Confederation of Zimbabwe Retailers (CZR), President Mr Denford Mutashu has urged retailers to comply with the newly – introduced foreign exchange rate system.
The latest auction on Tuesday produced a weighted average of $81,3486 against the US dollar, as the local currency strengthened marginally for the sixth consecutive week.
“The CZR wishes to remind retail sector players of the existence of legal requirement that compels them to comply with the newly-introduced foreign currency exchange rate system. Mr Mutashu said in a statement.
Mr Mutashu urged businesses to comply with the new regulations so as to insure responsible pricing.
“It is CZR’s humble submission that business should support the forex auction system through responsible pricing and compliance. The customer receipt should bear the currency in which the transaction has taken place,” said CZR president. He said.
The newly-introduced foreign currency exchange rate system requires that prices be given in both local and foreign currency with boards showing the exchange rate used displayed in each store for the benefit of customers.