adminVictor Maphosa Herald Correspondent
The milling industry, which has not been spared by economic challenges, is still to adjust prices as discussions with the Minister of Industry and Commerce are being concluded, Grain Millers Association of Zimbabwe (GMAZ) general manager Ms Lynette Veremu has said.
In a statement, Ms Veremu commended the elimination of the concessionary 1:1 rate by the Reserve Bank of Zimbabwe (RBZ), but said the move was impacting negatively on the operations of millers who are relying on imported wheat.
“The current economic changes precipitated by exchange rate movements since last week are impacting negatively on the viability of the grain milling industry which is yet to adjust its prices as discussions with the Minister of Industry and Commerce are being concluded,” she said.
“The elimination of the 1:1 rate by the central bank is a welcome development as it seeks to remove market distortions.
“However, it pushes significantly the costs of imported wheat northwards.
“The depletion of local wheat stocks at the Grain Marketing Board entails that the country has to fully rely on imported wheat until local harvest in November.”
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