Staff Reporter

National Bakers Association of Zimbabwe is expected to review the price of bread downwards following interventions by the Reserve Bank of Zimbabwe.

Speaking through a statement yesterday, Reserve Bank Governor Dr John Mangudya said that the consultative meeting was held on 17 June 2022 to deliberate on the pricing of bread.

“The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that it held a consultative meeting with the National Bakers Association of Zimbabwe (the Bakers Association) on 17 June 2022 and deliberated on the cost build-up in the bread value chain.

Dr Mangudya revealed that instead of the bakers sourcing their foreign currency through other means, the Bakers Association will now access their full requirements of foreign currency weekly through the RBZ Weekly Foreign Exchange Auction so that they can meet their demands.

“Taking into account the submissions by the Bakers Association and the need to stabilize the price of bread, the Bank agreed with the Bakers Association that its members would access their full requirements of foreign exchange through the weekly foreign exchange auctions for importation of inputs and procurement of fuel for the distribution of bread across the country,” said Dr Mangudya.

Dr Mangdya further said that the positive engagement was expected to bring down the price of bread.

“In view of the positive engagement with the Bakers Association, it is expected that members of the Bakers Association will review the price of bread downwards. Going forward, the price of bread will be adjusted on account of economic fundamentals that include global price trends of inputs and movement of the foreign currency exchange rate,” said the Governor.