Stay the course | Business Times
President Emmerson Mnangagwa’s administration should stay the course with the measures it is is putting in place to address market indiscipline.
We implore the government to continue taking bold action against anyone who violates the Exchange Control Regulations, in the wake of the introduction of the Zimbabwe Gold (ZiG) currency.
Vice President Constantino Chiwenga yesterday promised to deal with speculators saying ZiG was here to stay and anyone who breaks Exchange Control regulations will be left to rot in prison.
We implore the government to stay the course.
Speaking at the Zimbabwe International Trade Fair in Bulawayo, Vice President Chiwenga also disclosed that currency dealers should be prepared for combat.
“ZiG is here to stay forever,” Vice President Chiwenga declared.
He added: “The bold step that we as a government have taken symbolises our commitment to stabilise this economy. Don’t be a player in undermining ZiG.
“We are going to implement strict measures. Our ZiG is not like any other currency because it is firmly controlled. It will not be subject to speculation. Speculators should therefore be ready for the fight, or we will lock them in, Therefore, I upon both the public and the private sectors to fully embrace and support ZiG. We won’t give up on it because this structured currency will guarantee stability.”
He also vowed to crush gold smugglers.
“No one is going to take our gold outside the country. We will make sure that every gram of our gold remains here (in Zimbabwe),” Vice President Chiwenga said.
The intensified crackdown comes after over 100 forex traders were apprehended by the Financial Intelligence Unit (FIU) along with the police and other security agencies, for contravening the Exchange Control Act.
The illicit forex dealers who were apprehended last week in the capital Harare and Chitungwiza, have been detained in remand prison for more than five nights, in an apparent attempt by the government to send a strong message.
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