Zimbabwe's newspapers go to the black market

The two weekly business and political newspapers are retailing at Z$55000 per copy, against a price of Z$100000 per copy that was reduced to Z$40000 per copy by the government under its unpopular price blitz at the end of June.

A government taskforce on prices sanctioned the marginal increase in the cover prices.

Newspaper vendors are selling the newspapers at Z$150000 per copy. Some vendors were not even selling the newspapers after receiving their deliveries from distributors, saying the papers were "already sold out".

"I have my customers who have bought all the copies," one street vendor told buyers who had queued to buy a copy of The Financial Gazette on Thursday. "I am not selling to the public."

The Financial Gazette is published on Thursdays while the Zimbabwe Independent comes out on Fridays.

The street vendors said they were not getting much in commission selling the newspapers at Z$55000 per copy. Bus fare into town costs between Z$150000 and Z$200000 per journey, and the vendors part with between Z$300000 and Z$400000 per day on transport when their earnings from sales commission can be much lower.

A worried customer was seen struggling to negotiate with a vendors for the marked price but was told off.

"Z$55000 is your price; I'm selling the newspaper for Z$150000," the vendor said.

An industry executive recently said that current prices as reflected in the cover price and the advertising rates have placed the newspapers in a position where they are not recovering all their costs.