Mnangagwa announces measures to curb exchange rate crisis

President Emmerson Mnangagwa announced several measures to halt the rapid decline of the local currency on Saturday evening but claimed Zimbabwe was under attack from economic hitmen.

Mnangagwa announced new ‘ridiculous’ measures which make using the United States dollar more expensive, an attempt meant to ease pressure on the weakening Zimbabwe dollar currency.

President Mnangagwa said “strong fundamentals” such as forex inflows show that the “recent exchange rate depreciation is driven by factors outside the obtaining economic fundamentals. This is comparable to the work of economic hitmen”.

Mnangagwa also said banks will have to suspend lending money to government and private sector, a move seen by others as a way of reducing money flow and spending on the local market.

He was accompanied by Finance and Economic Development minister Mthuli Ncube and Central Bank governor John Mangudya.