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The Confederation of Zimbabwe Retailers (CZR) engaged the Reserve Bank of Zimbabwe Governor, Dr. John Mangudya who in turn warned the retailers that SI127 targets those abusing auction funds, manipulators of the exchange rate, and those that do not bank funds.
The Central Bank Governor said SI127 is meant to ensure compliance.
“We would want to thank His Excellency President ED Mnangagwa, Vice President Dr. CDGN Chiwenga, Finance Minister Prof Mthuli Ncube, Industry Minister Dr. Sekai Nzenza, and Dr. Mangudya 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.
“As businesses, 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,” said Mr. Denford Mutashu, the CZR President.
He reminded businesses 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 was optimistic about increased banking of foreign currency by the business and pledged 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%.
“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 a business and government to protect the consumers,” Mr. Mutashu added.