Millers welcome currency stability

The grain milling industry has welcomed the stability of the local currency, which has consequently brought about price stability and normalised the supply level of essential food on the market.

Grain Millers Association of Zimbabwe (GMAZ) chairman Mr Tafadzwa Musarara applauded the Government and monetary authorities for their interventions which have birthed the progress.

“We want to assure our consuming publics that the grain milling industry is working very closely with the Government in ensuring that the current progress is sustained in the interest of promoting food security at household level.

“The Pfumvudza programme will be the biggest maize import substitution programme that will deliver millions of low-income households from charity basket to self-sustenance. The multiplier effect of this initiative to our economy is substantial, and the GMAZ fully rallies behind this noble and productive programme,” he said.

Mr Musarara said maize and wheat prices on the world market have started rising due to depleted yields in leading producing countries, but said they were now working with the Reserve Bank of Zimbabwe to mitigate the anticipated upward price adjustments and protect consumer spending ahead of the festive season.

“We are glad to inform the nation that the supply of maize and wheat currently dwarfs anticipated festive season demand. Maize meal, bread flour, rice and salt, among other basic commodities, will be adequately available nationwide,” said Mr Musarara.

One of the Government’s main priorities this year is exchange rate stability, which has largely been achieved through the forex auction system. and keeping an eye on money supply growth.

This follows the reintroduction of the local currency after a 10-year hiatus.

Zimbabwe had used multiple currencies since February 2009 to rein in hyperinflation.-herald.cl.zw