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Thursday, May 23, 2024

Firming Zim dollar brings relief to consumers

Story by Stanley James, Business Editor

CONSUMERS are breathing a sigh of relief as mealie-meal prices are stabilising in response to the firming Zimbabwe dollar against major trading currencies.

Interventions by the government that have led to the local currency gaining against major trading currencies have also seen prices of several basic commodities cooling down.

With bakers having already announced a slash in prices of bread and other commodities in line with the firming Zimbabwe dollar, millers have also followed suit.

In a statement, Grain Millers Association of Zimbabwe chairman, Dr Tafadzwa Musarara revealed that after a series of meetings with monetary authorities, it was resolved to ensure mealie meal prices are adjusted in line with the firming Zimbabwe dollar.

A table of the products released by the millers also reflects stable prices, with some of the commodities even having their prices slashed.

The millers have also revealed their commitment to comply with a 10% premium requirement in the official exchange rate for the prices of mealie-meal.

The association says the move will guarantee consumers of stable prices, with the key benefits being realised in the form of decreasing prices.

The local currency continues to appreciate in value, with the second wholesale auction of the week held on Thursday showing that the average price of a US dollar fell to 4 537.49, a drop of 4,9%.

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