Retailers group warns business against disregarding RBZ exchange rates

Spread This News

By Alois Vinga

ZIMBABWE’S mainstream retailers’ group has called on unscrupulous local businesses to desist from pegging prices which are above the stipulated Reserve of Bank of Zimbabwe (RBZ) official exchange rates.

The RBZ official exchange rate currently stands at $81.34 against US$1.

All companies which are getting access to foreign currency on the foreign exchange auction are expected to peg local currency prices in line with the official rates.

But contrary to that, there has been a public outcry over retailers’ conduct of violating the auction rates with many of them setting prices at rates as high as $110 against a single unit of the US$1.

But in a memo released by its president, Denford Mutashu, the Confederation of Zimbabwe Retailers (CZR) reminded players in the sector of the need to comply with the regulations.

“CZR wishes to remind retail sector players of the existence of legal requirements that compels them to comply 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,” he said.

Mutashu said prices should be pegged in both local and foreign currency with clear exchange rate boards displayed in every shop.

He also urged retailers to issue a customer receipt bearing the currency in which the transaction has taken place.

The retailers’ group chief also urged the government to assist in the provision of fiscalised machines with adequate systems and software compatibility.

He said there was 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.

“We are therefore calling upon businesses to compliment the government on policy coordination, implementation and compliance and government to do same,” he added.