Customers applaud continued ZWG price stability

Staff Reporter

Customers have applauded the continued Zimbabwe Gold (ZWG) price stability against the United States Dollar (USD) as cash and mineral reserves continue to rise.

 Mufakose resident, Tinashe Masora, applauded the continued ZWG price stability in supermarkets.

“It has been a while since we have seen our local currency maintaining its purchasing power over a long period of time. When I go to OK and Pick ‘n’ Pay supermarkets the prices are still the same and are not in any way increasing,” said Masora.

The price of a 2 litre bottle of cooking oil has been stable, ranging between ZWG54, 63 and ZWG56, 50 and between US$3, 30 and US$4, 70. The price of bread has also remained stable, ranging between ZWG14 and ZWG14, 50 and between US$1 and US$1, 40.

Another customer, Mrs Lillian Shumba said the continued ZWG price stability allows people to plan and be able to buy necessary assets and is building confidence in Zimbabweans.

“I am very happy that I can plan for my life as this ZWG stability can help me and many other people to attain assets like furniture even house stands. ZWG is slowly building confidence in the use of our own local currency, if the stability continues like this there won’t be a need for a multi-currency,” said Mrs Shumba.

Furthermore, there is improved ZWG uptake in the economy, with transactions on Point of Sale (POS) machines being dominant in most retail outlets. Other supermarkets are pegging their products in ZWG, while others are pegging in USD, the prices are still payable in both currencies.

Travis Chinhengo also highlighted that prices of basic commodities have remained stable in both ZWG and USD, meaning as customers we can transact at any time without worrying about inflation.

Meanwhile, stabilisation measures implemented by the bank since the beginning of April 2024 have already started to show results and Gold deliveries to Fidelity Gold Refinery have increased during the second quarter of 2024.