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Felex Share, Harare Bureau
Cabinet yesterday expressed concern over the tendency by some businesses to wantonly increase prices of commodities citing movements in the exchange rate.
The correct approach, Cabinet pointed out, was to predicate price increases on inflation trends.
Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa told journalists after yesterday’s Cabinet meeting that:
“A lot of our industry suppliers of goods and services in the country are raising prices because of the exchange rate on the market which is not the right way to do it. The correct approach is to ground price increases on inflation trends not the exchange rate.”
This comes as Cabinet also approved principles for the Securities and Exchange Amendment Bill which seeks to address existing deficiencies and align the legislation with market developments and international best practice.
The proposed amendments seek to assist investors in making decisions after being provided with full, accurate and timely disclosure of financial results, risk and other related information.
“The amendments are also aimed at ensuring fair and equitable treatment of holders of securities and that financial statements be in line with international accounting standards,” Minister Mutsvangwa said.
“(They are also aimed at) expanding the scope of regulation of capital markets to cover issuers of securities; eliminating regulatory arbitrage in the capital markets sector; introducing civil penalties for contravention of the Act to enhance Securities and Exchange Commission SECZ) powers in market; and providing for cooperation and sharing of information with both local and foreign regulators.”
Meanwhile, Minister Mutsvangwa said Cabinet had approved principles for the Public Service Amendment Act which seeks, among other issues, to align the conditions of service for civil service Commissioners to the Constitution.
The amendments also seek to change the name of the Public Service Commission to the Civil Service Commission; provide that staff of the Civil Service Commission will follow processes through the National Joint Negotiating Forum (NJNC) before engaging in collective job action; provide mechanisms for the implementation of Collective Bargaining right and provide for the political neutrality of the Civil Service.
She said Cabinet also approved a proposal by the Minister of Transport and Infrastructural Development Joel Biggie Matiza on principles for the establishment of an Open Merchant Ship Registry.
“The Open Merchant Ship Registry will pave way for Zimbabwe to register and own sea going ships thus, strategically position Zimbabwe for strong economic growth,” Minister Mutsvangwa said.
Online Reporter