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Forex Rate Plunged After ZWL$2.8 Billion Payout To Chinese Company - Mawarire

Forex Rate Plunged After ZWL$2.8 Billion Payout To Chinese Company - Mawarire

Jealousy Mawarire, the spokesperson of the National Patriotic Front (NPF), says the bank lending ban announced by President Emmerson Mnangagwa nearly a fortnight ago was an attempt to conceal the “real” cause of the fall in the value of the Zimbabwe dollar.

On Saturday, 7 May, Mnangagwa issued a decree stopping banks from lending activities or offering credit lines to businesses and individuals.

He made the announcement during a surprise nocturnal address to journalists at State House while flanked by Finance and Economic Development Minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya.

Mawarire claimed that the exchange rate chaos started after the Government paid nearly 3 billion Zimbabwe dollars to a Chinese company.

After receiving the alleged money, the unnamed Chinese company dumped the cash on the black market in search of US dollars. Said Mawarire:

FYI (for your information), the purported suspension of bank loaning by ED was an attempt to divert attention from the real cause of the exchange rate chaos going on.

Get it from me, the chaos started after govt paid Z$2.8bn to some Chinese co which went on the black market to buy US$, we know it.

Mawarire was responding to another Twitter user, My World, My Time, who had said there is no evidence of the looting of national resources in Zimbabwe but foreign interference through the use of proxies.

Speaking after the ban was effected, Mangudya said that the PBZ will investigate companies that were offered contracts by the Government to see if they are not the ones dumping huge sums of Zimbabwe dollars on the black market. He said:

… we also understand that the Government is also paying part of those contractors in foreign currency so that the appetite for foreign currency is reduced because they will be having foreign currency from Government to buy their bitumen, spares, tools and fuel that they require for the roads.

So it means the balance that they get in local currency they should be able to keep it in this country.

But, if they want to preserve value by going to sell it again stoking inflation, then they are the wrong people who are working for us.

More: Pindula News

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VaGwede 1 month ago

Foreign people always do for their benefit but mChina Aya ndiyo inonzi nonsense chaiyo nyika yopera takatarisa ini ndonzwa shungu nemafzibaba edu anoti kana aguta anokanganwa vana hskuna vana baba vakadai

Tkt 1 month ago

Well nhasi ndr kungoda kuCOMMENTOR zviperengo badzi

@pindulaadmin, of late I've realized kuti shorthand yaRBZ iri kuku netsai. Inga wani P & R are very far from each other so what's the problem guys zvamava kungoti PBZ for RBZ these days?
Is it lack of confidence too?

pindula admin 1 month ago

thank you tkt for corrections its well taken into consideration
the problem we have is our moderators who does the check and balances are exoding our organisations,they do this with reasons they know best,
we are very few in feeding the portal
rumours are that our superiors are going to SA for media coverages and are paid a lot

Asalif 1 month ago

there is a %they are given at RBZ after the returns for their export another %in local currency but these guys what they are doing , When they export the payment don't come back here they divert to their country and deposit into another accounts there as if they paid for a certain service or they bought bought something so FIU will want to see goods or equipment delivered after those payments there will be nothing , that is how they externalize foreign currency and profit government get nothing

the head 1 month ago

foreign companies must be paid in us dollars because they don't come all the way from China for Zim dollar/bond note.i don't blame the chinese on this one


JC 1 month ago

I don't understand economics.......where would the Chinese firms dump it if not on the black market??🤔

Zimdollar 1 month ago

Hechoka chokwadi maZimbabwe. Mopadini apo?????

Da Truth 1 month ago

Chimboti Pizza
Don't worry ndozvatakadzokera izvozvo hakuna tiripo zvoita chete nextyear ndichakuvhunza tavekuseri .Fear not 🐸🇿🇼

Blue 🔵 1 month ago

😂, @Asalif. The Chinese are good folk. It's up to the citizens to embrace the Zim dollar, it's going nowhere.

Asalif 1 month ago

Good folks who makes your inflation rise and make the government nowhere asking themselves who could have done that , who could have done this , what could have happened until they ended up banning banks from giving loans . that is good right??

Da Truth 1 month ago

@Blue 💦
The dog eating species of our time will never be good friends they give u with the right hand and take with the left hand .Blue man workup enda Shurugwi uwone they don't build permanent structures tunogara muma tende twabvoora Great Dyke yose uuuuuuu stop these pests before they do worse kudzinga vanhu mumaruwa mavo chete war against the zhong zhing .

Da Truth 1 month ago

China will never help Zim for nothing . Britain ,Canada, USA and Denmark have helped Zim over yrs .China mukapiwa mabhazi EMA Plastic Yobhadhara me Gold nema diamonds.Tirikuzviona zvose tosangana mberi .Rwendo runo ndoda kuenda nemi kure .Ndichakuvhunzai fire rinoita .DA TRUTH.🐸🇿🇼🆘🌋

Dhuterere 1 month ago

Mabhazi aTagwirei contracted to Zupco

Chimboti Pizza 1 month ago

Kuti zvichanakawo here muZimbabwe

Asalif 1 month ago

Asalif as long as we keep these people we call investors and our corrupt government in power we are not going anywhere

Asalif 1 month ago

@Blue it's barely 24hrs, what was I telling you about your Chinese compatriots come over for discussion right now , and you labeled me @ saboteur 😅😅😅

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