The members of National Bakers Association are expected to reduce the price of bread after a fruitful and consultative meeting with the Reserve Bank of Zimbabwe (RBZ) on 17 June 2022.
In a press statement issued by RBZ on 20 June 2022, the National Bakers Association of Zimbabwe and RBZ discussed on the conditions needed for bread to have a stable price. Therefore after submitting the conditions to the Bank, the Bakers are expected to review their current prices for bread.
“. . ., it is expected that members of the Bakers Association will review the price of bread downwards.”
RBZ agreed to having the members of The Bakers Association access requirements of foreign exchange.
“. . .the Bank agreed with the Bakers Association that it’s 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 the press statement, RBZ mentioned that in the future, bread prices will be adjusted on account of economic fundamentals that include global price trends of and the movement of foreign currency exchange rate.
Early June, the wholesale price of bread reached ZW $560 a loaf whereas the retail is between ZW $600 to ZW$700 or even more.