Zimbabwe’s leading retail supermarket, OK Zimbabwe, has credited the Zimbabwe Gold (ZWG) currency for easing inflationary pressures and generating some form of stability.
The Zimbabwe Gold (ZWG) currency was introduced in April by the Reserve Bank of Zimbabwe to address the ongoing economic crisis in the country.
During the presentation of trading updates, the company secretary, Margaret Munyuru, applauded the inception of the local unit.
“The introduction of the new Zimbabwe Gold currency (ZWG) brought with it a measure of stability. This resulted in year-on-year inflation declining from 57.48% in April 2024 to 3.76% by 30 June 2024. The fiscal and monetary measures being implemented by the government are highly commendable.
“The group remains committed to delivering value to its shareholders by focusing on executing fair pricing, expanding market presence and optimizing operational efficiencies while prioritizing customer satisfaction for long-term sustainability,” she said.
The ZiG currency is currently trading at a rate of around 13.80 against US$1, although premiums are higher on the alternative market.
Meanwhile, during the reporting period, OK Zimbabwe saw volumes increase by 20.2% compared to the same period in the prior year, attributed to the improved performance of the OK Grand Challenge promotion, which marked the inaugural participation of the Group’s OKmart stores.
