Consumer Council of Zimbabwe applauds Zinara

THE Consumer Council of Zimbabwe (CCZ) has applauded the Zimbabwe National Roads Administration (Zinara) for its bold move to reduce the prices of goods and services following the gaining value of the local currency.

The road agency has taken the lead in aligning its charges with prevailing exchange rates.

On Wednesday, Zinara reviewed downwards both toll and vehicle licensing fees.

Toll fees for light motor vehicles, which were pegged at $11 960 in the tariff review announced mid-June, have been reduced to $10 800.

Vehicle licensing is now $108 000, down from $119 600 per term for a light motor vehicle.

The local currency has been steadily gaining against the US dollar in the past two weeks, with US$1 now equal to $5,395. In the previous week, US$1 was equal to $6,326 on the Reserve Bank of Zimbabwe foreign currency auction system.

CCZ Matabeleland regional manager Mr Comfort Muchekeza told Business Chronicle that Zinara’s noble stance will help pave the way for businesses to reduce prices for basic goods.

“Zinara, a Government agency, has started reducing prices and this is how it should be done. Government should not only pronounce policies which seem applicable but must show how it should be done,” said Mr Muchekeza.

“What Zinara has done should be commendable and as CCZ we call upon all other players, be it public or private, to do the same. This will even further strengthen our local currency for the benefit of both businesses and consumers.”

ZINARA said the new rates were informed by the progressive strengthening of the local currency against the US dollar on the official auction rate.

The continuous decline of the exchange rate has come as a great relief to consumers bringing hope that prices for basic commodities will follow the same trajectory.

Following the recent macro-economic policies, which were put in place by the Government in May, the Zimbabwean dollar has been steadily regaining its value, which has seen it trading at US$1:$5 397 at this week’s forex auction from US$1:$5 739 last week. — @SikhulekelaniM1