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*"Sharks Thriving On Black Market Are Frustrating Interbank Forex System", Commerce Minister* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?sk Industry and Commerce Minister Nqobizitha Mangaliso Ndlovu has said that some big companies were frustrating the success of the interbank forex market system. The minister noted that this was because they were getting big shares of foreign currency when the Reserve Bank of Zimbabwe was allocating forex. Ndlovu who was addressing delegates to the Bulawayo Zanu-PF Youth League one-day conference said: ---------- Latest itel S24 available on Pindula: 128GB storage, 4GB RAM $119 USD WhatsApp: +263715068543 Calls: 0772464000 Buy Online: https://www.pindula.co.zw/market/itel-s24-128gb-22-20240426142756795795/?s=wanews ---------- > We have sharks that are thriving on the black market and are doing all within their powers to suppress a smooth migration into a formal trading system where companies can access foreign currency from the interbank market. > These are the same big guys who were big beneficiaries of the Reserve Bank of Zimbabwe system of forex allocation. They are now seeing a situation whereby everyone is equal in the market and all that one needs is his or her RTGS money to buy foreign currency on the interbank market. This is the reason why they are now resorting to putting spanners in the works so that the system fails. Minister Ndlovu further observed that instead of introducing price controls the Government would rather address factors fuelling price hikes such as the black market currency exchange rates which result in price distortions. More: The Herald _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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