Government To Stabilize Prices Of Goods Spiraling Out Of Control

Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa announced that the government will be reaching out to manufacturers and retailers to enforce price controls of goods, which are drastically increasing worsened by a sharp fall in the value of the local currency on the parallel market.

Mutsvangwa made the announcement in a post-Cabinet briefing on Wednesday, saying that the government will announce measures that will see the situation stabilizing in due course.

“We will surely urge; we will surely reach out to industry or maybe this time to firm up so that we could control these prices.

So that they do not immediately react because that is what has been happening that they have been a reaction to the parallel rate when the parallel rate moves the retail sector prices also move” said Mutsvangwa.

The exchange rate at the parallel market was US$1:$60 via electronic transfers and US$1:$45 for cash transactions while the official rate is 1:25.