Shops and supermarkets in the second city prefer the Rand against other currencies like the US Dollar and the Botswana Pula.
However, the fluctuation of the US $ to South Africa Rand exchange rate
in Bulawayo on a weekly basis has seen many workers failing to buy most
basics, a situation that has sparked an outcry.
Shops and supermarkets in Bulawayo last week were saying US$10 traded at R85, down from R90 and R100.
At this rate, the money changers will quickly find their way back to
business. I now cannot afford to buy the same basics that I bought last
month because of this exchange rate, said Sibuyile Nyoni from
Entumbane.
A civil servant who earns US$100 is left with R850 yet in April the monthly salary was worth R1000.
According to the Consumer Council of Zimbabwe, a family of five
requires US$427 to survive in a month. In other cities the figure is
about R4270, but in Bulawayo it is worth R3570.
Belinda Shoko added: Why is it that it is only in Bulawayo where the US $ is said to be losing value against the Rand?
There should be a fixed exchange rate to protect workers against
profiteering shops and supermarkets who still suffer from the Zimbabwe
dollar hangover.
The country adopted stable multiple foreign currencies after dumping the hyper-inflated local unit.
The government says the Zimbabwe dollar that was made worthless by
ravaging inflation remains suspended for a period exceeding a year.
Prices that were priced beyond reach at the height of the Zimbabwe
dollar crisis are falling but are however on an upward trend in
Bulawayo because of the fluctuation of the US $ to the Rand as a result
of various distortions to the exchange rate.
Comfort Muchekeza, the Consumer Council of Zimbabwe (CCZ) spokesperson,
urged consumers to boycott shops and supermarkets devaluing the US $
to the rand, saying this is the only way sanity can prevail.
The only way to deal with these profiteers is to boycott such shops and supermarkets, Muchekeza said.
However, Obert Sibanda of the Zimbabwe National Chamber of Commerce
(ZNCC) defended shops and supermarkets that are devaluing the US $
against the SA rand, saying they are employing a realistic exchange
rate.
Businesses are being realistic in Bulawayo. Businesses in other cities
are using a false US$ to SA Rand exchange rate. The Rand is firming and
businesses in Bulawayo are responding to the way the Rand moves,
Sibanda said on Thursday.
Sunday Standard
Post published in: News