ZVADIRWA SUGAR: Food prices fall (SEE PICS)


PRICES have begun falling at some operators including popular fast-foods outlets operated by Simbisa Brands such as Chicken Inn, Pizza Inn, Haefelis, Creamy Inn and Steers.

Market watchers have attributed the development to a fall in the exchange rate of the US dollar against the RTGS on the parallel market.

Two weeks ago, Finance and Economic Development Minister Professor Mthuli Ncube hinted that prices would fall beginning July.

Last week Monday, authorities banned the multicurrency basket using a Statutory Instrument which said only the Zimbabwe Dollar is the sole legal tender.

Some businesses have been resisting the move or have raised their RTGS prices for fear of losses. The latest move by the Treasury, described as a bold move, has been bolstered by the interbank exchange rate which is trading competitively to the black market.

The Reserve Bank of Zimbabwe also raised interest rates to dissuade business people from borrowing money at cheap rates for speculative purposes.

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