peter
Business Reporter
THE lull in parallel market forex exchange rates is proof enough to demonstrate that Government took the right action in reigning in on illicit mobile money transactions, Information, Publicity and Broadcasting Services Permanent Secretary Mr Nick Mangwana has said.
Government recently suspended all bulkmonetary transactions on phone-based mobile money agent platforms to facilitate investigations aimed at arresting and prosecuting people responsible for sabotaging the economy.
This was after parallel market activity ran amok and severely distorted the exchange rate front despite establishment of prudent fiscal and monetary policy measures by Government.
Posting on his official Twitter handle, Mr Mangwana said: “Government’s action against mobile money platforms is vindicated by the lull in parallel market activity, which until then was running riot.
“Whilst our dollar is not yet exactly where it should be, there is some stability there. It’s clear what these companies were up to.”
Online Reporter