info.afrindex.com
China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
Photo from Internet
The Reserve Bank of Zimbabwe (RBZ) last week released over $10 million to the manufacturing sector to address the shortages of basic commodities and wanton price increases.
Industry and Commerce minister Mangaliso Ndlovu last Friday held a crisis meeting with other government departments, including Treasury and the central bank as well as captains of industry and commerce to find a solution in dealing with commodity and price distortions.
Speaking to NewsDay after touring manufacturers of Zimgold cooking oil, Pure Oil Industries as well as wholesaler Trade Centre and OK Ardbennie supermarket on Friday in Harare, the minister blamed panic buying for the current shortages.
“I think they (RBZ) have released in excess of $10 million to the manufacturing sector that is going towards production,” he said.
“Most products are available, excluding some basic commodities that seem to be in short supply like sugar. Retailers are telling me the sugar they had would last the whole month, but now it was being bought in a record three hours.
Ardbennie received bread which normally lasts them the day, but by 11am it was finished. The same goes for all these basic commodities where the moment they are delivered there is a run-in, queues, which makes retailers having to limit the quantities.
He said his assessment was that generally, goods were available and that the price increases and basic commodity shortages were due to panic and speculative buying.
