President Emmerson Dambudzo Mnangagwa has said that he instructed the Minister of Justice, Legal and Parliamentary Affairs to work closely and expeditiously with the Attorney-General Affairs to produce a new set of regulations aimed at curbing illicit currency deals (foreign currency dealings) on the black market in Zimbabwe.
Zimbabwe’s leader, on his contributions to a state-owned press, accused the money changers of disturbing the economy.
“These regulations will remain in force for a statutory period of six months, during which a Bill will have to be processed for consideration by our legislators,” the Zimbabwean President said.
“We face a challenge which requires unity of purpose on the part of the three pillars of the State namely, the executive, the legislature and the judiciary.”
The Zimbabwean leader believes that the whole financial sector risks disrepute and therefore sanity has to be restored.
“In the United States of America, they have the Office of Foreign Assets Control (Ofac),” the President said. “We need a similar measure in our financial services sector.”
“Currently we have no legislation to deal with currency manipulators. We, therefore, need urgent and robust measures to deal with this financial menace.”
“Of course, I am aware of what else needs to be done by way of policy changes and key adjustments in different sectors and aspects of the economy, including in the public sector.” the President goes on. “These changes and adjustments are already being done and will continue to be done until Government plays its own part in stabilizing the economy by living strictly within its means.”
President Mnangagwa also said Zimbabwe faces a challenge which requires unity of purpose on the part of the three pillars of the State namely, the executive, the legislature and the judiciary.
“We need to show all offenders that crime does not pay, but that it is painfully paid for by way of compounded grief it visits upon all such offenders,” the President said.