Net closes in on conglomerates

Business

ZTN Correspondent

Zimbabwe is set to introduce measures to clamp down on profiteering by large corporates using their financial muscle to disrupt the currency market.

Finance and Economic Development Minister Professor Mthuli Ncube warned such entities that government will soon intervene to stop their illegal practices.

“We know there is a conglomerate of large companies buying forex on the informal market pushing up the rate. We will be announcing measures to sterilise their activities soon,” Professor Ncube said.

There has been speculation that big companies have been actively sending runners in the streets to mop up United States dollars and the announcement confirmed the long held fears.

The price spiral partly influenced by the runaway parallel market rate has caused price increases in shops, pushing the costs of basic commodities beyond the reach of many.