Retail Prices To Be Revised
Ministry of Industry and Commerce said Government will direct retailers to reduce prices of basic commodities brought about by the recent sharp rise in the exchange rate last week.
Retailers have been pegging prices against the Us Dollar following the foreign exchange crisis last week when the US $10 was selling for 165 RTGS which lead to higher pricing of products such as eggs which cost $32 rose to 42.99, bread from $6.90 to $9.45.
Minister of Industry and Commerce Cde Ngobizitha Mangaliso Ndlovu said the pricing crisis needs intervention of Reserve Bank of Zimbabwe on the two-tier pricing system as pricing for those with cash is slightly lower than those with electronic payments which is not fair because cash is very scarce in the market.
Since the exchange rates have dropped in the parallel market prices are expected to come down.