Currency manipulators and economic saboteurs will always be lurking about looking for opportunities and loopholes to unjustly profiteer but authorities will also be always ready to institute measures to insulate the transacting public, Finance and Economic Development Minister Professor Mthuli Ncube said last night.
He was speaking after yesterday’s Cabinet meeting and in
the wake of Treasury announcing on Monday a raft of interventions to maintain
macro-economic stability and retain the buying power of the Zimbabwe dollar.
Responding to questions on why the Government doesn’t
legislate more tightly or introduce regulatory frameworks that completely
insulate the currency and economy once and for all, Prof Ncube said authorities
appreciate that there are always loopholes but they will always be on the
lookout to plug them.
There have also been red flags from political and economic
commentators over the timing of the sustained onslaught on the Zimbabwe dollar.
Commentators contend that regime change agents are
targeting the Zimbabwe dollar as a means to scuttle infrastructural
developments and other economic successes that Government has recorded under
President Mnangagwa in a bid to jolt the electorate ahead of this year’s
general elections.
“ . . . currency manipulators tend to work against
Government policy (and) macro-economic policy ronouncements, this is true,”
said Prof Ncube.
“That’s what they do. They always try to find loopholes to
make sure that they can profit from any situation. Unfortunately, this is what
we have to deal with as policy makers; we always try to respond.
“We have responded to those who have been found to be
manipulating currency such as, for example, the Financial Intelligence Unit
have frozen their accounts,” he said.
“If you look at the supply chain for most products . . .
you then get the aggregators who then buy products from the producers and then
on-sell to retailers.
“For most products retailers don’t buy directly from
producers, they are middlemen. So we discovered that they were doing some
currency manipulation working against Government policy and we froze their
accounts. We have since recommended the Ministry of Industry and Commerce
suspend their trading licenses.
“Maybe we should go further and say that retailers should
now source their products directly from the manufacturers and not via these
aggregators.
“We have had situations where we have shut down accounts
for various other speculators and manipulators and we will continue to do so,”
said Prof Ncube.
“One thing we are trying to tackle is this issue of money
supply growth.”
On another note, acting Minister of Information, Publicity
and Broadcasting Services, and Minister of Information Communication
Technology, Postal and Courier Services Dr Jenfan Muswere said Cabinet
considered and approved the National Migration Policy for Zimbabwe.
The policy aims to strengthen legal and institutional
frameworks to derive maximum benefit from migration as well as aiding the
socio-economic support systems of migrants and society.
It will develop a labour migration information system that
will gather reliable and accurate data on labour migrants abroad by gender,
profession, duration of stay, wages and salaries and working conditions.
It also aimed at including diasporans in the process of
national development by developing a national migrant remittances framework and
strengthening the capacity of Zimbabwe diplomatic missions to promote tourism.
“Cabinet noted that discrimination, xenophobia and racism
are increasingly becoming issues of great concern to both sending, transit and
receiving countries,” said Minister Muswere.
“Zimbabwe has already promulgated the Prevention of
Discrimination Act which prohibits and criminalises discrimination.
“Therefore combating discrimination, xenophobia and racism
is an essential element of a comprehensive national migration policy,” said
Minister Muswere. Herald
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