The strong US dollar adopted in 2009 and the depreciation of the South African rand in recent years has made local products 25 percent more expensive and less competitive compared to imported goods, the Confederation of Zimbabwe Industries has said.Addressing delegates at the 2014 Mine Entra mining, engineering and transport expo CZI president Charles Msipa said there was urgent need for salaries and wages to come down to reduce the burden on companies battling to prevent a collapse of their businesses.
Mr Msipa said over the last 24 to 36 months the South African rand had depreciated by 40 percent while local products became 25 percent more expensive at dollarisation in 2009.
...