noopener" target="_blank">ZWL$ Price Sept 2021</a></td>
<td><a href="https://twitter.com/TelOneZW/status/1493647270406991874?s=20&amp;t=Dkdo2S2DeEZeo0N77cBm9w" rel="noreferrer noopener" target="_blank">New ZWL$ Price</a></td>
</tr>
<tr>
<td>Home Basic</td>
<td>10 GB</td>
<td>12.00</td>
<td>1 082.00</td>
<td>1 499.00</td>
<td>1 499.00</td>
</tr>
<tr>
<td>Home Extra</td>
<td>15 GB</td>
<td>14.00</td>
<td>1 190.00</td>
<td>1 649.00</td>
<td>1 649.00</td>
</tr>
<tr>
<td>Home Plus</td>
<td>30 GB</td>
<td>22.00</td>
<td>1 840.00</td>
<td>2 548.00</td>
<td>3 300.00</td>
</tr>
<tr>
<td>Home Premier</td>
<td>60 GB</td>
<td>37.00</td>
<td>3 139.00</td>
<td>4 347.00</td>
<td>6 200.00</td>
</tr>
<tr>
<td>Home Surfer</td>
<td>100 GB</td>
<td>48.00</td>
<td>4 004.00</td>
<td>5 440.00</td>
<td>10 500.00</td>
</tr>
<tr>
<td>Home Boost</td>
<td>200 GB</td>
<td>54.00</td>
<td>4 545.00</td>
<td>6 295.00</td>
<td>14 200.00</td>
</tr>
<tr>
<td>Infinity Pro</td>
<td>500 GB</td>
<td>79.00</td>
<td>6 602.00</td>
<td>9 143.00</td>
<td>18 500.00</td>
</tr>
<tr>
<td>Intense</td>
<td>Uncapped (FUP)</td>
<td>107.00</td>
<td>8 983.00</td>
<td>12 441.00</td>
<td>20 000.00</td>
</tr>
</tbody>
</table>
</figure>
<h4 id="h-telone-night-package-prices">TelOne Night package prices</h4>
<figure class="wp-block-table">
<table>
<tbody>
<tr>
<td>Package</td>
<td>Download Cap</td>
<td>US$</td>
<td><a href="https://www.techzim.co.zw/2020/08/telone-increases-prices-for-internet-packages/" rel="noreferrer noopener" target="_blank">ZWL$ Price</a> August 2020</td>
<td><a href="https://twitter.com/TelOneZW/status/1440668860626059264?s=20&amp;t=GifO6AZrzrnh1SkbG--Wug" rel="noreferrer noopener" target="_blank">ZWL$ Price Sept 2021</a></td>
<td><a href="https://twitter.com/TelOneZW/status/1493647270406991874?s=20&amp;t=Dkdo2S2DeEZeo0N77cBm9w" rel="noreferrer noopener" target="_blank">New ZWL$ Price</a></td>
</tr>
<tr>
<td>Home Basic Night</td>
<td>15 +15 GB</td>
<td>16.00</td>
<td>1 407.00</td>
<td>1 949.00</td>
<td>2 050.00</td>
</tr>
<tr>
<td>Home Plus Night</td>
<td>30 +30 GB</td>
<td>28.00</td>
<td>2 381.00</td>
<td>3 298.00</td>
<td>4 200.00</td>
</tr>
<tr>
<td>Home Premier Night</td>
<td>60 + 60 GB</td>
<td>48.00</td>
<td>4 004.00</td>
<td>5 546.00</td>
<td>7 300.00</td>
</tr>
</tbody>
</table>
</figure>
<h3 id="h-new-sme-broadband-packages-prices">New SME broadband packages prices</h3>
Uncapped
<figure class="wp-block-table">
<table>
<tbody>
<tr>
<td>Package</td>
<td>Download Speed</td>
<td>US$</td>
<td><a href="https://www.techzim.co.zw/2020/08/telone-increases-prices-for-internet-packages/" rel="noreferrer noopener" target="_blank">ZWL$ Price</a> August 2020</td>
<td><a href="https://twitter.com/TelOneZW/status/1440668860626059264?s=20&amp;t=GifO6AZrzrnh1SkbG--Wug" rel="noreferrer noopener" target="_blank">ZWL$ Price Sept 2021</a></td>
<td><a href="https://twitter.com/TelOneZW/status/1493647270406991874?s=20&amp;t=Dkdo2S2DeEZeo0N77cBm9w" rel="noreferrer noopener" target="_blank">New ZWL$ Price</a></td>
</tr>
<tr>
<td>Infinity Supreme</td>
<td>20 Mbps</td>
<td>134.00</td>
<td>11 255.00</td>
<td>15 588.00</td>
<td>23 300.00</td>
</tr>
<tr>
<td>Intense Extra</td>
<td>50 Mbps</td>
<td>180.00</td>
<td>15 043.00</td>
<td>20 835.00</td>
<td>33 000.00</td>
</tr>
</tbody>
</table>
</figure>
<h3 id="h-new-telone-blaze-lte-packages-prices">New TelOne Blaze LTE packages prices</h3>
<figure class="wp-block-table">
<table>
<tbody>
<tr>
<td>Package</td>
<td>Download Cap</td>
<td>US$</td>
<td><a href="https://www.techzim.co.zw/2020/08/telone-increases-prices-for-internet-packages/" rel="noreferrer noopener" target="_blank">ZWL$ Price</a> August 2020</td>
<td><a href="https://twitter.com/TelOneZW/status/1440668860626059264?s=20&amp;t=GifO6AZrzrnh1SkbG--Wug" rel="noreferrer noopener" target="_blank">ZWL$ Price Sept 2021</a></td>
<td><a href="https://twitter.com/TelOneZW/status/1493647270406991874?s=20&amp;t=Dkdo2S2DeEZeo0N77cBm9w" rel="noreferrer noopener" target="_blank">New ZWL$ Price</a></td>
</tr>
<tr>
<td>Blaze Lite</td>
<td>8GB</td>
<td>11.00</td>
<td>974.00</td>
<td>1 349.00</td>
<td>1 349.00</td>
</tr>
<tr>
<td>Blaze Xtra</td>
<td>15GB</td>
<td>18.00</td>
<td>1,515.00</td>
<td>2 098.00</td>
<td>2 098.00</td>
</tr>
<tr>
<td>Blaze Boost</td>
<td>20GB</td>
<td>18.00</td>
<td>1,948.00</td>
<td>2 698.00</td>
<td>2 698.00</td>
</tr>
<tr>
<td>Blaze Ultra</td>
<td>40GB</td>
<td>29.00</td>
<td>3,129.00</td>
<td>4 347.00</td>
<td>4 347.00</td>
</tr>
<tr>
<td>Blaze Trailblazer</td>
<td>100GB</td>
<td>44.00</td>
<td>4,762.00</td>
<td>6 595.00</td>
<td>9 300.00</td>
</tr>
<tr>
<td>Blaze Supernova</td>
<td>Uncapped* (FUP)</td>
<td>87.00</td>
<td>9,416.00</td>
<td>13 041.00</td>
<td>18 500.00</td>
</tr>
</tbody>
</table>
</figure>
<h4>More: <a href="https://www.techzim.co.zw/2022/02/new-telone-internet-package-prices-some-large-data-caps-almost-doubled/">Techzim</a></h4>

TelOne Announces New Internet Package Prices

<h2>Business Review Meeting Between The Reserve Bank Of Zimbabwe and Captains of Industry and Commerce on Measures to Promote Price Stability Within The Economy</h2>
The Reserve Bank of Zimbabwe (the Bank) and leaders of the Zimbabwe business community met on 21 January 2022 to take stock and review resolutions and commitments made at their meeting of 11 October 2021. 
The consultative engagement was for parties to deliberate on how to enhance price stability within the economy. The following key developments during 2021 were noted: – 
(i) The outturn for 2021 was generally good with year on year inflation ending the year at 60.7% from 348.6% recorded in 2020. 
(ii) Local manufacturing production went up and around 80% of products on the market were locally produced. 
(iii) The auction system continued to play its key role of being a dependable source of foreign exchange for the key sectors of the economy. 
(iv) Government remained focused on fiscal sustainability and did not borrow from the Bank. 
(v) The Bank contained the growth of money supply to anchor inflation and exchange rate expectations. 
(vi) The country’s monetary system is largely constituting of local currency, with 56% of banking sector deposits being local currency, with the balance of 44% being foreign currency. In this regard, the current practice by business of competing for foreign currency sales through using a penal exchange rate to discourage consumers from paying in local currency is punishing consumers and stoking adverse inflationary pressures, which is detrimental to the economy at large. 
(vii) Agricultural outturn improved with significant deliveries and stockpiles of maize and wheat sufficient to meet domestic consumption requirements. (viii) Foreign currency receipts from exports, remittances and loans reached US$9.7 billion in 2021. 
(ix) The provisions of SI 127 of 2021 were refined, and incorporated in the Finance Act no. 7 of 2021, to focus on three areas as agreed at the 11 October 2021 meeting, that is, to deal with abuse of the auction system, to focus on regulating manipulation of the exchange rate and to foster adherence to the Bank Use Promotion Act. 
Following robust and open discussion and contributions, the parties made the following resolutions to stabilise the exchange rate and limit its pass-through effect on inflation: – 
<ol>
<li> Government and the Bank should come up with strategies to enhance the attractiveness of the local currency and strengthen its demand in the context of the multicurrency system currently in place. </li>
<li> The Bank should continue to refine the foreign exchange auction system and to timely fund auction allotments in line with the auction rules. </li>
</ol>
iii. As a way of continuing with efforts to stabilise the economy, there was a need for everyone, through a collective responsibility, to exhibit good leadership and exercise restraint on the volatility of the foreign exchange rate. 
iv. The Bank should continue fighting inflation through restrictive monetary policy and building foreign exchange reserves as a way of augmenting the defence of the value of the local currency. 
<ol>
<li> The relevant regulatory authorities should continue to carry out enhanced due diligence on auction participants and monitor the use of funds obtained through the auction and come down strongly on those who submit fake documents (including invoices and bills of entry) and resort to suspension for periods not less than 6 months and blacklisting. </li>
</ol>
vi. Banks are encouraged and reminded not to be complicit with their delinquent customers. 
vii. Business must ensure compliance with the provisions of Statutory Instrument 127 of 2021 now embedded in the Finance Act (Amendment Number 7 of 2021), with emphasis on avoiding abuse of auction rules and funds from auction allotments; exchange rate manipulation or currency attacks; and Non-compliance with the Bank Use Promotion Act; 
viii. The Government has to come up with appropriate incentives for exporters to improve production and productivity; 
ix. The Financial Intelligence Unit (FIU) should continue penalising currency manipulators and abusers of foreign currency auction rules and breaches of the Bank Use Promotion Act. 
<ol>
<li> The Government has to continue with efforts to reduce the level of informalisation in the economy and to maintain fiscal consolidation. </li>
</ol>
It was agreed that continued dialogue between the authorities and business remained paramount in order to maintain the momentum of stabilising the rate of inflation, the foreign exchange rate and the economy in general, as well as building confidence in the local currency. 
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

FULL TEXT: Statement By RBZ Governor On Measures To Promote Price Stability

The government’s failure to adequately explain Statutory Instrument 127 of 2021 has left businesses making their own interpretations resulting in price increases in both local and foreign currency by as much as 100 per cent in some instances.
The government said the new rules are meant to plug abuse of foreign currency that companies were sourcing from the Reserve Bank Foreign Currency Auction system.
However, most businesses responded to the new regulations by increasing the prices of goods, a development that has eroded most people’s incomes.
Confederation of Zimbabwe Retailers Association president Denford Mutashu noted that some businesses have stopped accepting foreign currency altogether. He said:
<blockquote>The increase in prices is predominant in the informal retail and wholesale sector while the major players have not increased prices; they have continued to sell at the prices they had before the introduction of S1 127. 
What I have observed is that while they have not increased prices some have stopped accepting USD.
I have seen furniture, hardware, clothing retailers and wholesalers having a huge spike of between 50 to 100 per cent price increases.
I take that to be defensive pricing that always comes through on the market as players will be trying to adjust and interpret the policy accordingly.
It’s a bit worrying because they are also trying to interpret and adjust to the policy and during that transition, no one wants to lose out on the exchange rate losses that may be experienced.</blockquote>
Mutashu said the major challenge is that not all companies were accessing foreign currency through the RBZ hence the price increases are also a direct response to where they are sourcing money to restock.
In his ministerial statement to Parliament, last week over the SI, Finance and Economic Development Deputy Minister Clemence Chiduwa said the SI was meant to promote market discipline.
He said the government will ensure that the law is followed and that perpetrators are brought to book.
<h4>More: <a href="https://www.sundaynews.co.zw/govt-to-whip-business-over-price-increases-parly-demands-names-of-forex-abusers/" rel="noopener" target="_blank">The Sunday News</a></h4>

Wholesalers And Informal Traders Adopt 'Defensive' Pricing

Finance and Economic Development Minister Mthuli Ncube said he will soon meet the business sector to understand the rationale behind recent price increases, threatening to reverse economic progress.
Most businesses responded to the government’s announcement of Statutory Instrument 127 of 2021 <a href="https://news.pindula.co.zw/2021/06/02/lp-gas-prices-soar-in-response-to-new-forex-rules/" rel="noopener" target="_blank">by hiking prices in both local and foreign currency.</a>
Speaking on the sidelines of a meeting with miners in Bulawayo on Saturday, Minister Ncube said there was no justification for the price increases as the exchange rate has stabilised and inflation was going down. He said:
<blockquote>We will engage the private sector players to try to understand what the issues are that would have caused them to behave in this manner.
We thought we had reached some kind of equilibrium in terms of where the economy is, stabilising the exchange rate, and inflation heading downwards.
We will engage them to find out how we can work better together and also that they respond better to policymaking.</blockquote>
SI 127 of 2021 was introduced to put to an end the abuse of foreign currency that companies were sourcing from the Reserve Bank Foreign Currency Auction system.
Under the new rules, businesses can now be fined for issuing local currency receipt for goods purchased in foreign currency.
The law also bans pricing goods and services above the ruling exchange rate, pricing of goods only in foreign currency and using the money obtained from the auction for purposes other than what the supporting invoices on the bid stated.
Minister Ncube explained that the purpose of SI 127 of 2021 is to create a level playing to protect consumers and weed out speculators. He said:
<blockquote>The idea was very simple: those accessing foreign currency on the auctions are using it for the right purpose.
We intended to create a level playing field to protect the consumer to ensure compliance with the auction rate and that the auction-rate does not become a source of profit for speculators.
That was the idea. We wanted to bring sanity and compliance to the economy. But others have rather abused it and started increasing prices in United States Dollar (USD) terms and some even in Zimbabwe dollar terms.</blockquote>
<h4>More: <a href="https://www.sundaynews.co.zw/govt-to-whip-business-over-price-increases-parly-demands-names-of-forex-abusers/" rel="noopener" target="_blank">The Sunday News</a></h4>

Govt To Whip Business Over Price Hikes

Power utility ZESA Holdings intends to hike electricity tariffs, saying the current tariffs have become too low.
This was revealed by the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) acting managing director Lovemore Chinaka when he appeared before the Parliamentary Portfolio Committee on Energy and Power Development recently.
Chinaka said the existing rate was about 2.3 US cents per kilowatt-hour (kWh) instead of 10 US cents per kWh, which will enable the power utility to break even.
The fall in the value of the Zimbabwe dollar against the United States dollar since the last tariff review had made electricity prices too low and this has put ZESA’s long term viability under threat. Chinaka said:
<blockquote>The long-term impact would be that we will be unable to fix the grid from a maintenance point if we have natural failures of transformers or lines that are down due to age. You find that our capacity to respond quickly has been eroded.</blockquote>
<h4>More: <a href="https://www.herald.co.zw/zesa-seeks-tariff-review/" rel="noopener noreferrer" target="_blank">The Herald</a></h4>

ZESA Mulls Massive Electricity Tariff Hike

The Zimbabwe United Passenger Company (ZUPCO) has increased bus and kombi fares by 100 per cent effective today.
ZUPCO, in a social media post, said the move is meant to ensure reliability. The statement read:
<blockquote>Effective 5/10/20 Zupco will be increasing fares.
This is to ensure we keep providing Safe and Reliable transport whilst ensuring Operational efficiency to all stakeholders.
Please report under or overcharging and those crews recycling tickets. Adopt a Tap card to avoid Cash.</blockquote>
Bus fares have been hiked from ZWL$8.00 to US$16.00, while kombi fares have been increased from ZWL$16.00 to ZWL$32.00 per trip.
Just over a month ago, the transport utility hiked bus fares by the same margin. ZUPCO chief executive Evaristo Madangwa said then:
<blockquote>The price of fuel has gone up and operating costs have also increased. By adjusting the fares upwards, we will be able to improve efficiency.</blockquote>
Meanwhile, illegal transport operators (Mushikashika) are charging the equivalent of US$0.50 or ZWL$45.00 for short trips which makes ZUPCO kombis cheaper in comparison.

ZUPCO Explains Latest Bus Fair Hike

Local sugar producer Tongaat Hulett has announced new sugar prices effective 25 June 2020.
According to a notice issued this Thursday, the recommended retail prices for brown sugar are as follows; 1kg ($106.40), 2kg ($212.80), 5kg ($532.00) and 10kg ($1 064.00).
For white sugar, the recommended retail prices are as follows; 1kg ($112.45), 2kg ($224.90), 5kg ($562.24) and 10kg ($1 124.48).
See the table below:
<img alt="" class="alignnone wp-image-171623 size-full" decoding="async" height="699" loading="lazy" sizes="(max-width: 526px) 100vw, 526px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/06/WhatsApp-Image-2020-06-25-at-21.50.34.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2020/06/WhatsApp-Image-2020-06-25-at-21.50.34.jpeg 526w, https://news.pindula.co.zw/wp-content/uploads/2020/06/WhatsApp-Image-2020-06-25-at-21.50.34-226x300.jpeg 226w" width="526"/>

Tongaat Hulett Announces Sugar Prices Effective 25 June 2020

Sugarcane farmers have justified the doubling of sugar prices by sugar producer, Tongaat Hulett Zimbabwe (THZ) saying the prices still remain the lowest in the region, with the price adjustments expected to improve supplies.
Zimbabwe Sugarcane Farmers Development Association chairperson, Edmore Veterai said that the production costs had gone up, necessitating the price hike. He said:
<blockquote>An example is that as sugarcane growers, input costs have gone up and it is pegged at US$500 to produce a tonne and when we sell that tonne we only get an equivalent of US$273.
So how do we expect us to produce when the production cost is more? We are selling our sugarcane at a price which is below the production cost.</blockquote>
In a statement on Tuesday, THZ announced that the new sugar prices are with immediate effect.
The latest prices are as follows: a 1kg packet of brown sugar has been pegged at $63,84 from $32,58 while a 2kg packet is now costing $127,68 from $65,17. A 5kg packet of brown sugar is now selling for $319,20, while a 10kg at $638,40.
A 1kg packet of white sugar, according to Tongaat Hulett is now $67,21 from $34,29, while for a 2kg packet is $134,42 from $68,57.
The price of a 5kg packet has been pegged at $336,04, while a 10kg packets now cost $672,09.
<h4>More: <a href="https://www.herald.co.zw/tongaat-increases-sugar-price/" rel="noopener noreferrer" target="_blank">The Herald</a></h4>

Price Hike Expected To Improve Sugar Supplies

<div class="tablepress-scroll-wrapper" id="tablepress-124-scroll-wrapper">
<div class="dataTables_wrapper no-footer" id="tablepress-124_wrapper">
<table aria-describedby="tablepress-124_info" class="tablepress tablepress-id-124 dataTable no-footer" id="tablepress-124" role="grid" style="height: 1620px;" width="762">
<thead>
<tr class="row-1 odd" role="row">
<th class="column-1 sorting_disabled" colspan="1" rowspan="1">Item</th>
<th class="column-2 sorting_disabled" colspan="1" rowspan="1">OK</th>
<th class="column-3 sorting_disabled" colspan="1" rowspan="1">Pick N Pay</th>
<th class="column-4 sorting_disabled" colspan="1" rowspan="1">Choppies</th>
<th class="column-5 sorting_disabled" colspan="1" rowspan="1">FoodWorld</th>
</tr>
</thead>
<tbody class="row-hover">
<tr class="row-2 even" role="row">
<td class="column-1">All Purpose Cleaner 750ml</td>
<td class="column-2">21.15</td>
<td class="column-3">19.99</td>
<td class="column-4">21.95</td>
<td class="column-5">20.85</td>
</tr>
<tr class="row-3 odd" role="row">
<td class="column-1">Bath soap Geisha 225g</td>
<td class="column-2">15.39</td>
<td class="column-3">na</td>
<td class="column-4">na</td>
<td class="column-5">17.00</td>
</tr>
<tr class="row-4 even" role="row">
<td class="column-1">Bath soap Jade 250g</td>
<td class="column-2">na</td>
<td class="column-3">na</td>
<td class="column-4">15.99</td>
<td class="column-5">15.95</td>
</tr>
<tr class="row-5 odd" role="row">
<td class="column-1">Bath Soap Sona</td>
<td class="column-2">na</td>
<td class="column-3">7.99</td>
<td class="column-4">na</td>
<td class="column-5">9.99</td>
</tr>
<tr class="row-6 even" role="row">
<td class="column-1">Beans Dried 500g</td>
<td class="column-2">22.50</td>
<td class="column-3">22.99</td>
<td class="column-4">18.75</td>
<td class="column-5">18.99</td>
</tr>
<tr class="row-7 odd" role="row">
<td class="column-1">Bleach/Jik 750ml</td>
<td class="column-2">26.25</td>
<td class="column-3">32.99</td>
<td class="column-4">27.35</td>
<td class="column-5">25.90</td>
</tr>
<tr class="row-8 even" role="row">
<td class="column-1">Bread Bakers Inn</td>
<td class="column-2">14.80</td>
<td class="column-3">14.50</td>
<td class="column-4">14.50</td>
<td class="column-5">14.55</td>
</tr>
<tr class="row-9 odd" role="row">
<td class="column-1">Bread Lobels</td>
<td class="column-2">14.80</td>
<td class="column-3">14.50</td>
<td class="column-4">14.50</td>
<td class="column-5">14.55</td>
</tr>
<tr class="row-10 even" role="row">
<td class="column-1">Bread Proton</td>
<td class="column-2">14.80</td>
<td class="column-3">14.50</td>
<td class="column-4">14.50</td>
<td class="column-5">14.55</td>
</tr>
<tr class="row-11 odd" role="row">
<td class="column-1">Bread Shop</td>
<td class="column-2">na</td>
<td class="column-3">14.00.</td>
<td class="column-4">na</td>
<td class="column-5">na</td>
</tr>
<tr class="row-12 even" role="row">
<td class="column-1">Candles 6pack 300g</td>
<td class="column-2">20.50</td>
<td class="column-3">25.99</td>
<td class="column-4">25.99</td>
<td class="column-5">27.05</td>
</tr>
<tr class="row-13 odd" role="row">
<td class="column-1">Cereal (Cerevita) 500g</td>
<td class="column-2">28.99</td>
<td class="column-3">28.49</td>
<td class="column-4">30.99</td>
<td class="column-5">33.99</td>
</tr>
<tr class="row-14 even" role="row">
<td class="column-1">Cooking Oil 2l</td>
<td class="column-2">55.80</td>
<td class="column-3">56.99</td>
<td class="column-4">57.99</td>
<td class="column-5">54.50</td>
</tr>
<tr class="row-15 odd" role="row">
<td class="column-1">Creamer 1kg</td>
<td class="column-2">75.99</td>
<td class="column-3">89.99</td>
<td class="column-4">na</td>
<td class="column-5">114.90</td>
</tr>
<tr class="row-16 even" role="row">
<td class="column-1">Dish Washer 750ml</td>
<td class="column-2">23.25</td>
<td class="column-3">26.79</td>
<td class="column-4">28.25</td>
<td class="column-5">19.35</td>
</tr>
<tr class="row-17 odd" role="row">
<td class="column-1">Diapers 50</td>
<td class="column-2">275.10</td>
<td class="column-3">213.99</td>
<td class="column-4">na</td>
<td class="column-5">229.30</td>
</tr>
<tr class="row-18 even" role="row">
<td class="column-1">Drink Bally House</td>
<td class="column-2">na</td>
<td class="column-3">34.99</td>
<td class="column-4">na</td>
<td class="column-5">45.05</td>
</tr>
<tr class="row-19 odd" role="row">
<td class="column-1">Drink Cheapest</td>
<td class="column-2">39.99</td>
<td class="column-3">32.99</td>
<td class="column-4">29.65</td>
<td class="column-5">28.70</td>
</tr>
<tr class="row-20 even" role="row">
<td class="column-1">Drink Mazoe Original 2l</td>
<td class="column-2">44.99</td>
<td class="column-3">na</td>
<td class="column-4">na</td>
<td class="column-5">na</td>
</tr>
<tr class="row-21 odd" role="row">
<td class="column-1">Drink Mazoe less sugar</td>
<td class="column-2">42.99</td>
<td class="column-3">na</td>
<td class="column-4">44.90</td>
<td class="column-5">46.60</td>
</tr>
<tr class="row-22 even" role="row">
<td class="column-1">Eggs 30</td>
<td class="column-2">44.69</td>
<td class="column-3">54.99</td>
<td class="column-4">62.00</td>
<td class="column-5">57.40</td>
</tr>
<tr class="row-23 odd" role="row">
<td class="column-1">Eggs 6</td>
<td class="column-2">16.39</td>
<td class="column-3">na</td>
<td class="column-4">na</td>
<td class="column-5">na</td>
</tr>
<tr class="row-24 even" role="row">
<td class="column-1">Flour 2kg</td>
<td class="column-2">41.99</td>
<td class="column-3">39.89</td>
<td class="column-4">41.99</td>
<td class="column-5">42.50</td>
</tr>
<tr class="row-25 odd" role="row">
<td class="column-1">Green bar</td>
<td class="column-2">19.35</td>
<td class="column-3">18.99</td>
<td class="column-4">20.85</td>
<td class="column-5">20.15</td>
</tr>
<tr class="row-26 even" role="row">
<td class="column-1">Jam 375ml</td>
<td class="column-2">16.99</td>
<td class="column-3">16.99</td>
<td class="column-4">15.35</td>
<td class="column-5">18.75</td>
</tr>
<tr class="row-27 odd" role="row">
<td class="column-1">Kapenta 1KG</td>
<td class="column-2">na</td>
<td class="column-3">131.99</td>
<td class="column-4">na</td>
<td class="column-5">143.75</td>
</tr>
<tr class="row-28 even" role="row">
<td class="column-1">Kapenta 500g</td>
<td class="column-2">na</td>
<td class="column-3">65.99</td>
<td class="column-4">72.00</td>
<td class="column-5">65.00</td>
</tr>
<tr class="row-29 odd" role="row">
<td class="column-1">Lotion/Cream Camphor 300ml</td>
<td class="column-2">26.95</td>
<td class="column-3">37.99</td>
<td class="column-4">49.99</td>
<td class="column-5">71.99</td>
</tr>
<tr class="row-30 even" role="row">
<td class="column-1">Macaroni 3kg</td>
<td class="column-2">69.99</td>
<td class="column-3">69.99</td>
<td class="column-4">na</td>
<td class="column-5">80.85</td>
</tr>
<tr class="row-31 odd" role="row">
<td class="column-1">Margarine 500g</td>
<td class="column-2">23.49</td>
<td class="column-3">34.990</td>
<td class="column-4">24.30</td>
<td class="column-5">24.40</td>
</tr>
<tr class="row-32 even" role="row">
<td class="column-1">Matches pack of 10 boxes</td>
<td class="column-2">9.99</td>
<td class="column-3">9.99</td>
<td class="column-4">6.50</td>
<td class="column-5">7.50</td>
</tr>
<tr class="row-33 odd" role="row">
<td class="column-1">Mayonnaise 750g</td>
<td class="column-2">74.99.</td>
<td class="column-3">32.99</td>
<td class="column-4">50.20</td>
<td class="column-5">46.99</td>
</tr>
<tr class="row-34 even" role="row">
<td class="column-1">Mealie-meal 10kg</td>
<td class="column-2">58.99</td>
<td class="column-3">63.99</td>
<td class="column-4">62.49</td>
<td class="column-5">63.45</td>
</tr>
<tr class="row-35 odd" role="row">
<td class="column-1">Mealie-meal Refined 10kg</td>
<td class="column-2">71.99</td>
<td class="column-3">71.99</td>
<td class="column-4">72.99</td>
<td class="column-5">71.70</td>
</tr>
<tr class="row-36 even" role="row">
<td class="column-1">Milk 1l</td>
<td class="column-2">16.40</td>
<td class="column-3">16.99</td>
<td class="column-4">16.99</td>
<td class="column-5">18.70</td>
</tr>
<tr class="row-37 odd" role="row">
<td class="column-1">Peanut butter 375ml</td>
<td class="column-2">35.99</td>
<td class="column-3">37.99</td>
<td class="column-4">32.99</td>
<td class="column-5">35.95</td>
</tr>
<tr class="row-38 even" role="row">
<td class="column-1">Petroleum Jelly 300ml</td>
<td class="column-2">41.40</td>
<td class="column-3">28.99</td>
<td class="column-4">27.60</td>
<td class="column-5">50.60</td>
</tr>
<tr class="row-39 odd" role="row">
<td class="column-1">Rice white/Long grain</td>
<td class="column-2">29.75</td>
<td class="column-3">37.99</td>
<td class="column-4">34.99</td>
<td class="column-5">35.75</td>
</tr>
<tr class="row-40 even" role="row">
<td class="column-1">Salt 1kg</td>
<td class="column-2">8.75</td>
<td class="column-3">na</td>
<td class="column-4">9.45</td>
<td class="column-5">7.99</td>
</tr>
<tr class="row-41 odd" role="row">
<td class="column-1">Sanitary Pads 10s/8s</td>
<td class="column-2">15.40</td>
<td class="column-3">23.99</td>
<td class="column-4">22.95</td>
<td class="column-5">20.65</td>
</tr>
<tr class="row-42 even" role="row">
<td class="column-1">Scouring powder 500g</td>
<td class="column-2">11.10</td>
<td class="column-3">23.99</td>
<td class="column-4">6.99</td>
<td class="column-5">10.85</td>
</tr>
<tr class="row-43 odd" role="row">
<td class="column-1">Shoe polish 50ml</td>
<td class="column-2">20.50</td>
<td class="column-3">1.29</td>
<td class="column-4">na</td>
<td class="column-5">19.30</td>
</tr>
<tr class="row-44 even" role="row">
<td class="column-1">Shoe polish 100ml</td>
<td class="column-2">33.19</td>
<td class="column-3">34.99</td>
<td class="column-4">na</td>
<td class="column-5">na</td>
</tr>
<tr class="row-45 odd" role="row">
<td class="column-1">Soup Usavi Mix 50g</td>
<td class="column-2">3.69</td>
<td class="column-3">5.69</td>
<td class="column-4">5.60</td>
<td class="column-5">5.50</td>
</tr>
<tr class="row-46 even" role="row">
<td class="column-1">Stasoft Refill (500ml)</td>
<td class="column-2">35.29</td>
<td class="column-3">32.99</td>
<td class="column-4">na</td>
<td class="column-5">60.80</td>
</tr>
<tr class="row-47 odd" role="row">
<td class="column-1">Sugar 2kg</td>
<td class="column-2">31.99</td>
<td class="column-3">31.99</td>
<td class="column-4">32.80</td>
<td class="column-5">32.25</td>
</tr>
<tr class="row-48 even" role="row">
<td class="column-1">Surface Cleaner 500ml</td>
<td class="column-2">21.15</td>
<td class="column-3">24.99</td>
<td class="column-4">24.20</td>
<td class="column-5">20.85</td>
</tr>
<tr class="row-49 odd" role="row">
<td class="column-1">Tea 100 tea bags</td>
<td class="column-2">24.30</td>
<td class="column-3">27.99</td>
<td class="column-4">26.85</td>
<td class="column-5">23.00</td>
</tr>
<tr class="row-50 even" role="row">
<td class="column-1">Thai Rice 2kg</td>
<td class="column-2">na</td>
<td class="column-3">na</td>
<td class="column-4"></td>
<td class="column-5">43.15</td>
</tr>
<tr class="row-51 odd" role="row">
<td class="column-1">Tinned beans 410g</td>
<td class="column-2">13.50</td>
<td class="column-3">13.59</td>
<td class="column-4">12.49</td>
<td class="column-5">15.99</td>
</tr>
<tr class="row-52 even" role="row">
<td class="column-1">Tinned fish 155g</td>
<td class="column-2">12.70</td>
<td class="column-3">11.99</td>
<td class="column-4">na</td>
<td class="column-5">14.99</td>
</tr>
<tr class="row-53 odd" role="row">
<td class="column-1">Tissues (Pack of 4)</td>
<td class="column-2">21.05</td>
<td class="column-3">19.99</td>
<td class="column-4">16.99</td>
<td class="column-5">23.60</td>
</tr>
<tr class="row-54 even" role="row">
<td class="column-1">Toilet Cleaner 500ml</td>
<td class="column-2">33.50</td>
<td class="column-3">26.99</td>
<td class="column-4">16.99</td>
<td class="column-5">24.80</td>
</tr>
<tr class="row-55 odd" role="row">
<td class="column-1">Toothpaste 100ml</td>
<td class="column-2">17.00</td>
<td class="column-3">15.99</td>
<td class="column-4">14.99</td>
<td class="column-5">18.65</td>
</tr>
<tr class="row-56 even" role="row">
<td class="column-1">Washing Powder 1kg</td>
<td class="column-2">37.80</td>
<td class="column-3">39.99</td>
<td class="column-4">46.00</td>
<td class="column-5">31.45</td>
</tr>
<tr class="row-57 odd" role="row">
<td class="column-1">Washing Powder 2kg</td>
<td class="column-2">51.45</td>
<td class="column-3">53.99</td>
<td class="column-4">98.45</td>
<td class="column-5">65.80</td>
</tr>
</tbody>
</table>
<div aria-live="polite" role="status"></div>
<div aria-live="polite" class="dataTables_info" id="tablepress-124_info" role="status">More: <a href="https://zimpricecheck.com/news/grocery-price-increases-slow-down-prices-from-selected-supermarkets-as-at-9-november/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=grocery-price-increases-slow-down-prices-from-selected-supermarkets-as-at-9-november" rel="noopener noreferrer" target="_blank">Zim Price Check</a></div>
</div>
</div>

Prices From Selected Supermarkets As At 9 November

The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) has defended its steeped tariff system saying that it rewards customers who are conscious about saving power.
The system was introduced recently by the power utility in a bid to ensure its sustainability by making sure that consumers pay for the electricity they use.
<a href="https://www.pindula.co.zw/Zimbabwe_Electricity_Supply_Authority_Holdings" rel="noopener noreferrer" target="_blank">ZESA</a> believes that the monthly 200 units of significantly lower-priced electricity under new tariffs for each household meter is enough for an average family that uses electricity wisely.
However, these first 200 units still cost significantly more than the flat rate introduced in August of 9,86c for each kilowatt-hour or unit.
The first 50 units are sold for 41c each, with that block totalling $20,50. Then the next 150 units are 91c each for a total of $136,50. The two blocks together come to $157 a month.
However, after consuming the 200 units, everything extra will cost $3,67 a unit of a one-kilowatt hour.
For consumers to “benefit” from the lower-priced tranches, they have to buy them at the same time but can only be bought once a calendar month.
The arrangement is “unfair” for several families who live together and use one meter, and also home businesses which use a lot of electricity.
<h3>More: <a href="https://www.herald.co.zw/zesa-gives-consumers-hard-choices-2/" rel="noopener noreferrer" target="_blank">The Herald</a></h3>

ZESA's Stepped Tariffs Vex Customers

The <a href="https://www.pindula.co.zw/Zimbabwe_United_Passenger_Company" rel="noopener noreferrer" target="_blank">Zimbabwe United Passenger Company (ZUPCO)</a> will with effect from today increase bus fares for urban routes by 100%.
Last week, the Ministry of Information announced on microblogging site Twitter that ZUPCO bus fares are going up by 100 %.
This simply means that bus fares have doubled. For instance, if one was paying $0.50, they will now be paying $1.00.
However, rural bus fares remain unchanged. <a href="https://twitter.com/InfoMinZW/status/1178589914797133824?s=20" rel="noopener noreferrer" target="_blank">In another Twitter post on Monday, the Ministry of Information said</a>:
<blockquote>Govt announced an upward review of the ZUPCO fares for urban routes. This increase takes effect tomorrow. However, fares for all rural remain unchanged.</blockquote>

ZUPCO Urban Bus Fares Doubled

The price of sugar has been increased by a wide margin just a week after the manufacturer, Tongaat Hulett announced new prices. On 16 September, the company announced the following prices:
<ul>
<li>Brown Sugar 1kg –   $11.95</li>
<li>Brown Sugar 2kg –   $23.90</li>
<li>Brown Sugar 5kg –   $59.75</li>
<li>Brown Sugar 10kg – $119.50</li>
<li>White Sugar 1kg –    $12.58</li>
<li>White Sugar 2kg –    $25.16</li>
<li>White Sugar 5kg –    $62.90</li>
<li>White Sugar 10kg –  $125.80</li>
</ul>
For the past week, shops were adhering to these prices. In fact, OK supermarket was selling sugar at the old August prices, probably because they were still selling old stock and as we move into summer sugar sales are likely to go down.
This week’s sugar prices:
<ul>
<li>OK supermarket $30.50</li>
<li>TM/ Pick N Pay $28.99</li>
<li>FoodWorld $30.40</li>
<li>Choppies $30.40</li>
<li>Mahommed Mussa $30.00</li>
</ul>
A survey done by Zim Price Check revealed that downtown retailers are selling it for strictly cash only, with 2kg of sugar being sold at $24 bond. Given the opportunity cost of obtaining cash in Zimbabwe, that translates to about $36.00 making them the most expensive.
<h4>More: <a href="https://zimpricecheck.com/news/sugar-prices-increased-to-more-than-30-new-prices-as-of-27-september/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=sugar-prices-increased-to-more-than-30-new-prices-as-of-27-september" rel="noopener noreferrer" target="_blank">Zim Price Check</a></h4>

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