"We Needed To Close Loopholes Used To Manipulate Forex Exchange Rates" Mthuli Ncube
Finance Minister, Professor Mthuli Ncube has said that the country needed to close loopholes which were now being used by some individuals and or groups to manipulate the foreign currency exchange rates. Ncube said:
It’s very clear that we needed to close those loopholes that some have taken advantage of and manipulate the exchange rate of the currency.
Ncube speaks after the central bank, the Reserve Bank of Zimbabwe has frozen bank accounts owned and linked to individuals and companies alleged to be involved in money laundering.
Sakunda Holdings is one of the companies whose bank accounts were frozen. The company is owned by Kuda Tagwirei who is believed to have strong ties with President Emmerson Mnangagwa’s administration.
After RBZ froze the accounts, the exchange rates on the parallel market which had reached about ZW$25 to the US dollar, dramatically fell to about ZW$15 per US$.
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Prices of goods and services had been increased as the local currency, Zimbabwe Dollar continued to lose value on the market.
More: The Herald
