Manufacturers and major retail outlets assured the nation that they had sufficient stocks of goods and that the currency conversion did not affect the production of food and related products.
The Confederation of Zimbabwe Industries (CZI) and the Confederation of Zimbabwe Retailers (CZR) said they are preparing to supply the market with needed goods and have not faced any challenges so far.
This confirmation comes in the wake of allegations from some quarters that there is a state of panic buying caused by currency conversion, which may lead to goods disappearing from the shelves.
Reports indicated that manufacturers and retail outlets have either withheld goods or reduced production because they did not trust the Zimbabwe Gold Currency introduced by the Reserve Bank of Zimbabwe (RBZ) more than two weeks ago.
There were reports that some essential goods had since disappeared in some stores, but in an interview, CZI president, Mr Koray Machesa, said they had not encountered anything that would hamper the production of essential goods.
“As manufacturers, we have our hands on deck. We have not faced any challenges in terms of producing goods for retailers and the market in general. If there is any challenge, it certainly may lie elsewhere, such as retailers, but certainly not with us,” Mr Machiza said. : “We supplied the goods according to the orders given to us by our customers and retail stores.”
CZR Chairman, Mr Denford Mutashu, said they had good stocks of essential commodities and any suggestions to the contrary were false.
“The market is adequately equipped. CZR analysis reports from rural and urban areas show that we are fully equipped. There is no sign of the panic buying that we may have observed. We remain ready to fulfill our mandate of providing goods to members of the public,” Mr Mutashu said.
A survey conducted by the Herald newspaper in Harare yesterday showed that most shops were fully stocked. Those who were missing one or two food items said they would find their energy sooner rather than later.
“We have not faced any challenge in terms of stocking our products. One item or another may run out of stock but we order replacements quickly as our suppliers are ready to deliver as soon as the order is placed,” said a supervisor at a major retailer.
One customer I spoke to at Pick and Pay in the city centre, Ms Joyce Mutemira, said she was able to buy all her goods under one roof, an indication that the retail stores were well stocked.
“I bought all these groceries here, and I bought them with my ZiG money, which I found very convenient,” she said.
Ms Patience Mlambo, a retail shop owner, expressed confidence in the continued supply of goods.
“As you can see, I have the bulk of the commodities. We need to accept the new currency and move forward. It is up to us to determine the value of our currency,” she said.
Addressing a joint session of the Committees on Budget, Finance, Economic Development, Investment Promotion, Industry and Trade, Mr Last Matema, representative of the Federation of Small and Medium Enterprises, said their organization welcomed the introduction of gold-backed currency.
“We welcome the introduction of the new currency, which comes at a critical time when we are implementing the SME Policy 2020-2024, the objectives of which are to formalize, create jobs and strengthen the capabilities of SMEs. What we particularly like about the currency is that it is backed by gold which Its value does not change easily, so we hope this will help combat inflation that has affected our operations.”
Mr. Matema urged the government to ensure that there are no unnecessary expenditures that may affect confidence in the currency.
He also called on the RBI to ensure easy access to ZiG notes and coins by marginalized groups and those living in rural areas to protect them from exploitation by unscrupulous companies.
“We also urge government to formalize artisanal miners to increase the supply of gold through formal channels and ensure the success of ZiG,” Mr Matema said.
Zimbabwe Bankers Association President, Mr Lawrence Nyazima, said they had lent the industry nearly US$1 billion from their financial balances.
He said that bank balances held by banks range between US$2 billion and US$2.5 billion.
“It is a large number and we have provided about half of that amount to our clients. We have lent about 50 percent of our balances that we have to credible producers and borrowers, who we believe generate foreign exchange and can repay us either at maturity or on demand, so $1 billion An American did not go to waste, but went to support the productive sectors,” Mr. Nyazima said.
Director General of the Zimbabwe Pension Funds Association, Ms Sandra Musevenzo, said ZiG had the capacity to preserve pensions.
“If the currency structure is implemented as stated by the Fed in the Monetary Policy Statement, it will preserve the value of pensions and the cash value of pensions will be backed by gold and another positive impact is the relief it will bring to our families.” “Retirees who need cash to make transactions, especially in rural areas,” she said. Announce
