{"id":45690,"date":"2021-08-27T19:15:54","date_gmt":"2021-08-27T17:15:54","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=45690"},"modified":"2021-08-27T19:07:08","modified_gmt":"2021-08-27T17:07:08","slug":"we-wont-adopt-the-black-market-rate-finance-minister","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/we-wont-adopt-the-black-market-rate-finance-minister","title":{"rendered":"\u2018We Won\u2019t Adopt The Black Market Rate\u2019: Finance Minister"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>By Anna Chibamu<\/b> – FINANCE Minister Mthuli Ncube says the government will not be forced into following the parallel market foreign currency rate.<\/p>\n

He was responding to MPs during a question and answer session Wednesday on the continuing rise of the US dollar against the Zimbabwe currency.<\/p>\n

However, the government insists the exchange rate has been stabilised due to the introduction of the Reserve Bank of Zimbabwe (RBZ) auction rate system introduced in 2020.<\/p>\n

However, Zanu PF MP Joshua Murire told Ncube that whilst the formal exchange rate had stabilised, the black market rates continued on the upward trend thereby determining the prices of goods and services.<\/p>\n

\u201cWhat is the ministry\u2019s policy on stabilising the prices that are being pegged using the black market rate?\u201d asked Murire.<\/p>\n

In response, Ncube said: \u201cWe will not follow the parallel rate. We want to be clear about that because it is a rate that is driven by the minority of economic players. The majority of the economic players are receiving money from the auction,\u201d said Ncube.<\/p>\n

The minister warned businesses fuelling the parallel rate that risked arrest.<\/p>\n

He added several companies had received more than US$400 million from government re-equipping purposes.<\/p>\n

\u201cI am just targeting one area that is retooling. Secondly, anyone is free to express whatever exchange rate they wish to purchase the United States dollars at. So those who feel that they ought to be buying the United States dollar at higher prices, are free to express that wish through the Dutch auction.<\/p>\n

\u201cWhy do they not go ahead and do that? Why should the whole market then be forced to shift towards power rate, shadowy people that we do not understand?\u201d<\/p>\n

Dzivaresekwa MDC Alliance MP Edwin Mushoriwa said the black market rates were hovering around US$1 to 166 thereabout whereas the auction rate is running at around US$1: 85.<\/p>\n

\u201cGiven such huge differences, is it not possible that the foreign auction system is actually fuelling the rise of the rate on the parallel market because the people that are getting the money at the auction-rate are actually doing arbitrage and making sure that they take this money?\u201d said Mushoriwa.<\/p>\n

According to Ncube, the government was aware of some of the culprits involved in fuelling the black market.<\/p>\n

\u201cWe know some of them but not all of them. Those that we know, we have taken action, we have arrested them and we have instituted penalties on that type of behaviour.<\/p>\n

\u201cWe will be very happy to receive those tips and then follow up on those individuals and companies who are violating the law so that there is full compliance. We need order and discipline.<\/p>\n

\u201cWe have just received almost a billion US dollars which should go a long way in bolstering our foreign reserves and that money is already in our reserves and accounted for as such,\u201d<\/p>\n

Ncube added: \u201cThere was no justification whatsoever for the exchange rate to keep weakening. It should be going the other way.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Anna Chibamu – FINANCE Minister Mthuli Ncube says the government will not be forced into following the parallel market foreign currency rate. He was responding to MPs during a question and answer session Wednesday on the continuing rise of the US dollar against the Zimbabwe currency. However, the government insists the […]<\/p>\n","protected":false},"author":84,"featured_media":45689,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,35,12,15],"tags":[1493,2189,19],"class_list":{"0":"post-45690","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-homepage-english","9":"category-policy","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-zimbabwe"},"yoast_head":"\n\u2018We Won\u2019t Adopt The Black Market Rate\u2019: Finance Minister - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Anna Chibamu - FINANCE Minister Mthuli Ncube says the government will not be forced into following the paralle ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/we-wont-adopt-the-black-market-rate-finance-minister\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018We Won\u2019t Adopt The Black Market Rate\u2019: Finance Minister\" \/>\n<meta property=\"og:description\" content=\"By Anna Chibamu - 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