SONA Talking Points: President Pleased With Stability Of Exchange Rate, Speaks On ‘Cash Traders’

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President Mnangagwa Inauguration

On currency reforms during his State Of The Nation Address, President Mnangagwa said:

I am encouraged by the nation’s positive response to the currency reforms which we have embarked on. Government is equally pleased with the relative stability of the exchange rate over the past eight weeks. However, last week’s events of exchange rate manipulation, amounts to economic sabotage and should not be tolerated. We all need to adhere to the rule of law and foster discipline at all levels.

On the problem of selling of cash, the President said:

Government is fully aware of the challenges faced by the public in accessing cash, which has resulted in some unscrupulous traders selling cash in exchange for electronic money. Appropriate measures are being taken to address the cash situation, which include a gradual removal of arbitrage opportunities created through multi-tier pricing.

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  1. Cool-Head

    Apart from the introduction of a secondary stock exchange for SMEs, everything else is too little too late, in our current circumstances… There is clearly no sense of urgency to resolve our power, cash, forex, water, fuel, maize, wheat and soya shortages through our own efforts…