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CIOs go after illegal money changers 'running down ZiG'

by Staff reporter
16 Apr 2024 at 14:16hrs | Views
The ruling party Zanu-PF has issued a strong warning to black market traders, accusing them of undermining the newly introduced gold-backed currency, ZiG.

Christopher Mutsvangwa, Zanu-PF's secretary for information and publicity, delivered the warning during a press conference on Monday. He emphasized that only the price of gold should dictate the exchange rate of ZiG, and security agencies are closely monitoring those who trade it at an inflated value.

Mutsvangwa condemned such actions, describing them as deceitful and warned that the security apparatus would remain vigilant.

He challenged traders to justify the exchange rates they set, questioning the source of their pricing information. Mutsvangwa emphasized the uniformity of gold prices across different regions, questioning discrepancies in exchange rates.

Furthermore, Mutsvangwa criticized economist Professor Gift Mugano, accusing him of spreading misinformation in business and financial education.

He urged Mugano to adhere to the principles of financial science and to accurately depict the history of money. Mutsvangwa stressed the importance of embracing the nation's resources and cautioned against reliance on foreign currencies.

Source - newzimbabwe
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