The Minister of Finance and Economic Development, Mthuli Ncube, says young people should abandon illegal forex trading and instead learn about stock trading.
Speaking during a recent interview with The Sunday News, Ncube said the foreign currency trading market is too complex and youth may lose heavily. He said:
Young people need to understand that forex trading is not cut and dried as they think it is.
I believe they should focus their efforts on learning about stock trading instead.
They will encounter big losses in forex trade because of the complexity of the currency exchange market.
Arguably hundreds of young people in Zimbabwe engage in illegal forex trade due to high levels of unemployment as well as the desire for easy riches.
The government accuses illegal forex dealers of sabotaging the economy by driving exchange rate volatility resulting in runaway inflation and the erosion of workers’ earnings.