Constantino Chiwenga accuses local businesses of ‘financial terrorism’
Kevin SamaitaZimbabwe's vice-president, retired Gen Constantino Chiwenga, on Wednesday issued a chilling warning to businesses to stop increasing prices and sourcing foreign currency from the black market.
Earlier on Wednesday the Confederation of Zimbabwe Industries , the country’s largest manufacturers body, warned that industries were suffering amid worsening economic conditions.Addressing a round-table meeting at the Zimbabwe International Trade Fair in Bulawayo, a visibly angry Chiwenga diverted from his prepared speech to issue the stern warning.The prices of all basic goods have more than doubled over the past few weeks as foreign currency shortages continue to bite.
His comments heightened tension between the government and business over foreign currency shortages that have forced companies to source US dollars on the black market.In February, Zimbabwe’s authorities introduced the interbank exchange rate to allow for trading of foreign currency on the formal market. But the move, which was hailed as a step in the right direction, has failed.
“In 2019, the manufacturing sector is under threat given what we have been getting from our members. The members are very pessimistic about market conditions. All key variables are performing worse than last year,” he said.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zimbabwe’s vice-president warns businesses over crippling price hikesConstantino Chiwenga accuses local businesses of ‘financial terrorism’
Read more »
Mnangagwa livid over Zimbabwe price increases | IOL Business ReportBread has reason from RTGS$1.50 to RTGS$3.50 in the past two days while prices of other basic commodities have also risen massively.
Read more »
Newsdeck: Former U.S. vice president Biden to announce 2020 election run on ThursdayWASHINGTON, April 23 (Reuters) - Former U.S. Vice President Joe Biden will announce on Thursday that he is seeking the Democratic Party's presidential nomination for the 2020 election, a source familiar with the plans said on Tuesday.
Read more »
Business Maverick: Competition watchdog names and shames MTN, Vodacom for high data pricesThe Competition Commission’s provisional report on the cost of mobile data in South Africa has confirmed what many people have long suspected.
Read more »
Crisis-hit Nissan issues fresh profit warning | Business | M&GNissan issued a profit warning on Wednesday, deepening the woes of the Japanese car giant as it seeks to recover from the shock of former boss Carlos Ghosn’s arrest.
Read more »
A comedian who played a president on TV is elected president of the UkraineA comedian whose only political experience consists of playing a president on TV is cruising to a huge landslide victory in Ukraine's presidential election
Read more »
Zimbabwe economy dampens holiday spiritA downpour put a dampener on independence festivities on Thursday but President Emmerson Mnangagwa's administration is facing much heavier weather in its attempts to revive the economy
Read more »
Zimbabwe issues alert for increased malaria casesThe spike is being linked to stagnant pools of water left in the wake of Cyclone Idai, which killed at least 344 people in Zimbabwe.
Read more »
Zimbabwe to unveil two new platinum minesThe government pins its hopes on mining to ease severe shortage of foreign currency
Read more »
Why won’t South Africa walk the talk on Zimbabwe?Why does South Africa decline real support for its neighbour as Zimbabwe’s embattled government calls for economic help?
Read more »
Inflation nightmare returns to haunt Zimbabwe“I asked him how he managed to meet the rest of his monthly expenses and he broke down weeping,” Moyo told AFP
Read more »