The Zimbabwean government has lifted import duty on basic commodities to make them available and affordable ahead of the Christmas and New Year holidays, Reserve Bank of Zimbabwe Governor Gideon Gono has said.
The central bank chief on Tuesday told delegates attending a National Economic Consultative Forum workshop that the new policy will be gazetted later this week.
Gono said the government also increased by 10 percent foreign currency retention levels to 85 percent for shops licensed to sell goods in foreign currency with the view to promote bulk importation of basic commodities, the Herald reported on Wednesday.
This means shops selling goods in foreign currency will be liquidating 15 percent of their earnings to the central bank at the prevailing rate.
Gono said the scrapping of import duty on basic commodities was meant to complement the Foreign Exchange Licence Warehouses and Retail Shops by ensuring increased supply of goods.
"It is imperative that the government constantly intervenes and cushion consumers against food shortages. And I believe this is the best Christmas present we can present to consumers this festive season," said Gono.
Participants at the meeting applauded the government for making a timely intervention at a time when most basic commodities were now beyond the reach of many owing to high prices.