‘Repeal price control statute’

OK Zimbabwe (OK Zim) called on the government to remove a 2022 law that limits in-store pricing margins based on the official exchange rate.
The law has agonised retailers because official exchange rates tend to be much lower than those on the street, which dictates pricing in the broader economy. This comes as the Industry ministry and the Reserve Bank of Zimbabwe (RBZ) have recently criticised the law.
“We welcome the Monetary Policy Commitee (MPC) recommendation to remove the 10 percent margin cap on the instore exchange rate and the removal of IMTT tax on card transactions for our customers,” OK Zim board chairman Herbert Nkala said in a statement accompanying the group’s results.
“These measures will go a long way to remove the price distortions brought about by the uneven exchange rate disparities and this should result in lower prices for the consumers.