ED reads riot act
Chengetai Zvauya
President Emmerson Mnangagwa has read the riot act to illegal currency traders saying this practices is destroying the economy.
In his State of the Nation Address during the opening of the second session of the ninth Parliament, Mnangagwa called for discipline and said the law will catch up with perpetrators.
“Last week’s events of exchange rate manipulation, amounts to economic sabotage and should not be tolerated. We all need to adhere to the rule of law and foster discipline at all levels,” Mnangagwa said
“We are determined to consolidate digital financial services which are contributing to the creation of financial inclusion by way of delivering banking services to previously unbanked and vulnerable groups of our population.”
His call comes after the central bank on Monday stopped cash-in and cash-out transactions on mobile money to stem parallel market trades.
He also said his government is fully aware of the challenges faced by the public in accessing cash, which has resulted in some unscrupulous traders selling cash at a premium.
“Appropriate measures are being taken to address the cash situation, which include a gradual removal of arbitrage opportunities created through multi-tier pricing,’’ Mnangagwa said.
Meanwhile, Speaker of Parliament Jacob Mudenda has reprimanded the MDC legislators for walking out on President Mnangagwa when he was addressing Parliament and has fined them five months’ allowances.
