Mnangagwa Warns Of Crackdown On Financial Sector

Spread This News

Staff Reporter

PRESIDENT Emmerson Mnangagwa has threatened to crack the whip against errant players within the country’s financial services sector amid concerns the unscrupulous firms were benefiting at the expense of cittizens.

Government spokesperson Nick Mangwana wrote on his twitter that the national leader will stop at nothing to punish the culprits.

“There are sharks in the financial sector,” Mnangagwa was quoted as saying.

“We now know who they are. We are dealing with them.”

Zimbabwe’s different foreign currency exchange regime has seen local firms access the US dollar at a much cheaper premium on the RBZ auction system but the companies have gone on to price their goods and services based of parallel market rates which are much higher.

Government last year shut down the Zimbabwe Stock Exchange for five weeks and singled out the largest mobile operator, Econet Wireless Zimbabwe Ltd, for allegedly undermining the nation’s currency through its mobile money service