Exchange rate stabilises

Government has been vindicated for suspending mobile money platforms which were driving parallel market rates, with a survey showing that the exchange rate and prices have since stabilised.

Forensic investigations by the financial intelligence unit of the Reserve Bank of Zimbabwe unearthed wide-ranging malpractices by mobile money players who were allowing and using their platforms to conduct illegal foreign exchange activities.

The result was a runaway foreign currency rate which manifested in high inflation which caused suffering among ordinary Zimbabweans.

However, the decision by the government to intervene has paid off with prices and rates stabilising in sharp contrast to the prevailing situation before the corrective measures as highlighted by a dealer who has since ditched the illegal trade.

Confederation of zimbabwe retailers, president denford mutashu confirmed that the retail sector has witnessed price uniformity and stability in recent weeks.