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The Zimbabwe National Roads Authority (ZINARA) has hiked toll fees by 73% in line with obtaining exchange rate dynamics.
The developments are in line with recent fluctuations of the Zimbabwean dollar on the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction platform, which saw the value of the local currency depreciating by 49% this week, reaching US$1:ZW$258.
In a Saturday update, the roads administrator said the hikes were in terms of section 4 of Statutory Instrument 32 of 2021 in which toll fees were pegged in foreign currency and are paid in Zimbabwean dollar at the prevailing auction rate.
“Under that, we would like to advise our valued customers that with effect from Monday, May 23 2022, the following toll, fees will apply;
“Motorcycles shall remain exempted, light motor vehicles will now pay $520, minibusses $780, buses $1 040, heavy vehicles $1 320, haulage trucks $ 2 600, residential discount per term $10 400,” said ZINARA.
The Zim$ fluctuations have seen most public entities swiftly responding by adjusting local currency prices accordingly.
The situation is even worse among private companies, which have hedged the prices of basic commodities way above the parallel market exchange rate as a strategy to hedge against inflationary pressures.