Mnangagwa to use Presidential powers to nab cash barons

President Emmerson Mnangagwa is to use Presidential powers to bring cash barons to book as they are causing havoc in the market and these regulations will remain in force for six months.

Writing in his weekly column in the Sunday Mail, the President said there was need to enforce discipline in the market as the country improved and stabilised the flow of foreign currency into the productive sector.

“This means everyone must play to rules and norms, including respecting the laws of the land.  Sadly, events of the past two weeks have shown this is not so. Not everyone is playing to the rules. Partly because of wanton illicit currency deals happening in what is known as the black market, our economy has been disturbed,” he said.

“We have suffered massive market failures, manifesting in complete collapse of the pricing framework for virtually all commodities, regardless of import component. There has been a run on the bond note.

“In all this, there have been no winners, given that at the end of the day we are all consumers who demand and buy goods and services at any one stage for our survival.

“Those hit hardest are the sick, the unemployed, the poor and the vulnerable, including our hard-pressed workforce.”

Mnangagwa said there were currently no laws against those manipulating the market hence the need to use his presidential powers as allowed by the constitution.

“We need to show all offenders that crime does not pay, but that it is painfully paid for by way of compounded grief it visits upon all such offenders,” he said.

“Accordingly, I have now instructed the Minister of Justice, Legal and Parliamentary Affairs to work closely and expeditiously with the Attorney-General in order to produce a new set of regulations which will be promulgated under temporary law-making powers which I, as President, am allowed by the Constitution.

“These regulations will remain in force for a statutory period of six months, during which a Bill will have to be processed for consideration by our legislators.”

The column in full

As we work towards improving and stabilising the flow of foreign exchange into the productive sector, we must at the same time ensure and enforce discipline in the market.

This means everyone must play to rules and norms, including respecting the laws of the land.

Sadly, events of the past two weeks have shown this is not so. Not everyone is playing to the rules. Partly because of wanton illicit currency deals happening in what is known as the black market, our economy has been disturbed.

We have suffered massive market failures, manifesting in complete collapse of the pricing framework for virtually all commodities, regardless of import component. There has been a run on the bond note.

Continued next page

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