Mthuli Decries Manipulation of the ZiG by Traders
The ZiG rate is being manipulated by street vendors and money changers barely a week after its launch
Mthuli Decries Manipulation of the ZiG by Traders
Zimbabwe Finance Minister Mthuli Ncube has called on the police to crack down on black market traders who are manipulating the country’s newly introduced structured currency, Zimbabwe Gold (ZiG).
The Reserve Bank of Zimbabwe (RBZ) governor, John Mushayavanhu, recently announced the introduction of a new structured currency backed by gold, ZiG.
However, legislators have voiced apprehensions about introducing the ZiG currency into an already turbulent market.
They fear potential repercussions for its recognition and value, given the notable surges in the prices of certain commodities.
Mthuli Decries Manipulation of the ZiG by Traders
While delivering a summary of the Monetary Policy Statement in Parliament, Finance Minister Mthuli Ncube acknowledged that he had been informed about the manipulation of the ZiG currency by street vendors and money changers, New Zimbabwe reveals.
Minister Ncube expressed the government’s commitment to dealing with the issue, urging law enforcement agents to take swift action.
He argued that money changers should be cleared off the streets and heavy fines should be imposed on them. Mthuli Ncube said:
“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.”
