The Zimbabwean government has lifted import duty on basic commodities to make them "available and affordable" ahead of the Christmas and New Year holidays, the state-controlled Zimbabwe Herald said on Wednesday.

According to the head of the country's central bank Gideon Gono, the new policy would be gazetted later this week.

Gono also increased foreign currency retention levels by 10 percent to 85 percent for shops licensed to sell goods in foreign currency.

This had the aim of promoting bulk importation of basic commodities, the newspaper reported.

Shops selling goods in foreign currency would thus be liquidating 15 percent of their earnings to the central bank at the prevailing rate.

Gono said scrapping import duty on basic commodities was meant to complement foreign exchange licensed warehouses and retailers by ensuring increased supply of goods.

"It is imperative that the government constantly intervenes and cushion consumers against food shortages," Gono was reported by the Herald as saying.

"And I believe this is the best Christmas present we can present to consumers this festive season."

Most basic commodities "were now beyond the reach of many owing to high prices", the newspaper added.

Gono "implored" the country's business community to import many basic commodities to make them affordable to the majority of Zimbabweans currently living below the poverty line.

"Now that the import duty restrictions have been suspended, the onus is now on the private sector to import and flood the market with cooking oil, margarine, rice and flour to ease the burden for consumers," Gono said.

The United Nations estimated that at least US500 million would be needed to avert hunger in the country in the coming months, the Herald said.