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Ivan Zhakata
Herald Correspondent
The Confederation of Zimbabwe Retailers (CZR) has commended the Reserve Bank of Zimbabwe (RBZ) for its efforts to stabilise the foreign exchange market through the Willing Buyer-Willing Seller (WBWS) platform.
However, the organisation has also called for greater transparency and a more equitable distribution of foreign currency.
CZR called on all stakeholders, including Government and regulators, to engage in constructive dialogue to address the challenges faced by the retail sector.
The organisation’s president, Dr Denford Mutashu, praised the cumulative allocation of US$64 million to date, highlighting its positive impact on businesses.
He emphasised the need for weekly updates detailing the entities receiving foreign currency on the WBWS platform.
“This transparency is crucial for ensuring fair access and enabling businesses to plan effectively,” he said
Dr Mutashu also advocated for the liberalisation of the exchange rate saying this will help prevent pricing distortions and ensure fair competition.
He went on to urge manufacturers and distributors to prioritise formal retail channels to maintain a structured supply chain and avoid direct-to-consumer sales that undermine retailers.
To address the challenges posed by ongoing power shortages, Dr Mutashu called for either fuel provisions in Zimbabwe Gold or the removal of fuel taxes on diesel.
“Many businesses are burning resources just to keep operations running, and this is threatening their viability,” he said.
“We urge Government to open borders for basic goods and other essentials.”
He also highlighted the urgent need for consistent regulation across both the formal and informal sectors.
Online Reporter