HARARE – Zimbabwean leader, Emerson Mnangagwa on Thursday criticised business leaders for price increases as companies in the struggling economy cushion their bottom lines by hiking prices in line with steep rises in the parallel market currency rates.
Bread has reason from RTGS$1.50 to RTGS$3.50 in the past two days while prices of other basic commodities have also risen massively.
The parallel market rates have surged this week from around 1:3.8 to 1:5 by this morning despite part liberalization of the official exchange rate which is trading around 1:3 although some have complained of being unable to buy US Dollar notes from the banks.
Mnangagwa said his government remained “committed to address distortions in all sectors of the economy” although the price increases appeared to be a major area of concern.
Mnangagwa was addressing Zimbabweans at the National Sports Stadium in Harare during a 39th anniversary ceremony to mark Zimbabwe’s independence from Britain.