By Own Correspondent| President Emmerson Mnangagwa has warned those fuelling speculation of forex on the black market that the law would soon catch up with them.

Prices of the US dollar on the parallel market last week rose to unprecedented levels, in a development which saw panic buying, hoarding and shortage of basic commodities on the shelves.

Prices of basic commodities also shot despite assurances by some of the manufacturers that they had not increased prices.

Said Mnangagwa:

“As we work towards improving and stabilising the flow of foreign exchange, we must equally ensure and enforce discipline in the market.

Everyone must play by the rules and respect the laws of the land.

As the past two weeks have shown, not everyone is currently playing by the rules.

Reports before me point to a network of currency speculators, mostly in high places, who are disturbing our economy through illicit currency deals in the black market.

Those hit hardest are the sick, the unemployed, the poor and the vulnerable, including our hard-pressed workforce.

Currently we have no legislation to deal with currency manipulators, and so we need urgent and robust measures to address this financial menace and show everyone that crime does not pay.

I have therefore instructed the Minister of Justice, Legal and Parliamentary Affairs to work with the Attorney-General as a matter of urgency to produce a new set of regulations which will be promulgated under temporary law-making powers.

The challenge before us requires unity of purpose from the executive, legislature and judiciary. We must work together to end this menace which now threatens the very fabric of our economy and society.

We will bring to book those who are fuelling instability in our economy.

Those who walk the straight and narrow need not fear.”