By ZBC Reporter
THE country’s economy is stabilising as reflected by a stable foreign exchange rate and prices of goods following the unearthing of underhand dealings by mobile operators which were creating fictitious money which fuelled economic instability.
This was revealed by President Mnangagwa while addressing the 113th session of the ZANU PF Central Committee in Harare this Friday.
“Through my government’s unequivocal and direct intervention, the macro-economic environment is stabilising and volatility of the foreign exchange rate and in the prices of goods and services has been reduced. My government unearthed and exposed the underhand dealings, bordering on criminality, by some errant mobile network players.
“Government introduced the Dutch Foreign Currency Auction System which stabilised the foreign currency market which had been pegged against a fictitious run-away parallel market rate. Tavhara maburi iwayo,” he said.
Government banned all mobile money agent lines which were used to create fictitious money while reducing mobile transactions to $5000 as daily limit. This has paid off considering the tumbling of parallel market rates while the Reserve Bank of Zimbabwe foreign exchange auction system has been stabilising for the past three weeks.
President Mnangagwa called upon Zimbabweans to shun divisive elements who want to create a rift among citizens.
“Let us shun divisive and evil concoctions merchants of doom and their handlers who are bent on keeping our country stuck in a cycle of disunity and confusion. Let us continue to preach unity, peace, love and harmony so that we develop our nation
“Meanwhile, key sectors of the economy, mining, agriculture, tourism, manufacturing, ICT and infrastructure development have seen notable investments and also the creation of jobs and empowerment opportunities. NSSA has reported that 214 000 jobs have been created,” he said.
He said water inflow into Kariba Dam is increasing and hydro-power generation capacity is improving thereby reducing power cuts as well as the country’s power import bill.
“The construction of Hwange 7 and 8 is on course and earlier this years, I visited Matabeleland North to tour nine mining projects which will ensure Zimbabwe becomes power self-sufficient and a net power exporter by 2023.
“Cdes, you are witnessing road constructing and other infrastructure projects which are progressing well in all provinces. Recently treasury released money towards the construction of Causeway Dam, Chivhu Dam as well as Gwayi-Shangani Dam, among others. Intervention by government will see the water situation in our cities and towns improving throughout the country, with money having been released to alleviate the water challenges in Bulawayo and Harare in particular,” said President.
By ZBC Reporter