Zimbabwe’s President Warns Banks Currency Manipulation

According to a report by a state media source, Zimbabwean President Emmerson Mnangagwa stated banks and enterprises engaging in local currency manipulation and unjustified hikes in the cost of products and services might lose their operating licences.

The Sunday Mail, the president stated that the administration has identified the companies responsible. The administration is working on a strategy to deal with those institutions and firms, which will be revealed in due time.

According to the publication, Mnangagwa told supporters at a political event that “these economic players are not operating alone; they are being dispatched by foreign governments hostile to Zimbabwe to destroy our local currency.”

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The local currency is officially valued at Z$155.14 per US dollar, however it is easily exchanged on Harare’s streets for Z$350.

In the first quarter, the Zimbabwe dollar lost 24% of its value, while on the black market it lost around 20%. In March, annual inflation reached 72.7 percent.

“Our economy is facing a difficulty, particularly in terms of pricing and currency rates,” the president added. “We’re working on a solution, and we’re closing in on the firms that are responsible for what we’ve seen recently.”

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