People Should Desist From Being Involved In Parallel Market Activities – Finance Minister

Minister of Finance and Economic Development, Mthuli Ncube has called on people to stop participating in parallel market activities. Ncube said that this applies to both activities involving foreign currency and activities involving physical commodities. The Minister also refused to comment on the movement of currencies on the parallel market insisting that the official exchange rate for bond notes and united states dollars is 1:1. Said Ncube,

Our market rate is 1:1 convertibility to the US$, both for RTGS balances and bond notes. That is the official exchange rate. So really, we cannot be commenting about movements in the parallel markets to influence our policy…However, having said that, what we can say is that people should desist from being involved in the parallel market, both in terms of currency activities and activities on the goods market.

Price of basic commodities have been increasing due to the fluctuation of foreign currency on the black market.

More: NewsDay


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