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Retailers Persist With Three-Tier Pricing As ZiG Falters

5 months agoTue, 15 Oct 2024 09:51:15 GMT
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Retailers Persist With Three-Tier Pricing As ZiG Falters

Zimbabwe’s currency woes persist as retailers continue to implement a three-tier pricing system for products, that is, three different prices for the same product based on the payment method.

The local currency, the ZiG, was introduced on April 5, 2024, and initially performed well, but its value declined significantly after four months due to widening parallel market rates.

In September, the Reserve Bank of Zimbabwe intervened by devaluing the currency by 43% and increasing interest rates to curb speculative borrowing.

However, a recent survey by NewZimbabwe.com revealed that many retailers in Harare’s Central Business District are still facing challenges with the local currency.

Retailers demand exclusive US$ prices for certain products while maintaining the three-tier pricing strategy based on the payment method.

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Some retail outlets continue to limit the number of products that can be paid for in ZWG currency, complicating local currency purchases.

The local currency has undergone six name changes but has yet to achieve stability, confidence, trust, or sustainability.

Its previous iterations include the original currency post-independence, that is, the Zimbabwe dollar, then later bearers’ cheques, traveller’s cheques, bond notes, RTGS dollars, and now ZiG.

Launched on April 5, ZiG is already experiencing a similar trajectory toward collapse and freefall just five months later.

More: Pindula News

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8 Comments

ClD Admire kuyeri · 5 months ago
Mari yechema
baba jukwa · 5 months ago
where is chi baby che zanu and erudite, do you still remember when this zigy was introduced l told you that it won't last for a year but now look my words have been fulfilled
Leo · 5 months ago
Kumusha kwedu arichashande iri Zig
what is it eh? · 5 months ago
your article does not explain/break down the "three-tier pricing strategy" ? what is it, clarify ! number 1 of 3 ? number 2 of 3? number 3 of 3?
The 7 Sages · 5 months ago
hoyoo
Pasi Pamera Ziso · 5 months ago
Behold ,the roller coaster has set off and noone will be able to stop it. WATCH OUT, this could the beginning of the end of your rulership. You can no longer convince the once hopeful lieutenants anymore than you can repeat the same things that have taken us back to where we are coming from. I feel sorry for civil servants as their plight will not end ,not even now, perhaps never..... Whatever happened to the listening president????
1
🏃 Chi baby Che Zanu 🌊 · 5 months ago
zvemazvokwadika zig zag zvaendwa apana chichabuda

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