No to following parallel market rates- Finance Minister

Farirai Machivenyika Senior Reporter

Finance and Economic Development Minister Professor Mthuli Ncube has ruled out further devaluation of the local currency against the US dollar saying the parallel market rates were determined by a minority of economic players.

Prof Ncube said this today (Wednesday) during the National Assembly question and answer session.

Prof Ncube said the majority of economic players were accessing foreign currency at the auction system with US$ 400 million being disbursed to companies for retooling in the past 12 months.

He added that those who wanted to pay a higher value for the foreign currency than the prevailing rate were free to express that through bids at the auction.