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Walter Mswazie, Masvingo Correspondent
STAKEHOLDERS in Masvingo have called on the Government to come up with an effective policy to stop the illegal foreign currency trading.
A survey on parallel foreign currency activities in the ancient city yesterday revealed that the exchange rate had ran amok from $1600 to $2000 per US$100.
Fears are that the sharp increase in foreign currency exchange rates will also fuel increases in the prices of basic commodities.
A Great Zimbabwe University (GZU) official, Mr Jowere Mukusha said the situation was unbearable and called on the Government to act decisively as the general public was now finding it difficult to eke out a living.
He said the parallel market was now dictating the pace in the economy, a situation which cannot be allowed to continue.
“We are perturbed by what is happening in the market as things are getting worse every day,” said Mr Mukusha.
“Government should come up with mechanisms to effectively stamp out illegal foreign currency trading because businesses are now pegging prices based on parallel foreign exchange rates,” he said.
Consumer Council in Zimbabwe regional chairman, Mr Prosper Muzambi called on the Zimbabwe Anti Corruption Commission (ZACC) to investigate and expose those fuelling the illegal money trade.
“Government has the necessary legal instruments to deal decisively with those caught dealing illegally in foreign currency. It is public knowledge that our present economic hardships are caused by the money changers who in my view can be easily flushed out,” said Mr Muzambi.
“Every time workers get salary increases, the black market responds negatively by increasing foreign currency exchange rates that in turn impact on prices of basic commodities. — @walterbmswazie2
Online Reporter