HARARE, Oct. 14 — Zimbabwean President Emmerson Mnangagwa has declared war on the black market, saying that it is a threat to national security.
Mnangagwa, who started a weekly column in the state-controlled Sunday Mail this week, said new measures would be employed to restore sanity.
The Sunday Mail also reported that Mnangagwa is understood to have summoned his security cluster last week to discuss the matter, paving way for imminent arrests of high-profile figures suspected of being behind black market activities.
Zimbabwe has witnessed a surge in the black market currency trading that has seen the surrogate bond note trading as low as 1:6 to the U.S. dollar, resulting in rises of prices of basic commodities and shortages of some.
“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.
“These nefarious activities thrive on different electronic platforms. New measures will be pursued to stop such malpractices.
“I call on all of us to tread back into the real economy, away from the current practice where currencies become key commodities that transact in dark markets, controlled by shadowy figures.
He said the costs and havoc the illegal activities wreaked on the whole economy had become apparent and a bold response was merited.
“To that end, this problem is now being treated as a serious security threat which requires a different response so that we get back to clean, productive and disciplined economic activity operating within norms and rules of the market,” he said. – XINHUA
Zimbabwean President Mnangagwa declares war on black market as prices soar
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