News / National
Cash crisis hits cooking oil sales
23 Nov 2016 at 19:53hrs | Views
Price distortions have hit Zimbabwe's cooking oil sector with revelations that some retailers and wholesalers are refusing card payments demanding hard cash.
The advent of digital, mobile and plastic money transactions has emerged as a key element in solving the cash challenges.
However consumers have expressed concern over the refusal by some retail outlets in accepting card systems demanding hard cash mainly for cooking oil purchases.
The Confederation of Zimbabwe Retailers president Mr Denford Mutashu while confirming the latest developments told the ZBC News the organisation is now in talks with relevant parties to ensure the acceptance of cashless transactions.
Contacted for comment, Oil Expressors Association of Zimbabwe president Mr Slyvester Mangani said a person can buy cooking oil with cash or card in line with the Reserve Bank of Zimbabwe (RBZ) exchange control circular no 5 of 2016 which gives permission to cooking oil manufacturers to import inputs using cash collected from trading.
Experts say the limited hard cash inflows mainly from gold, tobacco and platinum exports are posing a threat to the smooth service delivery and affordable rates for key utilities such as electricity, fuel, basic goods and other services.
The advent of digital, mobile and plastic money transactions has emerged as a key element in solving the cash challenges.
However consumers have expressed concern over the refusal by some retail outlets in accepting card systems demanding hard cash mainly for cooking oil purchases.
Contacted for comment, Oil Expressors Association of Zimbabwe president Mr Slyvester Mangani said a person can buy cooking oil with cash or card in line with the Reserve Bank of Zimbabwe (RBZ) exchange control circular no 5 of 2016 which gives permission to cooking oil manufacturers to import inputs using cash collected from trading.
Experts say the limited hard cash inflows mainly from gold, tobacco and platinum exports are posing a threat to the smooth service delivery and affordable rates for key utilities such as electricity, fuel, basic goods and other services.
Source - ZBC
