By Walter Mswazie in Masvingo<\/p>\n
CONSUMER Council in Zimbabwe (CCZ) leadership here has urged consumers to shun businesses that unilaterally increase prices in response to the outlawing of the use of foreign currency for local transactions.
\nThrough Statutory Instrument 142 of 2019, Government last week announced that it was abandoning all local transactions in foreign currency and every business in the country would be conducted in local currency.
\nCCZ provincial chairman Mr Prosper Muzambi said it was disheartening to note that some unscrupulous business people had decided to punish innocent consumers by unjustifiably increasing prices to unprecedented levels.
\nHe said the most disturbing thing was that this was happening in Masvingo when news filtering from other cities suggested that prices of some basic commodities were going down in response to the currency reforms.
\n\u201cI think it is time for consumers to resist unreasonable price increases,\u201d said Mr Muzambi.
\n\u201cReal economics of supply and demand should be at play. The unscrupulous traders will price themselves out of business as consumers start to look for a fair value.\u201d
\nMr Muzambi said it was expected that prices would decrease in response to consumers\u2019 compromised spending power.
\n\u201cGiven the fact that salaries of people are not increased, the spending power of consumers will obviously decrease and this by right should see prices decreasing,\u201d he said.
\n\u201cThe new currency regime is meant to bring working order to the market and it is incumbent for the business people to respond accordingly instead of punishing consumers.\u201d
\nMr Muzambi underscored the need for business people in Masvingo to consider the plight of consumers who are subjected to depleting incomes if they peg their stock at unaffordable prices.
\nThe local currency is now the only legal tender and means of exchange within the country, with those carrying foreign currency free to trade it at the bank on willing seller-willing buyer basis.<\/p>\n","protected":false},"excerpt":{"rendered":"
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