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RBZ sweet-talks millers

by Simbarashe Sithole
24 Jul 2023 at 20:32hrs | Views
The Reserve Bank of Zimbabwe Governor John Mangudya has sweet-talked millers to reduce prices of maize meal, flour and salt ahead of elections.

After successfully meeting with a high-level delegation of millers headed by Grain Millers Association of Zimbabwe Dr Tafadzwa Musarara, Mangudya pleaded with them to adjust the prices according to the exchange rate.

In a circular to members of the Confederation of Zimbabwe Retailers, the Retailers Association of Zimbabwe, wholesalers and other sellers of basic commodities, Dr Musarara said the price reductions are aimed at protecting consumers.

A 10kg bag of roller meal now costs $27 593 or US$5.

The price of a 2kg packet of self-raising flour is now pegged at $11 547 or US$2,10, while the price of a 500g packet of fine salt has been slashed to $1 374 or US$0,25.

"The Grain Millers Association of Zimbabwe recently held successful high-level deliberations with the monetary authorities and, inter alia, reviewed the subsisting stabilisation in the economy, precipitated by the firming of the local currency against major currencies," Mr Musarara said in the circular.

"The current stable environment was, regrettably, preceded by a few weeks of price madness that invariably affected basic commodities, leaving consumer disposable incomes gravely eroded. It is uncontroverted, therefore, that the current stabilisation must show a corresponding decrease in prices of basic commodities."

The reduction of prices of the commodities will help ZANU PF to get urban vote.



Source - Byo24News