ED Blames Ecocash For Skyrocketing Parallel Market Rates
13 September 2020
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While addressing a Zanu PF meeting in Gweru, President Mnangagwa said they had to be tough in dealing with the skyrocketing parallel market exchange rates that’s why they had to ban some EcoCash transactions and impose daily transaction limits, The Sunday Mail reports.

Likening their tough approach to using a staff to reprimand a child, the president accused Ecocash of economic sabotage and said:

We realised that Ecocash was behind all this so we studied this thing and got to their server and found everything, every corruption and takatora tsvimbo ndokurova, it was painful to others but we said we only allow limited mobile money and it must reflect in the account,

We were all confused as to what was happening until we set up a committee and we discovered there was up to $8,4 billion circulating outside the banking system, which money in financial terms, is phantom money, which is some sort of ghost money whose source no one knows,

We also discovered that there were people on the streets, a lodger who does not own a house but in his or her mobile phone there is $86 million, which he or she is trading, not employed, no one complaining of losing money, it was confusing

He also admitted the government is marred with corrupt activities but only pointed out that it was rampant in local authorities which are run by the opposition.