Nqobizitha Mangaliso Ndlovu, Industry and Commerce minister, has rejected the suggestion by Econet founder, Strive Masiyiwa for Zimbabwe to price all goods in South African rand to achieve price stability.
Recently, Masiyiwa proposed that all goods in Zimbabwe be priced in South African Rand considering that the bulk of goods on the market are imported from South Africa.
Industry and Commerce minister however believes that using the multi-currency system is advantageous since South Africa is not the only Zimbabwean trading partner. The minister said:
The multi-currency system is more advantageous in this regard than using one currency. We are flexible in trading in different currencies of the countries we trade in using their currencies. The issue of pricing needs a holistic approach.
There is a tendency to profiteer. That’s why President Emmerson Mnangagwa made the clarion call that, although inflation is going up, we have to tackle it together with business and hope to address it in the near future.
We are going engage them and see how they are benefiting from pricing in the rand. However, we are very much disturbed by the unilateral price increase by businesses when we were in the middle of engaging each other.
Prices of basic commodities continue to increase on an unparalleled rate. Recently, Vice President Chiwenga warned the business sector which he believes is sabotaging the government warned.
Finance Minister, Mthuli Ncube also recently announced government plans to introduce a local currency within 12 months.
Related:
- South African Rand Loses Value
- Zimbabwe To Introduce Own Currency This Year, Rand Or US Not Solution
- Botswana President Puts ‘Trust’ In Strive Masiyiwa
More: ZimLive