Gvt to expose cartels behind parallel market rates

Government says it knows big shefs who are fueling the parallel market rates with indications that it was pushing prices of basic goods and services.

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Government says it knows big shefs who are fueling the parallel market rates with indications that it was pushing prices of basic goods and services.
Government says it knows big shefs who are fueling the parallel market rates with indications that it was pushing prices of basic goods and services.

Government says it knows big shefs who are fueling the parallel market rates with indications that it was pushing prices of basic goods and services.

Information minister Monica Mutsvangwa told journalists at a post cabinet briefing that authorities were aware who are the real buyers of foreign currency on the parallel market and how they were causing the rates to go high

“You think those young people without shoes are the ones who are behind the parallel market? It will be folly to believe that. We know that they are big people behind them. I think it is time we start to deal with that and expose these people,” she said.
By Tuesday, the USD$ was going for RTGS$7.30 for a USD$1 on electronic money transfer while $5 for the bond notes.

The spike in prices has been attributed to be rise in the parallel market as traders are now going after the hard currency.
Mutsvangwa also named the Old Mutuals share price index as another factor contributing to the parallel rate for the foreign currency and said authorities had resolved on how to tackle the crisis.