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RBZ Summons Businesses Over Price Madness

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya yesterday said his meeting with business this morning is not a witchhunt, but an effort by authorities to grasp the root cause of the prevailing pricing madness.

The all-stakeholder forum to be attended by representatives of retailers, producers, wholesalers and everyone involved in the value chain, he said, would explore sustainable solutions to the widespread parallel market pricing that is eroding economic stability.

In the past few weeks, the formal market has been gripped by the benchmarking of prices of goods and services using the black market rate, resulting in prices skyrocketing.

Last week, the exchange rate in the parallel market was pegged at US$1: ZWL$180 compared to margins between ZWL$150 and ZWL$160 three weeks ago.

As a result, some retailers and businesses in the formal market were pegging their prices above the official rate of US$1: ZWL$88,55 as of last week.

A snap survey by Chronicle in Bulawayo last Friday, showed that some retailers in the formal market were selling their products at an exchange rate of around ZWL$200 against US$1.

Speaking by telephone yesterday, Dr Mangudya said:

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

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