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Retailers Bemoan Forex Exchange Rate Disparities, Call For Govt Intervention

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Zimbabwe’s Confederation of Retailers (CZR) President Denford Mutashu has blown the whistle over errant retailers noting with concern the pricing dilemma prevailing for most retailers and wholesalers. He said it came to their attention that there were four exchange rates to contend with when paying for goods and services.

“CZR has noted with concern the prevailing price dilemma for most retailers and wholesalers and is warning that difficult times lie ahead. We plead with the government to set up an inter-ministerial committee to question currency exchange rate challenges, abuse, manipulation, and arbitrage, and pave the way to stability as the parallel market exchange rate poses a great risk of decline in projections. and corporate profits, ”said Mr. Mutashu.

“There is auction exchange rate (ZW $ 89-US $ 1) ZW goes to US $ (ZW $ 180 to US $ 1), ZW mobile money to US $ (ZW $ 200 US $ 1 and ZW cash to US $ (ZW $ 165-US $ 1). “We also found that there is also a fee for our US $.”

Black market rates, he said, change more than three times a week.

Recently, the CZR met the Reserve Bank of Zimbabwe and this meeting, which is a forum for all interested parties, included retailers, manufacturers, wholesalers and all those involved in the value chain.

Mutashu said the procurement situation has created confusion in the market with extreme cases where the supplier or manufacturer or wholesale grocery store categorically rejects any other payment for goods and services other than US dollar cash. which come with discounts to entice the retailer or wholesaler.

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