‘Financial stability on horizon’

THE suspension of trading on the Zimbabwe Stock Exchange (ZSE) as well as mobile money agent lines is a game changer that will address the economic and financial malpractices that were delaying the country’s financial stability.

In an interview last weekend, global investment analyst Ambassador Chris Mutsvangwa said the recent developments in the economic sector will address the serious structural economic issues dating back to 1890.

“These economic and structural issues date back to 1890 when we lost our power upon colonisation. Sadly when the First Republic came into power in 1980, these were left unaddressed.

“Nefarious financial players were preying upon the people, particularly on the ZSE, which was the monopoly of one huge conglomerate.

“There was also the haemorrhaging of foreign currency,” said Ambassador Mutsvangwa.

“This has since been addressed by the Government through suspending the ZSE. President Mnangagwa’s game changing moves will address the economic and financial malpractices which had plagued this country for years, thereby denying it the financial stability it deserves,” he said.

Ambassador Mutsvangwa went on to highlight that Zimbabwe earns more foreign currency than its neighbouring countries, adding that this should translate into a stable economy.

“Zimbabwe earns more foreign currency than Mozambique, Zambia and Malawi, among other countries. On a good year, we do better than Kenya. All these countries have stable currencies, therefore Zimbabwe should follow suit.

“Someone has been playing around with our financial structures. That person has been taking money at the expense of hard working tobacco and cotton farmers, gold miners and other hardworking Zimbabweans.

“All of them were being deprived of their foreign currency by these nefarious players and the President is finally addressing those loopholes.

“The President is ensuring that the financial and economic sector has a level playing field,” said Ambassador Mutsvangwa.

The Reserve Bank of Zimbabwe recently announced the suspension of all mobile money agent and merchant transactions, a move which seeks to deal with the foreign exchange black market and the rampant increases in prices of basic commodities.

In suspending trade on the local bourse, Government argued that it had impeccable intelligence that constituted a prima facie case in which Zimbabwe’s phone-based mobile money systems are conspiring with the help of ZSE, either deliberately or inadvertently, in illicit activities that are sabotaging the economy.

These activities include illegal externalization of foreign currency through transfer pricing and engaging in rampant unchecked tax evasion.