The Sunday News
Njabulo Bhebe, Business Reporter
THE Confederation of Zimbabwe Retailers (CZR) association has called upon retail players to adhere to the Government stipulated exchange rate when pegging prices of commodities and promote forex auction system as this would ensure transparency in the sector.
This comes after the retail sector has been accused of fueling the black market rate with many shops still indexing their Zimbabwe dollar prices to black market exchange rate a move which has seen the Government launching a blitz on this practise as it seeks to bring sanity.
In a press statement realised by the association, CZR president Mr Denford Mutashu said there was need for players to comply with the Government set exchange rate and promote the forex auction system through responsible pricing.
“The Confederation of Zimbabwe Retailers (CZR) wishes to remind retail sector players of the existence of legal requirement that compels them to comply with the newly introduced foreign currency exchange rate system. It is CZR’s humble submission that business should support the forex auction system through responsible pricing and compliance.
“Prices should be pegged in both local and foreign currency with clear exchange rate boards displayed in each store. The customer receipt should bear the currency in which the transaction has taken place. We have been made aware of some distortions currently happening in the market and it is critical that sector players adhere to the regulations set out by Government,” he said
The association also challenged the Government to address the issue of system and software compatibility as it remains the biggest hindrance which has seen many traders failing to issue out foreign currency denomination receipts.
“However, it is therefore critical for Government to address systems and software compatibility while availability of fiscalised machines remains a critical necessity. There is also a need to increase suppliers of fiscalised machines and the current number remains few while those supplying in some instances have failed to avail spare parts for the machines. There has also been a concern that the available fiscalised machines are also not compatible.
“CZR has collected the majority of sector views on the matter and is currently engaging Government to iron out the challenges. It is critical that sector members continue to comply with regulations while we engage Government on the matter,” he added
A number of traders have been charging at the rate of US$1:$100 which is way higher than the US$1:$81, 44 that emerged after last week’s auction.
