Stability Marks Basic Commodities Market With ZiG Currency Adoption

In a recent post-Cabinet briefing, Information Minister Jenfan Muswere revealed that Zimbabwe’s retail landscape remains stable with affordable prices for essential household goods, despite initial concerns surrounding the introduction of the ZiG currency.

Industry and Commerce Minister Mangaliso Ndlovu presented the Second Quarter Update of 2024 to Cabinet, highlighting that basic household products are widely available at consistent prices across the country.

Minister Muswere noted Minister Ndlovu’s report that the ZiG currency has gained acceptance as a medium of exchange, showing a slight appreciation of 0.51% against the US dollar during the review period.

“The second quarter of 2024 has shown stability in both prices and availability of basic commodities nationwide, whether priced in ZiG or USD terms,” Minister Muswere stated.

He pointed out specific price ranges, such as mealie-meal selling between ZiG100.01 to ZiG103.8 (equivalent to USD $5.30 to USD $8.50) per 10-kilogram pack, and cooking oil priced between ZiG54.63 to ZiG56.50 (USD $3.30 to USD $4.70) for a 2-liter bottle.

Minister Muswere highlighted other stable prices, including bread at ZiG14 to ZiG14.50 (USD $1 to USD $1.20) and laundry soap ranging from ZiG23.13 to ZiG23.50 per unit. He emphasized that the supply and pricing of sugar have improved notably across the country.

Moreover, Minister Muswere noted a gradual convergence of formal and informal market prices for basic commodities, attributing this to measures implemented to curb price increases observed earlier in the year. He mentioned a notable uptake of ZiG transactions in major retail outlets, with most products priced in ZiG while also accepting USD payments.

“In formal retail settings, 80% of transactions are now conducted in ZiG, reflecting growing confidence in the currency,” Minister Muswere concluded, underscoring the stability and resilience of Zimbabwe’s basic commodities market amidst ongoing economic adjustments. Nhau/Indaba

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