Parly orders Mthuli Ncube to bring a ministerial statement on exchange rate
Finance and Economic Development Minister Mthuli Ncube has been ordered to bring a Ministerial Statement to Parliament to explain the shocking exchange rates obtaining in the streets.
While the official exchange rate from the Reserve Bank of Zimbabwe (RBZ) is ZW$165 for US$1, the black market is trading the same for ZW$400 for US$1.
Most businesses in Zimbabwe peg their goods using the black-market rate meaning a lot of Zimbabweans who are paid in local currency are between hard rock and a deep blue sea.
This has seen Honourable Fani Munengami not amused by the development and raising the issue in the National Assembly.
In his ruling on the issue, the Speaker of the National Assembly Jacob Mudenda asked Minister Mthuli Ncube to explain what measures the government is taking in addressing the issue.
‘’The Honourable Minister of Finance and Economic Development is here. The issue Honourable Minister is that the runaway exchange rate, particularly in the illegal market is a cause for concern and the request is if you could make a Ministerial Statement.
‘’A statement to indicate to the Honourable House what measures the government is putting in place to arrest the situation. So, Honourable Minister, the ball is in your court, when do you think you can be ready?
The finance minister promised to bring the ministerial statement next Thursday (12 May 2022).
‘’Thank you, Mr Speaker Sir. I thank the Honourable Member; I will give the Ministerial Statement next week Thursday,’’ he said.
In raising the issue, Honourable Munengami had said the local currency can no longer buy anything valuable and that it was going to be difficult to survive in the country under the circumstance.
‘’My issue Honourable Speaker is on inflation. As I am speaking Honourable Speaker, inflation is 500 dollars against the US dollar, which means that our livelihood as Zimbabwe, all things will go up.
‘’There is nothing valuable that we can buy for our livelihoods. Our cry is that we can have a statement from the Minister of Finance and Economic Development on the way forward to alleviate our situation so that our dollar will not continue to be devalued.
‘’As I am speaking Honourable Speaker, if you want to buy a loaf of bread it is now costing 400 dollars Honourable (Tendai) Biti is saying it is now costing 500 dollars, which means I was lagging behind.
‘’So, it is very difficult to survive. Mr Speaker, even boarding a kombi to get into town, it is very difficult. If this trend continues, we do not know what it will be in weeks to come – probably it will be at 1 000 dollars. My plea is; may the Honourable Minister of Finance come and give a statement on how we can stabilise our dollar before it gets worse,’’ said Honourable Munengami.
Parly orders Mthuli Ncube to bring a ministerial statement on exchange rate
