Price Increases Due To Lack Of Foreign Currency: CZR

In an interview with The Chronicle, Confederation of Zimbabwe Retailers (CZR) president, Mr Denford Mutashu said the recent price increases are a result of lack of foreign currency.

He said companies are increasing prices because they are converting their bond notes to US dollars on the black market. Said Mutashu:

The US dollar is now scarce and not much is being produced locally. As a result, companies are converting their bond notes to US dollars at a higher rate. Manufacturers experience a hidden cost. They have to recover those costs along the chain. The end user is the one that feels it all.

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More: Chronicle