National
Mthuli Ncube Admits Failure
17 October 2018
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Jane Mlambo| Finance minister, Mthuli Ncube has admitted to government failure to control the parallel market rates which despite falling last week have returned to the bullish mode and are now trading at around 300 percent.
Addressing journalists after a Cabinet meeting last night, Ncube said, “Our market rate is 1:1 convertibility to the US$, both for RTGS balances and bond notes. That is the official exchange rate. So really, we cannot be commenting about movements in the parallel markets to influence our policy.”
Ncube pleaded with ordinary Zimbabweans not to trade on the parallel market.
“However, having said that, what we can say is that people should desist from being involved in the parallel market, both in terms of currency activities and activities on the goods market,” he said.