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The parallel market rates are reported to have tumbled, a confirmation that business now has confidence in the interbank foreign currency market system. 

According to financial experts, a number of forex traders are now confident of the interbank system hence the gap between the parallel market and interbank system is fast closing.

The trend is expected to continue with the interbank rate expected to attract more sellers.

Industry and Commerce Minister Nqobizitha Mangaliso Ndlovu said at the weekend that some big companies were working to frustrate the interbank system because they were benefiting from the parallel market.

He said these were the same companies that were big beneficiaries of the Reserve Bank of Zimbabwe forex allocations. 

Government has gone out of its way to engage business and has created a number of platforms to enable engagement but unfortunately there is insatiable appetite for profiteering. Many businesses want to profiteer by fleecing the consumers through charging exorbitant prices. 

It is this obsession with super profits that has seen businesses wantonly increasing prices of commodities based on the parallel market rates which have nothing to do with production costs.

Monopolies and cartels have been largely to blame for the unjustified price increases that have eroded the workers’ salaries. 

Minister Ndlovu said Government was worried that the same companies that are constantly increasing prices are not increasing workers’ salaries.

Government has said it will descend heavily on monopolies and cartels that are contributing to unjustified price increases of basic goods and services. 

Finance and Economic Development Minister Professor Mthuli Ncube said Government was aware of the existence of cartels and monopolies in business and was crafting matching response to the menace.

“We need to deal with issues of monopolies and cartels because they contribute to the prices hikes,” said Minister Ncube. 

We have repeatedly said businesses should not invite Government intervention into their operations because that is not its business.

Government’s core business is to create an enabling environment for businesses to operate hence the many policy reforms being implemented to enhance ease of doing business. 

Businesses should reciprocate  by making their goods and services affordable to the majority of people.

We are very cognisant of the fact that businesses need to make profits from their operations but this should not be through charging exorbitant prices. 

The country has in the past few months recorded many economic positives pointing to a bright future and we should not allow greedy to spoil the broth.