Mnangagwa warns black market currency speculators

President Emmerson Mnangagwa has indicated that he has instructed the Attorney General and the Minister of Justice to urgently create laws that will be implemented under his presidential powers to deal with people suspected of controlling the illegal foreign currency business in the country.

Mnangagwa declared his move on his official Facebook page on Sunday morning.

Reads the post by the ZANU PF leader:

As we work towards improving and stabilising the flow of foreign exchange, we must equally ensure and enforce discipline in the market.

Everyone must play by the rules and respect the laws of the land.

As the past two weeks have shown, not everyone is currently playing by the rules.

Reports before me point to a network of currency speculators, mostly in high places, who are disturbing our economy through illicit currency deals in the black market.

Those hit hardest are the sick, the unemployed, the poor and the vulnerable, including our hard-pressed workforce.

Currently we have no legislation to deal with currency manipulators, and so we need urgent and robust measures to address this financial menace and show everyone that crime does not pay.

I have therefore instructed the Minister of Justice, Legal and Parliamentary Affairs to work with the Attorney-General as a matter of urgency to produce a new set of regulations which will be promulgated under temporary law-making powers.

The challenge before us requires unity of purpose from the executive, legislature and judiciary. We must work together to end this menace which now threatens the very fabric of our economy and society.

We will bring to book those who are fuelling instability in our economy.

Those who walk the straight and narrow need not fear.