President Emmerson Mnangagwa has warned that his administration will now be treating the illegal trade of foreign currency as a national security threat. This follows the increase in prices of basic commodities which happened after the exchange rates of foreign currency skyrocketed following policy announcements by Finance Minister Mthuli Ncube and RBZ governor John Mangudya last week. Writing in the Sunday Mail, Mnangagwa said,
A great threat to our bid to stimulate productive activity in the economy comes by way of non-productive, speculative activities operating below the radar but involving millions in precious foreign currency and bond notes. These nefarious activities thrive on different electronic platforms. New measures will be pursued to stop such malpractices.
…The costs and havoc this wreaks on the whole economy have become quite apparent and most unfortunate. A bold response is merited…To that end, this problem is now being treated as a serious security threat which requires a different response so that we get back to clean, productive and disciplined economic activity operating within norms and rules of the market.
Mnangagwa is reported to have met with Defence Minister Oppah Muchunguri-Kashiri, Home Affairs Minister Cain Mathema, State Security Minister Owen Ncube and Director-General of the Central Intelligence Organisation Ambassador Isaac Moyo and tasked them to look into the matter.
More: Sunday Mail
Owen Mudha Ncube is a Zimbabwan politician and current Minister of State in the president's office for National Security. He is also a businessman, farmer and a member of the Zanu-PF party. He is the former Minister of State for Midlands Province . He was... Read More About Owen Ncube
Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube
Isaac Moyo is the Director General of Zimbabwe's intelligence unit, the Central Intelligence Organisation (CIO). Before his appointment to this post on 9 December, he was Zimbabwe's Ambassador to South Africa and Lesotho. Read More About Isaac Moyo