NEW: Bread price: RBZ engages bakers association

20 Jun, 2022 - 17:06 0 Views
NEW: Bread price: RBZ engages bakers association The price of bread is now expected to be viewed downwards

The ManicaPost

 

Post Reporter

 

THE Reserve Bank of Zimbabwe (RBZ) has engaged the National Bakers Association of Zimbabwe in a move aimed at stabilising the price of bread, which is now expected to be viewed downwards.

 

This follows a public outcry that the essential commodity’s was now being priced beyond the affordability of many after a recent wave of increases in its price.

 

In a Press statement today, RBZ said bakers will now access their foreign currency requirements through the Central Bank’s auction system in the cost build-up in the bread value chain.

“The Reserve Bank of Zimbabwe wishes to advise the public that it held a consultative meeting with the National Bakers Association of Zimbabwe on June 17 and deliberated on the cost build-up in the bread value chain.

“Taking into account the submissions by the bakers association and the need to stabilise the price of bread, the bank agreed that the association’s members would access their full requirements of foreign exchange through the weekly foreign exchange auctions for importation of inputs and procurement of fuel for the distribution of bread across the country,” reads the statement.

RBZ described its engagement with the bakers association as positive.

Adds the statement: “In view of the positive engagement with the bakers association, it is expected that its members will review the price of bread downwards. Going forward, the price of bread will be adjusted on account of economic fundamentals that include global price trends of inputs and the movement of the foreign currency rate.”

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