Cabinet Reactivates Prices Committee, Security Arms Of Govt To Investigate Forex Parallel Market Activities

Acting Information, Publicity and Broadcasting Services Minister July Moyo said Cabinet resolved to reactivate the inter-ministerial committee on price stabilisation to engage the business community and address challenges causing price hikes and shortages of basic commodities.

He ruled out that Government will adopt price controls. Moyo added that Cabinet resolved that the security arms of Government should carry out investigations to foreign currency parallel market activities and ensure that the culprits are brought to book. Said Moyo:

In addition to the measures announced by Vice President Kembo Mohadi last night, Cabinet resolved as follows; (a) that the inter-ministerial committee on price stabilisation be re-activated and engage with the business sector in order to address the challenges at hand and build consensus on measures to grow the economy as provided under Vision 2030; (b) that the security arms of Government should carry out thorough investigations into foreign currency parallel market activities and ensure that the culprits are brought to book; (c) that concrete measures to restore confidence in the formal banking system be implemented in consultation with the key stakeholders; (d) that the committee previously set up to combat the smuggling of commodities and precious minerals along the country’s borders be reactivated to address the leakages.

More: Chronicle

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