Finance Minister Mthuli Ncube Accuses A Big Conglomerate For Pushing Black Market Exchange Rate

Business publication, EquityAxis reports that Mthuli Ncube said today there’s one big conglomerate in Zimbabwe that is pushing the parallel market exchange rate. Ncube apparently did not mention the name of the conglomerate but said that it has several subsidiaries and a near monopoly in most of its businesses.

The report sent Zim social media speculating on which company he could have been referring to.

Ncube made the statement at an informal meeting with journalists in Harare on Sunday, 23 June.

Said EquityAxis:

The Zimbabwe government has over the past coup[le of months accused the private businesses of attempting to destabilise the economy and even cause riots by hiking prices of basic commodities. Last month, the Minister of Information, Publicity and Broadcasting, Monica Mutsvangwa said that large bread companies (Lobels, Proton, Bakers Inn) had tried to sabotage the government by raising the prices on 18 April 2019 (Independence Day) without consulting the government.

The largest companies in Zimbabwe include Delta, Econet Wireless Group and the Innscor Group. Of the 3, only Econet and Innscor have several subsidiaries. The Innscor Group owns Bakers Inn.

The black market exchange rate has jumped from about 1:4 when the RTGS$ was introduced in February 2019 to now over 1:12 against the USD.

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One Comment on “Finance Minister Mthuli Ncube Accuses A Big Conglomerate For Pushing Black Market Exchange Rate

  1. We tend not to know what is crippling our economy, eroding the salaries of the worker in both sectors stripping off their dignity. Our economy was manageable with everything accountable before the introduction of the OGIL in the 90s. In my view, OGIL prompted everyone to need foreign currency and became the mother to all corruption, the demolition to the industry through cross boarder trading, the influx of vehicles whose fuel can not be accounted for. OGIL gave birth to Bereau de change and today’s money changers because there’s a need and I don’t see any crime in that because it is part of employment created by the system.
    The blame is with the Central bank and Zimra who are not managing OGIL well. If the new local currency is introduced in the situation like this, it will collapse in no time. So it is up to ZIMRA and CENTRAL BANK to manage the OGIL or if they can not control it, it is best to remove it.

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