Both the Confederation of Zimbabwe Industries (CZI) and the
Confederation of Zimbabwe Retailers (CZR) said they are geared to provide the
market with the required goods and they have so far not encountered any
challenges.
The assurance comes in the wake of claims from some
quarters that there has been panic buying arising from the currency switchover
that might result in goods disappearing from shelves.
The reports suggested that manufacturers and retail outlets
were either withholding goods or reducing production as they did not have
confidence in the Zimbabwe Gold currency that was introduced by the Reserve
Bank of Zimbabwe (RBZ) more than a fortnight ago.
There were reports that some basic commodities had since
disappeared in some shops, but in an interview, CZI president, Mr Kurai
Matsheza, said they had not encountered anything that would impede production
of basic goods.
“As manufacturers, we have our hands on the deck. We have
not had any challenges regarding the production of goods for the retailers and
the market in general. If there is any challenge, definitely it might lie
elsewhere, like with the retailers, but certainly not with us. We have been
supplying goods as per orders that would have been given to us by our
customers, the retail shops,” said Mr Matsheza.
CZR president, Mr Denford Mutashu said they were well
stocked with basic commodities and any suggestions to the contrary were false.
“The market is adequately stocked. CZR analysis reports
from rural and urban areas show that we are fully stocked. There is no sign of
panic buying that we might have observed. We remain prepared to discharge our
mandate of providing goods to members of the public,” said Mr Mutashu.
A survey by The Herald in Harare yesterday showed that most
shops were fully stocked. Those that did not have one or two food items said
they were replenishing sooner rather than later.
“We have not had any challenge in terms stocking our
products. One item or the other might run out but we swiftly order replacements
because our suppliers are ready to deliver once we make an order,” said a
supervisor at one of the mainstream retailers.
One customer spoken to at Pick and Pay in the city centre,
Mrs Joyce Mutemera, said she managed to buy all her goods under one roof, an
indication that retail shops were well stocked.
“I have bought all these groceries here, and I bought using
my ZiG money, something that I found very convenient,” she said.
A retail shop proprietor, Ms Patience Mlambo, expressed
confidence in the continued supply of goods.
“As you can see, I have the bulk of basic commodities. We
need to accept the new currency and move forward. It’s up to us to give our
currency value,” she said.
Appearing before a joint sitting of the Portfolio
Committees of Budget, Finance, Economic Development and Investment Promotion
and Industry and Commerce, the Confederation of Small and Medium Enterprises
representative, Mr Last Matema, said their organisation welcomed the
introduction of the gold-backed currency.
“We welcome the introduction of the new currency, which
comes at a critical time when we are` implementing the SMEs Policy 2020-2024,
whose objectives are formalisation, employment creation and capacitation of
SMEs. What we particularly like about the currency is that it is backed by gold
whose value does not easily change, so we hope it will help in fighting
inflation, which has affected our operations,” he said.
Mr Matema urged Government to ensure that there is no
unnecessary expenditure that may affect confidence in the currency.
He also called on the RBZ to ensure that there was easy
access to the ZiG notes and coins by marginalised groups and those in the rural
areas to safeguard them from exploitation by unscrupulous businesses.
“We also urge Government to formalise artisanal miners to
increase the supply of gold through the formal channels and ensure the success
of the ZiG,” Mr Matema said.
Bankers Association of Zimbabwe president Mr Lawrence
Nyazema said they had lent approximately US$1 billion of the nostro balances
they have to industry.
He said the nostro balances that banks hold fluctuate
between US$2 billion and US$2,5 billion.
“It is a significant number and about half of that we have
lent out to our customers. We have lent about 50 percent of the nostro balances
that we have to credible producers and borrowers, whom we believe are
generating foreign currency and can repay us whether on maturity or on demand
so the US$1 billion has not gone to waste but has gone to support the
productive sectors,” Mr Nyazema said.
The director general of the Zimbabwe Association of Pension
Funds, Mrs Sandra Musevenzo, said the ZiG had the potential to preserve
pensions.
“If the currency structure is implemented as stated by the
RBZ in the Monetary Policy Statement, it will preserve the value of pensions
and the monetary value of pensions will be backed by gold and the other
positive impact is the convenience it will bring back to our pensioners who
need cash to transact, especially in rural areas,” she said. Herald
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