By Staff Reporter
VICE President, Constantine Chiwenga has expressed deep concerns over current turmoil on the parallel market which has seen the local unit, ZWG exchange rates weakening.
The local unit is currently trading at a premium of US$1: ZWG 21 on the parallel market whereas on the official market the premium currently stands at ZWG13, 56.
Chiwenga told mourners gathered to bid farewell to (retired) Brigadier Shadreck Ndabambi at the National Heroes Acre in Harare Wednesday the current developments must be nipped in the bud.
He said no nation will develop without sovereign control, defence and growth of its own national currency.
“Our government introduced the Zimbabwe Gold as our new sovereign currency. It is our responsibility as a nation to embrace and protect the new currency as a bedrock and anchor of our economic development,” he said.
“Let me assure you that government is working to promote the wider use of our local currency and is putting in place measures that will eliminate gaps that are creating arbitrage opportunities in the exchange market,” he said.
Chiwenga underscored the government will continue to monitor the operations of the financial markets and promote efforts to grow and stabilise our national currency.
“Many Zimbabweans lost their lives fighting for the independence that we enjoy and cherish today. It is, therefore, the duty and obligation of all of us who are still alive to guard our independence and sovereignty jealously,” he added.
