Zim currency traders are a security threat – Mnangagwa

By Tawanda Karombo

HARARE – Zimbabwean President, Emerson Mnangagwa, has described parallel market currency dealers as a national security threat, warning that his administration will take drastic measures against such traders as the country’s economy takes a knock from rising prices occasioned by a spike in exchange rates.

This comes against the backdrop of economic challenges that have seen shops such as KFC close shop. However, the quasi-currency bond notes Zimbabwe uses alongside other multiple currencies appeared to gain some ground over the weekend, with the bond notes trading at around 245 percent to the US Dollar on parallel markets from a high of 450 percent by around Thursday last week.

“A great threat to our bid to stimulate productive activity in the economy comes by way of non-productive, speculative activities operating below the radar but involving millions in precious foreign currency and bond notes,” Mnangagwa said through state media on Sunday.  IOL.