Zimbabwe’s president warns currency manipulators

Emmerson Mnangagwa, President of Zimbabwe, said banks and companies that engage in local currency manipulation and unjustifiable price increases could risk losing their operating licenses, Bloomberg reported Sunday (April 24th).

The government says it has found the entities responsible. Now the administration is looking for ways to deal with those responsible.

“These economic actors are not acting alone, they are being sent by foreign countries hostile to Zimbabwe to weaken our local currency,” Mnangagwa said, speaking at a rally of supporters, Bloomberg wrote.

The president also spoke of difficulties with prices and exchange rates – according to Bloomberg, the local currency officially trades at 155.14 Zimbabwean dollars to the US dollar, but often changes hands on the street for 350 Zimbabwean dollars.

The report said the Zimbabwean dollar fell 24% in the first quarter. However, on the black market, it depreciated by around 20%.

“We have a challenge in our economy, especially around prices and exchange rates,” the president said. “We are working on a solution, we are now getting closer to the companies that are behind what we have been witnessing lately.”

See also: Zimbabwe’s AgriTech start-up Cholsas aims to connect farmers, markets and suppliers

PYMNTS wrote that Cholsas, an agricultural B2B e-commerce marketplace in Zimbabwe, intends to bridge the gap between agricultural industry sectors.

Farming features in every tax bracket in the country, with people doing it as a secondary activity and some doing it as their main form of income. And there are also the big commercial operations.

Cholsas, according to the report, tries to let agricultural merchants and service providers market and supply goods to farmers.

Farmers can also sell large quantities of crops in different markets using the same platform. The main objective of the company was to offer a way for agriculture to be less fragmented, so that a beginner could have more of a basis to source products from and not find an unsuitable supplier.

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