Zimbabwe’s central bank says the Bakers Association of Zimbabwe should adjust the price of bread based on international trends and foreign currency exchange controls.
In a statement, the RBZ said it has held a meeting with the BAZ and discussed on the cost build-up value chain.
“Taking into account the submissions by the Bakers Association and the need to stabilise the price of bread, the Bank agreed with the Bakers Association that 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.
“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 the movement of the foreign currency exchange rate.”
The price of bread has gone up at least twice in the past two weeks due to what the Grain Millers Association of Zimbabwe says are high wheat prices fueled by the war in Ukraine.