Exchange controls ‘cripple’ retail sector

PLAYERS in the retail sector say operations continue to be adversely affected by restrictive pricing laws, which are affecting their competitiveness against the unregulated, growing informal market.
Businesses have lately seen a rise in foreign currency transactions, as reported by a number of listed companies in recent trading updates.
Since January 2021, however, 20 percent of all earnings in foreign currency are compulsorily converted to Zimbabwe dollars.
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu told The Financial Gazette there is need to review the 20 percent foreign currency retention threshold.