Harare (New Ziana) – The government will deal with speculators who continue to determine the parallel foreign currency exchange rate which in turn pushes commodity prices beyond the reach of many Zimbabweans, President Emmerson Mnangagwa said Tuesday

Addressing the presidential advisory council (PAC), President Mnangagwa said he was aware that some manufacturers were drawing foreign currency to import raw materials from the central bank’s auction system but pegging prices using parallel market rates.

“Of late, I have noticed that manufacturing of basic commodities such as cooking oil have been stable owing to Government’s continued prioritisation of foreign currency allocation for the importation of crude soybeans for example and wheat.

” However, the pricing of these commodities is becoming beyond the reach of the generality of our people as they are being priced against the parallel foreign exchange rate.

” We cannot have our economy be determined and dominated by speculators, ” he warned.

President Mnangagwa said such practices were pushing the public to be at the mercy of parallel market traders.

“An overall assessment of the situation led to the conclusion that citizens are being forced to panic buy goods and foreign currency at a very high premium.

” This is most unfortunate, ” he said.

He urged the PAC to come up with ways in which his administration could tame the malpractices.

“As key stakeholders of this economy, both governments and the business community need to intensify efforts to bring the country back to nomalcy,” he said.

New Ziana