Mnangagwa says Zimbabwe currency traders are a security threat

Zimbabwe president Mnangagwa t

Emmerson Mnangagwa has described parallel market currency dealers as a national security threat.

Mnangagwa warns that his government will take extreme measures against such traders as Zimbabwe economy takes a knock from rising prices occasioned by a spike in exchange rates.

Zimbabwe’s backdrop of economic challenges that have seen shops close throughout the country. However, the quasi-currency bond notes Zimbabwe uses alongside other multiple currencies appeared to gain some ground over the weekend, with the bond notes trading at around 245%to the US Dollar on parallel markets from a high of 450% by last week around Thursday.

“A great threat to our bid to stimulate productive activity in the economy comes by way of non-productive, speculative activities operating below the radar but involving millions in precious foreign currency and bond notes,” said Mnangagwa

He further warned that “new measures will be pursued to stop such malpractices” which are thriving on “different electronic platforms” such as bank transfers and mobile money.

The Zimbabwe government has recently hiked the tax on mobile money, and electronic payments from 5 cents per transaction to 2 cents per each dollar transacted.

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