Mnangagwa vows to intensify fight against economic saboteurs

PRESIDENT Emmerson Mnangagwa on Tuesday vowed to continue his mission to cleanse the financial market against alleged money laundering activities by targeting individuals and institutions bent on causing the sharp increase in the parallel market rate.

He cracked the whip during his State of the Nation Address (SONA) and he categorically stated that his government will not rest until there is sanity in the market and warned against people he termed economic saboteurs.

He acknowledged that the exchange rate was stable for eight weeks until some elements of what he called the “sabotage” of recent weeks started to emerge.

On cash shortages and the freezing of mobile money facilities, Mnangagwa said actions of sabotage will “not be tolerated,” by his government, but they remained committed adopt the use of plastic money  and mobile money technologies.

Mnangagwa further said they are addressing the cash situation by removing opportunities for arbitrage and maintained that he was committed to strengthen anti- money laundering laws.

He further said his government will not revert to price controls but, will revisit the Competitions Act to break the influence of monopolies and cartels on rising prices of commodities.

“Government has noted with concern the emergence of cartels and monopolies. Government will not revert to price controls but will review the Competition Act.”Mnangagwa said.

The  SONA came at a time the government has been battling to fight economic saboteurs.

In combating the situation, Reserve Bank of Zimbabwe (RBZ) froze accounts belonging to Kudakwashe Tagwirei’s company Sakunda Holdings, Moses Chingwena’s Croco Motors, Zodwa Mtunzi’s Traverze Travel and Tours, Tarirai Mnangagwa owned Spartan Security and little known Access Finance.

Sources within the RBZ believe that Sakunda Holdings was bankrolling illegal money changers.

On Monday, the RBZ also went a step ahead by closing the cash in- cash out mobile money as a step towards arresting loopholes of economic saboteurs. s