Shun profiteers: President

Source: Shun profiteers: President | The Herald July 3, 2019

Shun profiteers: PresidentPresident Mnangagwa

Takunda Maodza Manicaland Bureau Chief
PRESIDENT Mnangagwa has urged Zimbabweans to shun businesses that overprice their products and warned that Government was taking measures to effectively deal with such operators.

Some business operators have been overcharging their products, marking prices against the US dollar black market rate.

This has seriously eroded the consumers’ buying power.

Addressing villagers at Kondo Primary School in Chipinge on Monday, President Mnangagwa said reduction in prices had been noticed in some shops, but some were still charging exorbitant prices.

President Mnangagwa vowed that measures would be taken against such businesses.

“If there are some business operators still charging exorbitant prices, just shun them and go for those who have reduced their prices,” said President Mnangagwa while speaking in the vernacular.

“We say no to overcharging. We are taking measures against those in that practice.”

President Mnangagwa said the measures to be taken against the unscrupulous business operators would be tough.

He said some shop owners were reducing prices, while the US dollar exchange rate was declining on the black market.

“I am getting information that in some areas they are reducing prices in line with the reduction in the exchange rate,” he said.

“Since we banned the use of multiple currency, the rate on the black market is coming down. It was around 13, but now some have pegged it at seven, others at eight, but it’s continuing to come down.”

President Mnangagwa took the opportunity to explain to the villagers measures taken recently by Government banning the multi-currency system which resulted in unjustifiable price increases.

He said it was important for Zimbabwe to have its own currency.

“We were the only country in the world without its own currency,” he said.

“We were using other countries’ currencies. In South Africa they use the rand, in Botswana they have the pula, in Mozambique they have the metical. In good and bad times, they still maintain their metical.

“In Zambia, it’s the same, they have their kwacha. They print it when they feel it’s necessary. They have control over the currency. In Tanzania they have the shilling and Malawi also has its own currency.”

President Mnangagwa noted that no country economically prospers without its own currency.

“That is why we intervened with banning the use of multi-currency after realising that the prices were now going up regularly,” he said.

“We have banned the use of US dollars, rands in shops and other businesses. If you possess US dollars, pounds or rands you will not be arrested.

“If you want to use them you have to convert them to local currency at the bank.”

COMMENTS

WORDPRESS: 2
  • comment-avatar
    Ndonga 3 years ago

    Shun profiteers says ED

    Huh?

    Say that again.

    Surely it should be identify, arrest, prosecute and imprison profiteers?

    Well that’s what happens in a normal country.

    But that is of course, where the profiteers are not your best friends, family and anyone who knows your past guilty secrets.

  • comment-avatar
    Ndonga 3 years ago

    Ed has lost the plot. Just have a look at two of his statements in this article…

    1 “In Zambia, it’s the same, they have their kwacha. They print it when they feel it’s necessary”.

    Even a child knows there is more to money creating and circulating than just printing it. You have got to have an economy that backs your currency up and so allows the printing of it. If it were not so the countries with the most paper and most ink would be the richest ever!

    2 “If you want to use them you have to convert them to local currency at the bank.”

    Where has this man been for the last forever…my bank, without my permission, has already changed my US $ account to the local currency and I lost more than half of its value in that process and it’s still falling. And such falls mostly every time ED gives the world a look at his childlike poor understanding of how a successful economy works!