Mnangagwa accuses banks of fueling black market forex rates

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President Emmerson Mnangagwa has accused the local banks  of fuelling black market exchange rate by stashing cash and release it to illegal dealers, Zim Morning Post has heard.

While addressing members of the Political Actors Dialogue (POLAD) at state house today.

“Banks have been stashing foreign currency which is then used in the market to spike exchange rates and prices,” Presidential spokesperson George Charamba posted on his microblogging site Twitter handle during the meeting.

Charamba further said the president was aware of poor citizens who cannot afford decent lives but are handling millions of dollars every day.

“The President shared with his colleagues the subterfuges which are being employed in the black market to destabilize the economy. He adverted to an illustrative case of a poor Zimbabwean money-changing agent handling millions daily, while unable to afford a home or a personal vehicle,” Charamba said.

Charamba said the recent strict conditions that have been put in place by the government are meant to curb the skyrocketing exchange rates.

“President, has revealed a clear hierarchy of misdemeanours, forcing Government to intensify surveillance, and also to introduce curbs to daily banking operations, including forcing banks to award interest on FCAs, while lending monies to deficit units in the market,” Charamba added.

The government through Reserve Bank of Zimbabwe( RBZ) has so far ordered the reregistering of all ecocash agents who have been transacting extra ordinary amounts of money without tangible businesses.

In May the RBZ also ordered banks not to make payments exceeding ZWL$100 000 per month into Ecocash MMT accounts while EcoCash shall, from time to time, provide the lists and details of its agents who would have undergone the relicencing process and those allowed to transact above the given limits.

However, anti-corruption activists have blamed the skyrocketing exchange rates to government officials and government linked business leaders.

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