Innscor reduces prices, embraces bond coins

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LEADING food processing company Innscor Africa has come out in full support of the controversial bond coins saying their introduction by the Reserve Bank of Zimbabwe last December has resulted in the company reducing prices of most of its products.
Innscor’s admission comes at a time when the bond coins are facing stiff resistance from most retail shop operators, street vendors and kombi operators who feel that the coins are attempts by the Zanu PF government to re-introduce the much dreaded Zimbabwe dollar.
In a press release this week Innscor claims it will continue to revise its prices in order to make life more affordable for consumers.
“Bond coins are useful for fostering and enhancing competitiveness.  It is against this background that Innscor has already reduced prices and its businesses will through the month of January continue to re-visit its prices to assist in making life more affordable for all its customers,” Innscor said without explaining by what percentage the prices had gone down.
Unlike other retailers who are not accepting the bond coins Innscor said it fully embraced the RBZ’s initiative.
“All our retail outlets are using bond coins for providing change for the convenience of our customers.  We are also accepting bond coins as a medium of exchange for the purchase of goods and services,” the company said.
The statement comes as welcome news at a time when the majority of the people are facing serious liquidity challenges as the economy continues on a downward trend with no solution in sight.
The coins, worth US$10 million, began circulating last month as part of the central bank’s efforts to ease the problem of small change which has been experienced since the country adopted multiple currencies in 2009. 
The bond coins, constituting two percent of total bank deposit, are in 1c, 5c, 10c and 25c denominations while the 50c coin will be introduced in March.
The coins will trade at par with the U.S. dollar which has been the widely circulating currency in the country.Advertisement