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AfricaBusiness & FinanceZimbabwe

Zimbabwe’s business told to peg prices based on forex auction system

By Almot Maqolo

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The Confederation of Zimbabwe Retailers (CZR) says businesses must support the forex auction system through responsible pricing and compliance. Most local businesses charge constantly with the movements on the parallel market, piling more pressure on the already pressed consumers. CZR President Denford Mutashu said retailers need to comply with the newly introduced foreign currency exchange rate system.

“Prices should be pegged in both local and foreign currency with clear exchange rate boards displayed in each store,” he said.<br>He said the customer receipt should bear the currency in which the transaction has taken place. “We have been made aware of some distortions currently happening in the market and it is critical that sector players adhere to the regulations set out by Government.”

It is critical, Mutashu said, for the Government to address systems and software compatibility while availability of fiscalised machines remains a critical necessity. “There is also a need to increase suppliers of fiscalised machines and the current number remains few while those supplying in some instances have failed to avail spare parts for the machines. There has also been a concern that the available fiscalised machines are also not compatible,” he said.

CZR has collected the majority of sector views on the matter and is currently engaging the Government to iron out the challenges. “It is critical that sector members continue to comply with regulations while we engage the Government on the matter.” Business needs to compliment the Government on policy coordination, implementation and compliance and Government to do same, he added.


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