Vice President Constantino Chiwenga has fumed on the parallel market stating that those in the trade are known during the 6th Zimbabwe International Trade Fair in Bulawayo today.
The Retired General, who was also the guest speaker at the International business in a bitter stance promised action to deal with the money changers who are trading foreign currency on the streets.
“The parallel market continues to overshadow the formal market because there are buyers and sellers who are willing to participate in its activities,” the country’s Deputy President said.
“As responsible and patriotic citizens, we should however ask ourselves whether our accreditation actions are in the best long term interests of the nation as a whole as we partake in parallel market activities.”
The seemingly agitated VP accused the parallel market for the rising prices in Zimbabwe.
“The recent and continuing spate of increases in the prices of basic commodities cannot be explained by objective cost push factors but driven by speculation originating from the parallel market,” VP Chiwenga said.
“The rising inflation which we are now experiencing hurts the whole economy and its development prospects, negatively affecting all of us.”
“Is it not time we engage and honestly discuss why as a nation we continue to experience foreign currency shortages s yet our foreign currency earnings exceed those of comparator countries who are not experiencing the same phenomenon,” the Retired General went on.
The 6th edition of ZITF comes at a time when Zimbabwe is experiencing price increases amid reports of a recession in the country’s economy.
Zimbabwe is also facing foreign currency shortages which have resulted into some companies suspending operations.
