Panashe Chikonyora

The Confederation of Zimbabwe Retailers (CZR) says retail sector players should complement Government on policy coordination and implementation by complying with the newly introduced foreign currency exchange rate system.

This comes as the association claimed to “have been made aware of some distortions currently happening in the market”, which have seen retailers pegging prices of basic goods and commodities above the current 1: 81. 34 foreign currency exchange rate, aligning them to the black market rate.

In a statement released yesterday the Confederation of Zimbabwe Retailers president Denford Mutashu urged players in the retail industry to acknowledge the existence of legal requirements that compels them to adhere with the newly introduced foreign currency exchange rate system.

“It is CZR’s humble submission that business should support the forex auction system through responsible pricing and compliance.

“Prices should be pegged in both local and foreign currency with clear exchange rate boards displayed in each store.

“The customer receipt should bear the currency in which the transaction has taken place,” read the statement.

However, Mr Mutashu implored Government to address systems and software compatibility while maintaining the availability of fiscalised machines as he claimed “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 are also concerns that the available fiscalised machines are also not compatible.

“CZR has collected the majority of sector views on the matter and is currently engaging Government to iron out the challenges. It is critical that sector members continue to comply with
regulations while we engage Government on the matter,” he said.

Hyperinflation has affected the country’s economy.

Since last year inflationary pressures have made life difficult for most Zimbabweans as it has resulted in extreme price increases of goods and services, as well as in the shortage of critical basics such as fuel.