DIVERSIFIED group, Meikles Limited’s flagship business TM Pick n Pay Supermarkets recorded a decline in units sold during the just ended financial year to February 29, 2024 as government exchange controls rendered US-dollar prices uncompetitive for formal business operators.
Prior to the introduction of the ZiG currency, the government compelled companies quoting prices in US dollars to use the official Zimbabwe dollar exchange rate, which was significantly lower than parallel market rates.
This made formal businesses less competitive when compared to their unofficial counterparts that disregarded the law.