Mnangagwa told in Scotland to let markets self regulate

PRESIDENT Emmerson Mnangagwa was last week told by delegates attending the Zimbabwe Investment Conference (ZIC) to stop interfering with how the market operated as this would give strength to the Zimbabwean dollar and restore confidence and revive the ailing economy.

Mnangagwa had presented investment opportunities and prospects in doing business with Zimbabwe at a conference in Glasgow, Scotland.

He was in Scotland attending the COP26 climate summit.

However, a delegate at the ZIC business meeting told Mnangagwa to let the markets determine themselves.

"Fix the problem between the United States dollar and the Zimbabwean dollar. I will work on the KISS principle; "Keep It Simple Simon'' and what you do is you just let the Zimbabwean dollar float, no interference, no auction, no allocation," the delegates said.

"Let the exporters banking dollars convert what they need, and the market will find its own stabilised exchange rate and as people gain confidence in the dollar because its exchange rate is not interfered with, the Zimbabwean dollar will appreciate in value. So for me, it is a very simple fix the Zimbabwe dollar and the US dollar.

Delegates at the business conference, included Invictus, New Caledonia, and Zimbabweans in the Diaspora.

Zimbabwe has been shunned by investors for years due to an unstable local currency, exchange rates, and failure to implement necessary economic reforms.