Zimbabwe Finance Minister says given the US$1 billion from IMF there is no reason why Zimdollar should continue to weaken


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HON. S. BANDA:  Madam Speaker, my question to the Hon. Minister is; even the Hon. Minister and the Governor are aware of the individuals and companies who are driving the parallel market rate, the cartels that are making the parallel rate to remain.  Why not arrest those people because you already know them Hon. Minister?  I thank you.

HON. PROF. M. NCUBE:  Thank you very much.  We 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.  If the Hon. Member has an additional list of those that we may not know, we 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.  We 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.  Therefore, there is no justification whatsoever for the exchange rate to keep weakening.  It should be going the other way.  Thank you Madam Speaker.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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