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CZI Says Prices Will Stabilize In March After Tobacco Sales

5 years ago
Thu, 25 Jan 2018 11:24:57 GMT
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CZI Says Prices Will Stabilize In March After Tobacco Sales

The Confederation of Zimbabwe Industries (CZI) has said that it expects the prices of basic commodities to stabilise in March after tobacco farmers start selling their crop. Tobacco sales are expected to bring in close to half a billion dollars in foreign currency. The price of the basics has been increasing in the past four to six months. Retailers and suppliers have blamed the price increases on the shortage of foreign currency.

CZI president, Sifelani Jabangwe, said

The state where we are at is not catastrophic because as we get into March the prices are going to be more stable because the (tobacco) auction floors will be open.

The country’s economy is in a very good position for growth right now and any investment that comes in will ensure that this economy grows especially given the position we have with the new economic dispensation.

From March onwards, the prices will be stable. We also need to grow soya (beans) because that will reduce the amount of money we are pouring to import crude oil. We are spending about $240 million per year which is a lot of money.

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More: Financial Gazette

 

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