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Mnangagwa Threatens Banks With Closure Over Depreciating Zim Dollar

1 year ago
Sun, 24 Apr 2022 04:36:20 GMT
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Mnangagwa Threatens Banks With Closure Over Depreciating Zim Dollar

President Emmerson Mnangagwa said that several big companies and banks face closure for their complicity in sabotaging their economy through manipulating the exchange rate and unjustifiably raising the prices of goods and services.

Addressing a ZANU PF rally held in Epworth National Assembly Constituency on Saturday to celebrate Zalerah Makari’s by-election win, Mnangagwa said the companies and banks, which he did not name, were working with hostile foreign governments to weaken the Zimbabwe dollar. He said:

We have a challenge in our economy, especially around prices and exchange rates.

We are working out a solution, we are now closing in on companies that are behind what we have been witnessing lately.

These economic players are not acting alone, they are being sent by foreign countries hostile to Zimbabwe to weaken our local currency.

So we are devising methods to deal with them, we will close some big companies and banks. These will be announced in due course.

Over the past several weeks, the Zimbabwe dollar has been depreciating against major currencies on the parallel market resulting in a jump in prices of foodstuffs including bread, cooking and mealie meal among others.

More: The Sunday News



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