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Mnangagwa Threatens Banks With Closure Over Depreciating Zim Dollar

Mnangagwa Threatens Banks With Closure Over Depreciating Zim Dollar

President Emmerson Mnangagwa said that several big companies and banks face closure for their complicity in sabotaging their economy through manipulating the exchange rate and unjustifiably raising the prices of goods and services.

Addressing a ZANU PF rally held in Epworth National Assembly Constituency on Saturday to celebrate Zalerah Makari’s by-election win, Mnangagwa said the companies and banks, which he did not name, were working with hostile foreign governments to weaken the Zimbabwe dollar. He said:

We have a challenge in our economy, especially around prices and exchange rates.

We are working out a solution, we are now closing in on companies that are behind what we have been witnessing lately.

These economic players are not acting alone, they are being sent by foreign countries hostile to Zimbabwe to weaken our local currency.

So we are devising methods to deal with them, we will close some big companies and banks. These will be announced in due course.

Over the past several weeks, the Zimbabwe dollar has been depreciating against major currencies on the parallel market resulting in a jump in prices of foodstuffs including bread, cooking and mealie meal among others.

More: The Sunday News

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38 Comments

chikas 2 months ago

GNU DOES NOT MAKE SENSE in Zimbabwe coz Zanyu won't give key ministry


Prof W 2 months ago

hazvidi hasha and you cant rig the economy


phil 2 months ago

Ukaona wavekuti musikanawauri kupfimba ndave kuzokurova ziva kuti zvadhakwa total failure.President fungai hasha itai shoma ieconomics idzi


the analyst 2 months ago

one day is one day shiri inomara pasii chete


Wave 2 months ago

One president who has no idea how economics work!


😛😛😛😛 2 months ago

A Great Different between, Mr Officer, Gentle Man and a Comrade
🤪


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Jinn 2 months ago

Is that Job creation or you are promoting unemployment and chasing away investors Mr President.


Chawabvunza 2 months ago

Why is it that it is now a norm that Old People's Home government is issuing threats after threats to citizens and companies. ? These threats are issued at rallies. It is either citizens are threaned with death like "lice" or companies are threatened with closure. My interpretation is that of failure. These guys are showing signs of failure. Citizens must vote them out at Harmonised Elections in 2023 and replace them with CCC.


Tiffany 2 months ago

You can rig the election but you can't rig the economy.Its amagedon!


Chapwititi Kestombela 2 months ago

These are the results of your so called minister of finance, RBZ governor and yourself as the presidium. Sound economic policies are non existent in your vocabulary Cde. Bvumai advice from vanoziva economics dzenyika Mukuru else 2023 bye bye 🤣🤣🤣🤣🤣. The day you will realize that toxic politics is unwelcomed in Zimbabwe muchaita boe. Mungati vamwe vanhu LICE really 🤣🤣🤣🤣🤣🤣. Economy ichakupedzerai Layaan 🤣🤣🤣🤣🤣


Chasura Buddngton 2 months ago

Mdara makanyanya 🤣🤣🤣🤣🤣. **** here mukuru wezvigure

Joe Brownn 2 months ago

ED is a qualified fool, his ****ity is immeasurable. He thinks threatening the remaining companies will improve the economy yet his Gvt's corruption is the one tearing apart our ailing economy.


trinity 2 months ago

akomana zim dollar ma1 ndati ndidyewo chingwa nhasi semunhu akabva kutambira ndukunzi dollar riri pa 400...😔😔loaf 1=400 zw. 2 kg sugar =800zw pa**** pevanhu varikukwidza rate


Prostar 2 months ago

kkkk unogara kwarusape iwe

Dr Hercules 2 months ago

One threat after another, end of term in office no progress


Retired Major General **** 2 months ago

hapana patirikuenda as a nation. even opposition yacho is too weak and unorganized to win against Zpf


politics 2 months ago

So the whole presidium did not see this future coming. Where are our visionary leaders


Cee 2 months ago

Ayaas, apana kwatiri kuenda senyika


politics 2 months ago

Number 1 contributor to our problem is ZIM dollar, get rid of it and we may return to normalcy


Machiavelli 2 months ago

No, I beg to differ.
Number 1 problem is ZANU/ED.

Get rid of that we have hope for survival

Guvheya 2 months ago

God bress Zimbabwe, god bress Zim bond.
vharai henyu nyika yese mkuru .lpapo bho.


UN Observer 2 months ago

The only way out of this mess is GNU. Chamisa can win next year but these guys won't let him rule this country. So gud people those at the helm of CCC, advise vakomana to think about the people first. Lets form a GNU. We know that you met and talked about this matter, though you thought we were not going to know about it. Gvt of National Unity will do coz zvekuti CCC ipinde ku Statehouse havade.


UN observer crasher 2 months ago

the nature of GNU is bring and we share
What dougkass will bring so that it wud be shared
douglass had no t won a single seat even a single ward

the beat is to who ever wins will get the State hiuse keys
contrary u will hear the VP saying will not surrender power to a younger men like CC

Machiavelli 2 months ago

Once bitten twice shy.
MDC went into GNU with ZANU and that gave ZANU breathing space to reorganize and re-strategise. This time, NEVER

Let ZANU stew in their own juices. Can't wait to see the backs of ZANU, geriatrics and their ilk, including VYBZ Ketero

1234 2 months ago

baba avo hapana zvozikamwa


VaGwede 2 months ago

Idyai tione . Ladies and Gentlemen it's not their fault , as if you check the recruitment methods. 12 rounds accomplishment then you are done tomorrow you will be CEO of National Railways of Zimbabwe ummm l doubt panobuda zvisvinu


Machiavelli 2 months ago

A whole President threatening banks!
And you expect investors to have confidence in the economy?

Then you blame sanctions. Apa yo don't kno the difference between Easter and Christmas. Tiri kutongwa nemhepo shuwa


Tio 2 months ago

Kupererwa ndouku manje, a whole president saying that.regai stanchart bank ivhare hazvishande zvemuno kkkkkk, munongoti prices anongokwira ega here mukuru ? Gir example mukuda chingwa chiite Z$150 for a loaf yet fuel has increased, flour has increased, wages have also increased etc. This is economics hadzisi politics dzamunoita bus people in kuma rally enyu. Economics dzinokugarisai pasi

Big Companies 2 months ago

Ipapo boe, tangai GreenFuel, Sakunda, AAG


𝗠𝗮𝗿𝗮𝘃𝗮𝘇𝗮 2 months ago

𝗗𝗼𝗹𝗹𝗮𝗿𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗶𝘀 𝘁𝗵𝗲 𝗼𝗻𝗹𝘆 𝘀𝗮𝗹𝘃𝗮𝘁𝗶𝗼𝗻, 𝗯𝗼𝗻𝗱 𝗻𝗼𝘁𝗲𝘀 𝗵𝗮𝘃𝗲 𝗳𝗮𝗶𝗹𝗲𝗱, 𝗮𝗻𝗱 𝘁𝗵𝗲𝘆 𝘄𝗶𝗹𝗹 𝗸𝗲𝗲𝗽 𝗼𝗻 𝗹𝗼𝘀𝗶𝗻𝗴 𝘃𝗮𝗹𝘂𝗲. 𝗕𝗿𝗮𝗰𝗲 𝘂𝗽 𝗳𝗼𝗿 𝗱𝗲𝗺𝗮𝗻𝗱 𝗼𝗳 𝗰𝗼𝘀𝘁 𝗼𝗳 𝗹𝗶𝘃𝗶𝗻𝗴 𝗮𝗱𝗷𝘂𝘀𝘁𝗺𝗲𝗻𝘁 𝗲𝘃𝗲𝗿𝘆 𝗺𝗼𝗻𝘁𝗵 𝗯𝘆 𝘁𝗵𝗲 𝗰𝗶𝘃𝗶𝗹 𝘀𝗲𝗿𝘃𝗮𝗻𝘁𝘀.


Phil 2 months ago

Let us abandon the ZimDollar for now and reconstruct the economy

Banks 2 months ago

Handei tione. By the end of the month rate inenge yapa 1:450


Machiavelli 2 months ago

Biti was optimistic in saying the rate will be 1:500 by December 2022. it's getting there by June 2022.

tongwai 2 months ago

ovhagwa vanoshan**** mava nepekuvaisa here


Mkanya 2 months ago

Mune ma big companies mangani muno..... Close and give them to sakunda... Nyika inourawa nevene vayo


Scholar 2 months ago

Zvikoro zvikuvhrwa musi wa3 May

Xool 2 months ago

zvikoro zviri kuvhurwa riini?


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