Retailers implored to act responsibly

The Confederation of Zimbabwe Retailers has implored players in the sector to price responsibly and ensure self-discipline for the market to remain stable and promote economic growth.

CZI president Mr Denford Mutashu said this on Wednesday after meeting Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya to get clarity on Statutory Instrument 127 of 2021 that was introduced recently.

Mr Mutashu said they held a “progressive meeting”, where Dr Mangudya said SI 127 of 2021 targets those “abusing auction funds, manipulators of the exchange rate and those that do not bank funds”.

Mr Mutashu thanked the Government “for listening to the pleas of business not to embark on a heavy-handed approach but target the abusers”.

“This shows that we have a listening Government that wants to see the growth of the economy,” said Mr Mutashu.

“As business, we need to reciprocate that gesture by self-monitoring and enforcing self-discipline among sector players to price responsibly and act in a manner that protects citizens and consumers.

“CZR assures the public that there will be zero tolerance on arbitrage, profiteering and artificial shortages. Businesses are reminded that they are in the business of selling products or services, not cash and should not aid or fuel the foreign currency parallel market.”

Mr Mutashu hopes that following the introduction of SI 127 0f 2021, there will be increased banking of foreign currency by businesses.

Most businesses were charging in forex but their receipts were in local currency, prejudicing Zimra of forex revenue in the process, while also abusing the forex auction system by seeking more money.

Some retailers still charge using the parallel market rate while also dishing out local currency denominated receipts despite customers paying in foreign currency.

Mr Mutashu said they will continue to work with the Government to ensure that the market remains stable.

“It is our collective responsibility to ensure that stability. We would like to urge our members to continue to offer good services to consumers who deserve our respect and to improve on self-discipline to ensure that our economy continues to grow as is evidenced by the significant growth in the sale of locally produced goods of around 65 percent.

“As such, we urge our members to continue to price products and services as was before and avoid panic as the matter has been resolved.

“We need to work together as business and Government to protect the consumers.”-herald.cl.zw