Mnangagwa suspects third force in currency manipulation

Business Reporter

PRESIDENT Emmerson Mnangagwa has expressed concerns over the possibility of a third force working to derail the Zim$ stability amid calls for the business community to treasure the national interest.

His remarks come shortly after the Zim$ plunged to US$1:ZW$400 on the parallel market prompting the government to enact measures aimed at restoring confidence in the local currency.

These included a temporary ban on the lending in a bid to sniff out speculative borrowers who would invade the parallel market and cause exchange rates to tumble.

The central bank has since lifted the temporary ban on lending but maintains a firm grip of the financial markets in a bid to reign in the rampant indiscipline.

Addressing a Political Actors Dialogue (Polad) meeting Thursday Mnangagwa hinted that there could be a third force behind the machinations.

“We have established that some members of the business community were involved in fueling the parallel market thereby destabilizing our local currency .

“Our economy has been under attack from unscrupulous and nefarious individuals and syndicates bent on sabotaging our way of life .The onslaught has created hardships for our citizens due to the hyperinflationary pressures caused by speculation on our local currency,” he said.

Mnangagwa expressed belief that these activities have been caused by a third hand whose objectives is to interfere and derail our national development trajectory.

“I urge business not to be collaborators in these selfish and self serving that are not in the nation’s collective interest,” he added.

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