Zimbabwe to issue ministerial statement on Thursday on how to resolve the exchange rate problem

THE DEPUTY PRESIDENT OF SENATE:  I think that is what the Minister has explained.  He gave us the broad picture and principles.  He has defined the problem and clearly said they are working on a solution and next week on Thursday, he will bring a Ministerial Statement which will answer all the issues that you have raised.  Unless he wants to answer, I think this question is irrelevant.

*HON. CHIDUWA:  Thank you Mr. President.  I also want to thank Hon. Sen Kambizi for the question.  You did mention that I elaborated this issue in a bookish way but let me assure you that we are aware of what is happening as we also see it every day.  Many illegal activities are happening in the country and these are being perpetuated by us as individuals, business owners, at service stations as well as us in here, we also go there to do deals.  The truth is it is illegal.  Right now, because of exchange rate manipulation, all these players that I have mentioned do not want to get money from production but from casino activities.  No one can build a country through casino activities.  The economy of a country can only rise through production.  This is the message that is being preached by the President at all opportune moments, which is production, production, production.  When you go to a shop, they sell goods in US$ then they give their runners the money to go and sell on the streets with RTGs.  Their aim is to see huge figures but as we continue to do this, we will be devaluating our own currency.  Some say our exchange rate must rise to 1:500. We call that devaluation because we cannot have power by raising rates to unexpected figures.  All of us are advocating for devaluing our own money.  In order to generate wealth, we must produce.

Hon. Senator, what you have said, we have heard it.  The money is coming from shops, individuals and from service stations.  We are the ones who are taking money and bringing it to the street where the exchange rate is happening and it is illegal.

(319 VIEWS)