Police Set To Conduct Blitz On Money Changers "Manipulating" ZiG Currency
The Government is set to deploy law enforcement agents on the streets to arrest illegal money changers who are allegedly manipulating the newly introduced Zimbabwe Gold (ZiG) currency, even before ZiG notes and coins officially enter circulation.
The new currency is already in electronic circulation, and reports are suggesting that the street exchange rate has surged to at least ZiG18 per US dollar, surpassing the official rate of ZiG13.41 per dollar.
On Wednesday Members of Parliament raised concerns that the value of the ZiG currency has been distorted less than a week after it was unveiled.
Presenting a summary of the Monetary Policy Statement in Parliament, Ncube said that the Government will ensure that money changers are cleared off the streets. He said:
Hon. Togarepi (Pupurai) said that he has noticed that some street traders are back on the street corners and may start attacking our domestic currency again.
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I received similar information as well as early this afternoon. We are going to send out our law enforcement agency to do their work on a blitz to make sure that these vendors are dealt with.
They are cleared off the streets, and heavy fines are imposed on those caught trading in the parallel market.
It is illegal. Therefore, if it is illegal, the law must take its course. I am also urging our law enforcement agents to move with speed to deal with this matter. We cannot allow it.
Ncube also assured parliamentarians that civil servants will get their salaries on time this April. He said:
What RBZ mentioned was the issue of availability of hard cash being available later, at least by April 30 but in terms of receiving electronic payments into their accounts, civil servants will be able to receive these by April 18th or any time because ZiG is already operational.
Illicit foreign exchange trading has undeniably flourished in Zimbabwe, permeating major urban centres across the country.
Critics contend that authorities contribute to the illicit trade by allowing money changers to openly transact in broad daylight.
Forex dealers often handle freshly minted stacks of local currency, a commodity scarce within formal banking channels.
More: Pindula News
