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Chiwenga pleads with business on price increases

VICE-President Constantino Chiwenga yesterday pleaded with the business community to practise “ethical business ethos” and desist from unjustified price hikes.
Officially opening the international business conference, which is running concurrently with the Zimbabwe International Trade Fair (ZITF), yesterday Chiwenga blasted businesses saying they were engaging in bad business practices.
“The Reserve Bank of Zimbabwe has moved to curtail resurgent price increases in the economy and stabilise the volatile parallel market exchange rate through increasing interest rates. These measures demonstrate government’s desire to stem further price increases whose primary driver is speculative borrowing leading to the depreciation of the local currency and fuelling price hikes,” Chiwenga said.
“Similarly, I want to implore the business community to complement government efforts by practising ethical business ethos and desist from unjustified price increases. Let us act in the proper manner and do business in the correct manner,” he said.
Last week, President Emmerson Mnangagwa blamed businesses for the price hikes, accusing them of sabotaging the economy.
Prices of basic goods and commodities have spiralled this month, with bread now costing $480 per loaf and a 10kg bag of mealie-meal going for $1 300.
The country’s inflation on Tuesday also spiked upwards to 96,4% up from 72% in March, raising fears of a possible return to hyperinflation.
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