Basic Commodities’ Prices Shoot-Up After Mthuli’s Ill-Informed Forex Regulations
3 June 2021

By A Correspondent- Prices of commodities in some shops recently went up following the announcement of Statutory 127 of 2021 which introduced measures that regulate the foreign currency exchange rate.

SI 127 of 2021 introduced by President Emmerson Mnangagwa, through the Presidential Powers (Temporary Measures) (Financial Laws Amendment) Regulations, forced businesses to use the US$1: ZWL$84 exchange rate.

The Statutory Instrument also made it illegal to give customers a discount for paying for goods or services in foreign currency, refuse to take local currency payments at the official exchange rate and issue Zimbabwe dollar receipts for goods paid for in foreign currency.

Industry flatly rejected the SI and has openly opposed the move.

Other commodities whose prices have increased Mazoe Orange Crush, a cordial drink, washing powder, meat, and toothpaste.