Nick Mangwana: "The Prices Are Coming Down"

The permanent Secretary in the Ministry of Information, Publicity, and Broadcasting Services, Nick Mangwana, has said prices of commodities are “coming down.”

Mangwana attached a picture of cooking oil and Mazoe peach to the message he posted on Twitter. He said:

The prices are coming down. It’s all making sense.

Prices of commodities have been going up since the beginning of the year with authorities citing the war in Ukraine which affected trade in the geoeconomics arena.

Inflation was also being fuelled by the collapse of the Zimbabwe dollar that has since its reintroduction in June 2019 been losing value against other currencies, particularly the United States dollar.

The exchange rate on the informal market seems to have stabilised in recent weeks. Authorities attribute the relative stability to the introduction of the Mosi-oa-Tunya gold coins.

The Reserve Bank of Zimbabwe (RBZ) introduced the coins on the 25th of July 2022 in a bid to stabilise the economy by easing demand for US dollars and storing the value of money after the Zimbabwe dollar lost more than two-thirds of its value against the USD this year.

Some analysts argue that the relative stability might be shortlived hence the need for authorities to establish sustainable solutions.

Pindula News