Mthuli Ncube defends policies

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FINANCE and Economic Development minister Mthuli Ncube has blamed the current economic crisis on the black market and speculators as he insisted that his policies are working.
This comes at a time when the economy is tanking, characterised by galloping inflation that has seen prices of goods and services skyrocketing beyond the reach of the long-suffering ordinary people.
Responding to questions in the Senate yesterday, Mthuli said his policies were good, but the foreign currency black market was causing the economic crisis.
“The saboteurs are the people on the parallel market, not the policies. Security risk to the country is not policy, security risk to the country are speculators and those who are dealing in the parallel market and illicit activities, that is the truth.
“There is only one exchange rate between the Zimbabwe dollar and the US dollar.
“We don’t have two currencies. Our aim is to have a unified exchange rate and stabilise it.
“We allowed the US dollar to be used during this difficult time to allow people with free funds to use them. It’s about flexibility. The auction system is going to stabilise the market.
“Once the market is stable at whatever level, then it should translate to movement in prices that will deal with inflation,” Ncube said.
Ncube’s response comes after senators challenged him to deal with the current economic crisis which is causing untold suffering to Zimbabweans.
“Minister, your policies have become a national security threat, inflation is going up, civil servants are protesting. What are you doing about these issues?” MDC Senator Tichanani Mavetera asked.
This comes after the Zimbabwe dollar tumbled by 12 percent against the US$ during the second week of the foreign currency auction done on Tuesday to end up trading $63.7 to the greenback.
The government started the currency auction system last week.

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