Zimbabwe President Emmerson Mnangagwa has blamed the country’s currency woes on political detractors and greedy private sector players.
While economists blame the currency free fall on unrestricted money supply growth and the Reserve Bank of Zimbabwe’s reluctance to introduce a market based foreign exchange trading system, on Wednesday Mnangagwa told the ruling Zanu-PF party politburo members that it was the work of profiteering private sector players.
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Efforts to halt the Zimbabwe dollar tumble by freezing suspicious accounts and putting in place transaction limits on national payment systems have all come to naught.
In its latest deliberations released Sunday, the MPC expressed "serious concern over the continued deterioration in the exchange rates that were widely being used by the private sector" and resolved that the central bank introduce "formal market-based system of foreign exchange trading."
"To ensure that foreign currency trades were monitored in real time, the Committee urged the Bank to expedite the implementation of the electronic foreign exchange trading system for compulsory use by bureaux de change.
