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The Confederation of Zimbabwe Retailers (CZR) has warned the government against banning the existing multi-currency system and designating the Zimbabwe Gold (ZiG) as the exclusive legal tender to stabilise the rapidly depreciating local currency, reported <a href="https://www.newsday.co.zw/local-news/article/200033068/no-to-forced-de-dollarisation-retailers">NewsDay</a>.
On September 27, the Reserve Bank of Zimbabwe (RBZ) devalued the ZiG from 14.1 to 24.3 per United States dollar. 
In the wake of this devaluation, some economic analysts have urged the government to ban the use of the United States dollar and adopt the ZiG as the exclusive currency for trade.
However, in a report addressed to RBZ governor John Mushayavanhu on September 30, CZR president Denford Mutashu warned that enforced de-dollarisation could have “catastrophic consequences” for the economy. Said Mutashu:
<blockquote>
As the CZR, we strongly believe that any attempts to fully de-dollarise at this stage could have catastrophic consequences for both businesses and the broader economy.
A hasty transition will amplify current economic challenges rather than alleviate them.
</blockquote>
Mutashu warned that banning the US dollar for domestic transactions could lead to fuel shortages and severely impact the retail sector, along with other industries. He said:
<blockquote>
Any move to switch the currency of transaction, without adequate reserves and systems in place, will inevitably lead to scarcity, causing significant disruptions across all sectors.
The transportation industry, a critical player in the retail supply chain, would also be affected, driving up logistical costs and causing inflationary pressures.
With the current foreign currency exchange allocation system, there are already challenges in meeting the demands of industries for US dollars.
Full de-dollarisation would exacerbate these shortages as businesses will struggle to secure foreign currency to import essential goods and raw materials.
</blockquote>
Mutashu suggested that, for now, the government should permit the coexistence of both the US dollar and the ZiG to provide businesses and consumers with the flexibility necessary to adapt. He added:
<blockquote>
Gradually, as confidence in the local currency builds, the reliance on the US dollar can be reduced.
</blockquote>
In an interview with NewsDay, Economist Prosper Chitambara said de-dollarisation should be market-driven. He said:
<blockquote>
Well, my thinking is that the issue of de-dollarisation is a very sensitive matter and it is a matter that must be dealt with very circumspectly and also very cautiously.
It must not necessarily be a rushed exercise or a government-decreed exercise, but it must be an inclusive process that is based on a market-determined process that is tied to the attainment of certain key benchmarks around issues of production, issues of reserves, inflation and issues of informality.
</blockquote>
Economist Vince Musewe warned that forcing a local currency will collapse the economy. He said:
<blockquote>
Zimbabweans prefer the US dollar and that is not about to change. Unless there is a drastic change in policymaking, the same problems will continue to be faced by us beyond 2030. Forcing a local currency will collapse the economy.
</blockquote>
The ZiG, or Zimbabwe Gold, was launched in April 2024 and represents the country’s sixth attempt to establish a stable currency in the past 15 years.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Retailers in Zimbabwe are worried about the government changing the currency to only use the Zimbabwe Gold (ZiG) instead of the US dollar. They say this could have bad effects on the economy, like fuel shortages and higher prices. They want both currencies to be allowed for now, until people trust the ZiG more. Economists also think the change should be gradual and decided by the market, not rushed by the government. They are worried that forcing a new currency could make things worse for the country. The ZiG was started in 2024 as an attempt to make a stable currency.

Retailers Warn Government On Potential Risks Of De-Dollarisation

Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu has acknowledged the unjustified price hikes of sugar on the local market.
In a statement issued on April 11, Mutashu said a 2kg packet of sugar is being sold for US$4 instead of the recommended price ranges between US$2.60 (ZIG 33.75) to US$2.80 (ZIG 37.80) for 2kgs of both brown and white sugar.
He said there is a shortage of sugar on the market emanating in part from retailers’ and wholesalers’ failure to access the product from the supplier.
Mutashu urged police and the Financial Intelligence Unit (FIU) to clamp down on traders selling sugar at exorbitant prices. Reads the statement:
<blockquote>
CZR speaks on speculative sugar pricing
The Confederation of Zimbabwe Retailers has noted with serious concern the speculative pricing of sugar on the local market at the moment.
Recommend retail price ranges between US$2.60 (ZIG 33.75) to US$2.80 (ZIG 37.80) for 2kgs of both brown and white sugar.
The price of sugar is currently sitting at US$4.00 (ZiG54) per 2kgs despite the supplier (ZSS) price not having gone up.
CZR however notes with dissatisfaction the number of widely branch networked retailers and wholesalers struggling to access product supply from the supplier.
This situation must be fixed to reduce seemingly arbitrage pricing in the market emanating from the informal sector.
There are ongoing engagements with Zimbabwe Sugar Sales (ZSS) to ensure supply into formal channel retail and wholesale stabilizes and all delivery backlogs are cleared.
CZR therefore implores the Zimbabwe Republic Police (ZRP) Licensing Inspectorate and the RBZ Financial Intelligence Unit (FIU) to pounce on all unscrupulous traders selling sugar above the RRP.
It is our duty as the business community to come up with a healthy and sustainable pricing model for the benefit of the nation at large.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Hike Price Of Sugar

Zimbabwean retailers are currently grappling with restocking locally produced goods due to currency-related challenges.
As reported by <a href="https://www.newsday.co.zw/local-news/article/200024355/shortages-loom-as-basics-disappear-from-shelves">NewsDay</a>, manufacturers and wholesalers are favouring transactions in United States dollars (USD), which has led to difficulties for retailers buying in the local currency.
The Zim dollar has experienced significant depreciation against the USD, prompting discussions about the potential full dollarization of the economy.
As a result, retailers have encountered prolonged periods without the supply of essential locally produced commodities. Critical shortages of items like sugar have been reported.
Speaking to NewsDay, Denford Mutashu, the president of the Confederation of Zimbabwe Retailers, said that the supply chain for basic commodities has become dollarized.
Mutashu said this situation has left retailers who buy in local currency facing difficulties in maintaining their stock levels. He said:
<blockquote>
The biggest challenge is the currency that one uses to source products at the procurement level.
Manufacturers do not want the local currency. Generally, the appetite for the US$ in the market is high.
The supply chain is 90% dollarised, and for the formal stores, it becomes very difficult because they are the only ones that are still selling to the customers in local currency.
So, with a huge local currency balance, running a retail business in this current environment is difficult.
Manufacturers also indicate that most of their suppliers for raw materials or services are demanding payment in US$ and that is why they demand US$ when they sell their products.
It’s a glitch that is happening. That is why most formal retail shops are failing to stock up. Those products are in the informal market.
</blockquote>
As of 14 March 2024, the Zim dollar was trading at 1:17 830 against the United States dollar at the interbank market and 1:18 500 in supermarkets, while it stood at 1:20 000 on the parallel market.
Meanwhile, Consumer Council of Zimbabwe (CCZ) director of corporate affairs Philemon Chereni said that prices of goods and services had gone down in US$ terms as operators were offering discounts to encourage foreign currency transactions.
Chereni said the cost of living for a low-income urban-earner family of six, as measured in USD, decreased by 1% from US$551.38 to US$544.71.
He said the stability of the basket’s overall cost is partially attributed to the discounts applied when paying in USD.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Manufacturers Do Not Want Zim Dollar, Supply Chain Is 90% Dollarised - Retailers

The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu has applauded President Emmerson Mnangagwa for extending the multi-currency system tenure until 2030 saying the move inspires confidence in the market.
On Friday, 27 October, Mnangagwa invoked Section 2 of the Presidential Powers (Temporary Measures) Act to extend the duration of the multicurrency regime from 2025 to 2030.
A statement issued by Mutashu on 28 October 2023 reads:
<blockquote>
The Confederation of Zimbabwe Retailers (CZR) and the entire local business community would like to thank His Excellency President Dr ED Mnangagwa for the extension of the multi-currency system tenure until 2030 to inspire confidence in the market.
This is expected to give businesses assurances to work hard and plan ahead as well as look for ways to help the country achieve the Upper Middle-Income Economy by 2030.
The financial institutions, which have cut mortgages due to uncertainties surrounding the multi-currency system, can now extend long-term loans to ramp up production and stimulate economic growth.
We are happy that HE Dr Mnangagwa is a listening President who heeded to our multi-currency system tenure extension call to achieve high Gross Domestic Product growth.
With these successful engagements with the government under the astute and visionary leadership of Dr ED Mnangagwa, we look forward to future collaborations as we move ahead to build our nation together.
CZR believes that through engagements with the government, policy frameworks can be changed for the betterment of the business and the economy at large and looks forward to more candid discussions with the authorities to achieve national growth.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Retail Sector Applauds Mnangagwa For Extending Multi-currency System To 2030

The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu has urged businesses to reduce prices in Zimbabwe dollars after the local unit recovered against the US dollar last week.
The Zim dollar on Thursday firmed by more than $1 000 against the United States dollar on the Reserve Bank of Zimbabwe (RBZ)’s Wholesale Foreign Exchange Auction following another gain on Tuesday.
On Tuesday, the local currency firmed against the US dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
Speaking in an interview with <a href="https://www.sundaynews.co.zw/prices-stabilise-as-government-interventions-take-effect/">State media</a>, Mutashu said shops should start pricing responsibly following the stability in the exchange rate and improved power supply. He said:
<blockquote>
The expectation is to begin to see prices falling in line with key economic indicators like stability in exchange rates, improved power supply and other Government measures.
We have seen price stability in most retail shops but we want to see more. We want to see them reducing prices relative to economic developments. They should start pricing responsibly.
</blockquote>
National University and Science and Technology (NUST) lecturer Stevenson Dlamini said although businesses haven’t reduced prices, the rate at which prices were going up had slowed down lately.
He added that recent fiscal and monetary measures were starting to bear fruit. Said Dlamini:
<blockquote>
The floating of the exchange rate on the wholesale market has destabilised the parallel market and shown the formal market that the Government is now more committed to the price discovery mechanism of the local currency.
This has been further buttressed by the recent fiscal policy measure that requires the payment of corporate tax in local currency.
This is forcing even firms that were beginning to reject the local currency to start demanding it at the official market exchange rate and thus pushing up the demand and value of the local currency.
</blockquote>
Among the measures introduced by authorities include the RBZ’s sale of foreign currency to banks at market-determined rates for on-selling to bank customers.
The central bank has introduced gold coins and gold-backed tokens which have mopped over ZWL$60 billion.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Urged To Reduce Prices As Exchange Rates Stabilise

There is a serious shortage of the Zimbabwe dollar in the economy which captains of industry and economists say will reduce production capacity and affect aggregate demand.
The liquidity squeeze follows recent fiscal and monetary policy measures to suck out liquidity in the market to stabilise the exchange rate and prices.
The Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza told <a href="https://businesstimes.co.zw/zim-dollar-shortage-hits-market/">Business Times</a> that the liquidity crunch has reduced production capacity and aggregate demand. He said:
<blockquote>
There is a liquidity challenge in the economy and what the liquidity challenge does is depresses aggregate demand as there is no traffic in the shops and at the industries.
We are happy that things have stabilised but with this squeeze, we are failing to make payments for other services because there is no ZWL$ in the market and this has reduced our production capacity.
What it means is less cash in the markets, less product off-take so it means production will go down because companies can’t produce stock as they have no funds.
We, however, hope that this would be temporary and not a long-term solution so that business goes back to normal.
</blockquote>
The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu said in the past two weeks there has been an increase in US dollar sales but the Zimbabwe dollar sales have significantly decreased.
Economist Gift Mugano said the government has stopped pumping money into the market resulting in a shortage of the local currency.
He added that this confirms the long-held belief that government is the biggest driver of inflation.
Due to the liquidity crunch, the Zimbabwe dollar significantly recovered this week and was trading at ZWL$5 739 to the USD at the Reserve Bank of Zimbabwe (RBZ) Wholesale Foreign Exchange Auction on Thursday, 29 June.
On Tuesday, the local currency firmed against the United States Dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Captains Of Industry, Shops Bemoan Zimbabwe Dollar Shortage

Basic grocery items such as cooking oil, soap, fresh milk and sugar, among others, have disappeared from shelves in formal shops but are readily available on the informal market (tuckshops and streets).
Manufacturers are reportedly supplying goods to informal traders who pay in foreign currency as businesses shun the Zimbabwe dollar whose value has plummetted over the past few weeks.
The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu said re-dollarisation is posing a threat to the existence of formal trade. <a href="https://businesstimes.co.zw/basic-goods-disappear-from-shelves/">Business Times</a> quoted Mutashu as saying:
<blockquote>
Goods are vanishing from shelves into grey markets where they are priced in US dollars only and there is a general inability to replace stocks in the market.
Supply chains have re-dollarised posing a threat to the existence of formal trade faced with the evaporation of market share easily surrendered to the informal trade while some suppliers and manufacturers are directing basic goods through “runners” to the informal trade selling exclusively in US$ and not obligated to apply the legislated exchange rate when pricing goods.
</blockquote>
Mutashu said manufacturers have come up with strict trade terms that most retailers cannot meet.
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza said basic goods shortages were not a supplier’s problem. Said Matsheza:
<blockquote>
We are supplying both informal traders and formal traders regardless of the currency but one is supplied upon meeting the trading terms of the suppliers.
Some shops are failing to meet these trading terms which is why some are facing restocking challenges.
</blockquote>
Recently Richards Group director Archie Dongo said suppliers are demanding forex payments for their products.
Dongo added that where the Zimbabwe dollar is accepted, retailers and wholesalers tend to be subjected to forward rating thereby making Zimbabwe-dollar invoiced products to be uncompetitive.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Basic Grocery Items Disappear From Shop Shelves

The Confederation of Zimbabwe Retailers (CZR) is set to host a business summit next month with President Emmerson Mnangagwa to discuss various issues affecting all business players.
The country is currently experiencing a liquidity crunch, foreign currency shortages and unscheduled power cuts.
CZR president Denford Mutashu <a href="https://www.newsday.co.zw/business/article/200005703/business-to-engage-ed-over-operating-environment">told NewsDay Business</a> that the summit will host more than 1 000 delegates from the country’s 10 provinces, the SADC region as well as from India and China. Said Mutashu:
<blockquote>
This is an event which is being hosted by the Confederation of Zimbabwe Retailers. It will involve all business players, be it mining, manufacturing, retail or distribution.
It is an opportunity where the President will meet with the business community and engage on various issues, be it policy, challenges, suggestions and solutions to some of the challenges.
The platform is being created to ensure that business and government continue to dialogue even at the highest level.
</blockquote>
Mutashu said it is important for the President to meet the business community once or twice every year so that he gets feedback about the business environment. He said:
<blockquote>
It is also critical that once or twice in a year, business meets his Excellency and, of course, highlight the areas that may require his involvement, highlight areas that we may have failed, areas where government may have excelled or those that may have remained hanging.
This is a very key opportunity that is going to see business come together.
We have also received inquiries from businesses from the region including South Africa, Malawi, Mozambique and so on.
We will also look at the investment arm of the government to see what are the opportunities and challenges.
</blockquote>

Business To Engage Mnangagwa Over Operating Environment

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has advised that all banknotes that have been issued by the central bank remain legal tender, following the rejection of smaller denomination notes by some businesses.
Reports indicate that most transport operators and shops in Bulawayo are now rejecting the ZW$20 notes, while ZW$5 and ZW$10 have since been rejected by the transacting public.
Responding to questions from  Sunday News Business, Mangudya said all the bank notes remain legal tender in the country. He said:
<blockquote>
While we are not privy to that predicament raised, it is important to advise that all the bank notes that we issued remain legal tender which can be deposited at banks and banks can bank the same at the RBZ under the normal banking process.
</blockquote>
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu urged businesses to accept the $20 banknotes to avoid inconveniencing the public. Mutashu said;
<blockquote>
We encourage businesses to accept all notes including the ZW$20 notes and not inconvenience the transacting public.
Rejection of particular denominations is usually synonymous with high inflation as currency value erodes, unfortunately, it is only in our environment that economic agencies decide to reject notes.
In Malawi, Zambia, South Africa and other jurisdictions, even the smallest of the denominations like coins are accepted at the point of transacting.
</blockquote>

$5, $10, $20 Notes Still Legal Tender - Mangudya

Manufacturers have reportedly cut supplies of basic commodities to those paying in local currency and now favour tuck shops that pay in hard currency.
Speaking in an interview with Business Times, the president of the Confederation of Zimbabwe Retailers, Denford Mutashu, said they are now in a dilemma. Said Mutashu:
<blockquote>
We fear that with the way the supply chains are disrupted or broken we may see the resurfacing of basic commodities black market which is not a desirable thing for the economy.
We are given a 30-tonne truck per month. We sell it within three days of delivery. But, the tuck shops are given as many trucks as they want depending on the cash they have.
</blockquote>
The Reserve Bank of Zimbabwe (RBZ) insists formal shops should sell their goods at a premium of 10% above the official rate.
The official rate is at around ZWL$403: US$1 with shops allowed to trade at around ZWL$435 per US$1 and this is unsustainable for formal shops as manufacturers now prefer tuck shops who pay in hard currency. Added Mutashu:
<blockquote>
The charging of goods using the official rate has a serious knock on our businesses as suppliers and manufacturers are not supplying us on a regular basis as they don’t want the local currency.
We are struggling to re-stock as they go for informal traders who have hard currency.
If we may want to sell in US$, very few customers would come with the hard currency to buy in formal shops instead the money changers are swiping for the customers at a better rate.
With the pricing conundrum at play, reduced stock and a subdued US$ rate, retailers are in a catch-22 situation which needs dialogue between us and other stakeholders.
It is very difficult for a supplier or manufacturer to give me a product where I am paying in ZWL$ understandably because they would also want to use their product to generate foreign currency from their own internal source.
</blockquote>
More: <a href="https://businesstimes.co.zw/retailers-on-the-edge/">Business Times</a>

Formal Retailers On Edge As Manufacturers Favour Tuckshops

The Employers Confederation of Zimbabwe (EMCOZ) has warned against a national COVID-19 lockdown, saying it will hinder the recovery that business had experienced during the pandemic.
This follows a call by the Confederation of Zimbabwe Retailers (CZR) last week for the government to impose a full-scale lockdown to control rising coronavirus infections.
CZR president Denford Mutashu last week called for a total lockdown for 30 days, with a reduction of business operating hours to 8 am to 4 pm for essential service providers and an 8 pm to 6 am curfew.
<a href="https://news.pindula.co.zw/2021/06/24/retailers-push-for-30-day-hard-national-lockdown/">READ MORE: Retailers Push For 30-day Hard National Lockdown</a>
However, EMCOZ countered saying a blanket lockdown would have a detrimental effect on the economy. It said in a statement:
<blockquote>A total lockdown may compound the problem that we were beginning to see being resolved as business sentiment was gradually becoming positive and bullish.
Our considered view is that a blanket national lockdown with tight restrictions on access to workplaces will reverse the gains in productivity that we had started witnessing in the economy.</blockquote>
EMCOZ recommended extended trading hours to reduce overcrowding in shops but under strict observance of COVID-19 protocols.
<a href="https://news.pindula.co.zw/2021/06/25/zimbabwe-retailers-statement-calling-for-30-day-national-lockdown-full-text/">READ MORE: Zimbabwe Retailers’ Statement Calling For 30-day National Lockdown {Full Text}</a>
The organisation also recommended that private transporters, who show the capacity to comply with COVID-19 protocols, be allowed to operate to reduce pressure on the ZUPCO buses.
The Tourism Business Council of Zimbabwe (TBCZ) last week also criticised the proposal by CZR for a national lockdown.
<h4>More: <a href="https://www.newsday.co.zw/2021/06/employers-fret-over-proposed-blanket-lockdown/">NewsDay</a></h4>

Employers Critical Of Proposed Full-scale Lockdown

Deputy Finance Minister Clemence Chiduwa and Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya are expected to explain the controversial Statutory Instrument 127 of 2021 Presidential Powers (Temporary Measures) at a business breakfast meeting on Wednesday.
The meeting will be hosted by the Confederation of Zimbabwe Retailers (CZR) together with the Ministry of Finance and Economic Development.
The government last week gazetted SI 127 of 2021 which compels business to peg prices of goods and services in line with the official exchange rate.
The new regulations penalise those found on the wrong side of the law including businesses refusing to transact in the local dollar.
CZR president Denford Mutashu said the breakfast meeting set for tomorrow will deliberate on the impact of the new SI. Said Mutashu:
<blockquote>CZR and the Ministry of Finance will host a joint breakfast meeting on Wednesday in Harare before setting a date for Bulawayo and other centres.
We will come out and through to the market to explain the impact of the recently promulgated Statutory Instrument 127 of 2021.
The Deputy Minister of Finance (Clemence Chiduwa) will be the guest of honour at that event and the Governor of the Reserve Bank (Dr John Mangudya) will also come through to try and explain the impact of the policy on business and the monetary policy environment as well as the general public.</blockquote>
Zimbabwe National Chamber of Commerce chief executive officer, Christopher Mugaga and the Confederation of Zimbabwe Industries president, Henry Ruzvidzo, will also attend.
<h4>More: <a href="https://www.chronicle.co.zw/businesses-comply-with-latest-forex-usage-regulations/" rel="noopener" target="_blank">Chronicle</a></h4>

RBZ Governor Mangudya To Explain New Forex Rules

Businesses have warned that unless the Zimbabwe Revenue Authority (ZIMRA) reconsiders plans to effect a retrospective fifteen per cent Value Added Tax [VAT] on rice packages of 25kg and below, the price of the product will go up.
Zimbabwe National Chamber of Commerce (ZNCC) president Tinashe Manzungu pleaded with ZIMRA for a reprieve which they say will protect both their business and the consumers. He said:
<blockquote>The consumer is going to be the last user and this is going to affect pricing.
Importation of basic commodities such as rice is something that is not supposed to be frightening for retailers and wholesalers.
So to Zimra, we say if they can look into this position again.</blockquote>
ZIMRA has over the past four months made known its intentions to effect a 15 per cent VAT on rice packages of 25 kilograms and below backdating to 2017.
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu said ZIMRA’s decision has serious negative ramifications not only to suppliers, retailers and wholesalers but to the general economic wellbeing of the country. Said Mutashu:
<blockquote>Remember we are fighting the covid-19 pandemic and in the midst of the fight a lot of companies have lost a lot of revenue and they are struggling to get back on their feet.
So a decision during this pandemic at a time where business instead was supposed to be receiving a stimulus package to promote and regenerate the affected businesses – such a decision has serious consequences on the supply and genera pricing of the commodity.
It affects confidence because it is viewed by many in business as a serious policy inconsistency where business is supposed to be forced by ZIMRA to pay VAT in retrospect because that VAT was never collected by business.</blockquote>
Meanwhile, the government has advised business to seek a payment plan with the tax collector.
<h4>More: <a href="https://www.zbcnews.co.zw/retailers-sweat-over-looming-vat-on-rice/" rel="noopener" target="_blank">ZBC News</a></h4>

Consumers Should Brace For Steep Price Of Rice

Shop “space barons” and cartels are reportedly milking desperate retailers seeking trading spaces by charging them tens of thousands of US dollars.
The barons entered into lease agreements with Harare City Council, the National Railways of Zimbabwe (NRZ) and some pension funds for retail space, which is booming.
In turn, they are sub-letting the premises and pocketing huge profits in foreign currency, thus depriving the city council, private commercial property owners and individuals, of the much-needed revenue.
The space barons are charging at least US$20 000 as “goodwill” while monthly rentals are pegged at between US$5 000 and US$10 000 depending on the size.
They then pay very small amounts in monthly rentals to the local authority, NRZ and pension funds, in Zimbabwe dollars.
Confederation of Zimbabwe Retailers president Denford Mutashu confirmed the development saying the shop space barons are “monsters” and have created anxiety on the market.
Meanwhile, Mutashu has decried a value-added tax (VAT) on rice packages of 25kgs and below which the Zimbabwe Revenue Authority (ZIMRA) want to be backdated to February 2017.
He said that charging backdated VAT on rice has put a strain on the otherwise cordial relationship between government and business.
<h4>More: <a href="https://businesstimes.co.zw/space-barons-hit-zim-retail-industry/" rel="noopener noreferrer" target="_blank">Business Times</a></h4>

Shop 'Space Barons' Menace Engulf Zimbabwe

Retailers say it will not be impossible to keep the prices of goods stable in the current economic environment which is characterised by rising costs of production.
Confederation of Zimbabwe Retailers Association (CZRA) president Mr Denford Mutashu said:
<blockquote>Under the current environment, it is a delicate situation as cost drivers are not letting up.
The hyperinflationary pressure is standing in between a noble intention and implementation.
The foreign currency situation has not favoured doing business.
If at all the major focus currently is to stabilise supply before moving to price stabilisation.
Supply of sugar, subsidized mealie meal etcetera demands more attention.</blockquote>
Government through the Ministry of Industry and Commerce last month held a multi-sectoral meeting with various stakeholders and agreed to a price moratorium and that shops should revert to March 25 prices.
The stakeholders included the Grain Millers Association of Zimbabwe, Consumer Council of Zimbabwe, CZR, National Bakers Association of Zimbabwe, Oil Expressors, Association of Zimbabwe, National Foods and Zimbabwe Sugar Sales.
However, prices have increased twofold since the agreement was reached.
<h4>More: <a href="https://www.chronicle.co.zw/govt-to-unveil-price-stabilisation-measures/" rel="noopener noreferrer" target="_blank">Chronicle</a></h4>

Impossible To Reduce Prices Due To The Current Market Instability - Retailers

The <a href="https://www.pindula.co.zw/Zimbabwe_Congress_of_Trade_Unions" rel="noopener noreferrer" target="_blank">Zimbabwe Congress of Trade Unions (ZCTU)</a> said the country is sliding towards the horrors of 2008 when the majority of Zimbabweans were reduced to a beggarly existence after hyperinflation wiped out salaries, pensions and workers’ savings.
ZCTU president, <a href="https://www.pindula.co.zw/Peter_Mutasa" rel="noopener noreferrer" target="_blank">Peter Mutasa</a> opined that Zimbabwe has become a Failed State as the government has allowed individuals to loot and benefit at the expense of the common good. Said Mutasa:
<blockquote>This is called State failure. The government has allowed individuals to loot and benefit at the expense of the common good.
We are headed one way, that is 2008 unless citizens stop this madness. Workers’ wages are being further eroded and the majority will now be earning around US$20 a month.
Many families are already starving, and failing to pay rentals and other necessary expenses … we are also going to see many company closures and job losses.</blockquote>
Meanwhile, the president of the <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Retailers" rel="noopener noreferrer" target="_blank">Confederation of Zimbabwe Retailers (CZR)</a>, Denford Mutashu, said currency depreciation will result in price increases and the shrinking in purchasing power, with the pain being borne by ordinary consumers.
<h4>More: <a href="https://dailynews.co.zw/prices-of-goods-set-to-skyrocket-as-zim-dollar-crashes-fuel-prices-shoot-up/" rel="noopener noreferrer" target="_blank">Daily News</a></h4>

ZCTU: Zimbabwe Is Headed Towards 2008 Unless Citizens Stop The Madness

<a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">Confederation of Zimbabwe Retailers</a> president Denford Mutashu speaking to the Newsday said the market had rejected the Zimbabwe Dollar and many businesses formal and informal were already pricing their goods in forex to guard against inflation.
Said Mutashu to Newsday:
<blockquote>If you check internationally, currency is (about) confidence. Currency must have certain traits, characteristics that are not questionable. It should be used as a medium of exchange without either party feeling prejudiced. So in our case, the challenge we will always have is we are coming out of a multi-currency regime.
<div class="code-block code-block-3">
<div id="admixer_a0bab558a42b412ebace5b9bbfe8b621_zone_42903_sect_13197_site_10293">You can never police a currency or its acceptance in an economy where the market is 70% informal. All those people that you see going to the bank withdrawing cash, you will never see them going back to the bank (to bank it).</div>
</div>
</blockquote>
<div>However, the Finance Minister said the Zim Dollar was here to stay and the government was going to <a href="https://news.pindula.co.zw/2020/02/09/we-want-to-enforce-the-use-of-the-zimbabwe-dollar-mthuli/">enforce compliance by penalising those charging in foreign currency. </a></div>
<div></div>
<div>More: <a href="https://www.newsday.co.zw/2020/02/market-rejects-zimdollar/">Newsday</a></div>

The Market Has Self Re-Dollarised- CZR

Substandard goods imports are likely to increase this festive season as people opt for cheaper goods because of the economic meltdown ravaging the country, Sunday news reports. This was revealed by Confederation of Retailers Zimbabwe’s president Denford Mutashu who expressed the body’s worry over how these informal businesses are affecting formal business’s profitability while risking buyers’ healthy at the same time.
<blockquote>We are expecting an influx of imported products that will find their way into the country through various ways. Some of which are “no name” products as well as fake products that are fuelling the rise of tuck shops throughout the country.
The danger is that the formal market will not recover in terms of market share and our efforts towards industrialisation will be delayed. The country has become a safe haven for fake imported goods without any jurisdiction as to the source and safety of those products.</blockquote>
Mr Mutashu urged the government to reign in on these sub-standard imports and support the productive sector especially basic commodities, manufacturers.<a href="https://www.pindula.co.zw/Mangaliso_Ndlovu"> Industry and Commerce minister</a> at the same time lamented the country’s porous borders which cited as the reason why the substandard goods were making their way into the country.
More: <a href="https://www.sundaymail.co.zw/influx-of-substandard-imports-worrisome">Sunday News</a>

Influx Of Substandard Goods Likely To Increase This Festive Season As The Economic Meltdown Bites - Report

Retail sale volumes have plummeted by about 40 per cent as a result of weakening consumer spending and hyperinflation.
<a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Retailers" rel="noopener noreferrer" target="_blank">Confederation of Zimbabwe Retailers (CZR)</a> president Denford Mutashu revealed that retailers were suffering a loss of business due to reduced sales. He said:
<blockquote>On buying groceries the high-value items or non-essential products have been affected because we have demand dropping by more than 50 per cent while on electrical gadgets it’s about 60 per cent.
On the basic commodities or non-essential commodities, demand is still going down by about 40 per cent.</blockquote>
The price of goods has been increasing exponentially over the past several months on the back of surging fuel prices and electricity tariffs.
The value of the local currency has also continued to drop to the current 1:16 from 1:2,5 in February on the interbank market.
<h4>More: <a href="https://www.chronicle.co.zw/retail-sales-volumes-drop-price-hikes-weaken-consumer-spending/" rel="noopener noreferrer" target="_blank">Chronicle</a></h4>

Retailers Fret Over Depressed Sales Volumes

Retailers and service providers have defied a government directive, Statutory Instrument (SI) 212 of 2019 Exchange Control (Exclusive Use of Zimbabwe dollar for Domestic Transactions), as they continue to accept payments in US dollars.
President of the <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Retailers" rel="noopener noreferrer" target="_blank">Confederation of Zimbabwe Retailers (CZR)</a> Denford Mutashu conceded that those found on the wrong side of the law should be arrested. He said:
<blockquote>If anyone is breaking the law, the law enforcement agencies of the country should move in. However, it is a market that increasingly is self-dollarising in order to continue lubricating itself as seventy per cent of raw materials are imported.</blockquote>
Some retailers tend to charge “reasonable” prices in US dollars but the same product costs far much more when priced in <a href="https://www.pindula.co.zw/RTGS_Dollars" rel="noopener noreferrer" target="_blank">RTGS dollars</a>.
For instance, a survey carried out by The Herald revealed that one Harare restaurant charges US$1 for a portion of <a href="https://www.pindula.co.zw/Sadza" rel="noopener noreferrer" target="_blank">sadza</a> and quarter chicken but demands RTGS$27 for the same.
<h4>More: <a href="https://www.herald.co.zw/business-defies-govt-still-trading-in-forex/" rel="noopener noreferrer" target="_blank">The Herald</a></h4>

Shops Ignore Govt, Continue Accepting Forex Payments

The Grain Millers Association of Zimbabwe (GMAZ) has deployed price monitoring teams across the country to ensure that retailers adhere to the stipulated prices.
Products classified as grains include mealie meal, rice and flour.
The development follows an agreement between the Confederation of Zimbabwe Retailers (CZR) and GMAZ in March this year to devise a framework for setting prices of grain products.
Those retailers found overcharging by the price monitoring teams risk withdrawal of grain product supplies.
<h4>More: <a href="https://www.herald.co.zw/just-in-gmaz-price-monitors-deployed/" rel="noopener noreferrer" target="_blank">The Herald</a></h4>

Grain Millers Deploy Price Monitoring Teams

The Confederation of Zimbabwe Retailers (CZR) president, Denford Mutashu, has urged retailers to desist from unilateral price hikes to avoid problems with authorities.
Mutashu was speaking at a joint meeting between the Grain Millers Association of Zimbabwe (GMAZ), the Consumer Council of Zimbabwe (CCZ) and local retailers in Mutare on Monday. He said:
<blockquote>The retailers will have to be responsible and fair in their pricing. As Confederation of Zimbabwe Retailers, we are on record saying we don’t defend mediocrity and bad behaviour. We also don’t defend irresponsibility on the part of traders.
What we are doing is to make sure we engage. The engagement process has taken us countrywide and in addition to that, we have identified gaps in consumer education so we are going to be together with the Consumer Council of Zimbabwe.
We will go across the country together, educating the consumers as a critical stakeholder with information so that they have the knowledge and will not be shortchanged. In the current dynamics, it’s quite unfortunate that there has been a lot of distortions.</blockquote>
Retailers of late have been raising prices of products with reckless abandon, with prices of some products doubling overnight.
<h4>More: <a href="https://www.newzimbabwe.com/retailers-playing-with-fire-warns-mutashu/" rel="noopener noreferrer" target="_blank">New Zimbabwe.com</a></h4>

Retailers Association Boss Warns Members Against Price Hikes

The recent wave of price increases by retailers has negatively impacted on the volumes of sales people’s disposable incomes have remained stagnant.
President of the Confederation of Zimbabwe Retailers, Denford Mutashu had this to say:
<blockquote>The volumes of products pushed by the sector have declined owing to low disposable incomes, as prices have shot up beyond the reach of ordinary citizens. Inflationary pressures have been mounting against stagnant or eroded incomes.</blockquote>
Mutashu said that the establishment of the interbank market has not improved the availability of foreign currency for retailers. He said:
<blockquote>The foreign currency situation has not improved significantly as both the interbank bank and the grey market forex rates have been crawling up due to limited supply.</blockquote>
<h4>Related:</h4>
<ul>
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<h4><a href="https://news.pindula.co.zw/2019/03/30/wheat-farmers-struggling-to-access-forex-on-the-interbank-market/" rel="noopener" target="_blank">Wheat Farmers Struggling To Access Forex On The Interbank Market</a></h4>
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<h4><a href="https://news.pindula.co.zw/2019/03/29/mthuli-ncube-admits-to-devaluation-of-rtgs-dollar/" rel="noopener" target="_blank">Mthuli Ncube Admits To Devaluation Of RTGS Dollar</a></h4>
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<h4><a href="https://news.pindula.co.zw/2019/03/28/olivine-struggling-to-access-forex-on-the-interbank-market/" rel="noopener" target="_blank">Olivine Struggling To Access Forex On The Interbank Market</a></h4>
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<h4>More: <a href="https://www.newsday.co.zw/2019/04/price-hikes-cause-plunge-in-retail-volumes/">Newsday</a></h4>

Retail Sales Volumes Plunge After Recent Price Hikes

Retailers and manufacturers have decided to put aside their differences and work together for the nation. At one point, the retailers threatened to expose “unscrupulous” manufactures who were responsible for starving the market of goods through hoarding. Confederation of Zimbabwe Retailers (CRZ) president Denford Mutashu said
<blockquote>We have set aside differences to work for the nation. Manufacturers should work and provide goods and services at affordable prices by distributing goods at the market fairly and practise responsible pricing.</blockquote>
Mutashu further said that the improvement in the supply and availability of goods was a result of the government’s suspension of SI 22.
<blockquote>The suspension of SI 22 has improved supplies. We are no longer seeing empty shelves, we are no longer seeing panic buying, a reason which piled pressure on manufacturers because of lack of goods as well as price increases. The situation has corrected itself, the general retailing and marketing is still huge, there is competitiveness in the trade that each and every company takes its own market share.</blockquote>
<h3>More: <a href="https://www.herald.co.zw/retailers-manufacturers-end-tiff/" rel="noopener" target="_blank">Herald</a></h3>

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