Home Business No to following parallel market rates- Finance Minister

No to following parallel market rates- Finance Minister

Pension funds seek nod to invest offshore
Mthuli Ncube, is the Finance Minister in the Zimbabwe cabinet appointed by president Emmerson Mnangagwa and past chief economist and Vice President of the African Development Bank. He holds a PhD in Mathematical Finance from Cambridge University.

No to following parallel market rates – Finance Minister

Finance and Economic Development Minister Professor Mthuli Ncube has ruled out further devaluation of the local currency against the US dollar, saying the parallel market rates were determined by a minority of economic players.

Prof Ncube said this today (Wednesday) during the National Assembly question and answer session.

Prof Ncube said the majority of economic players were accessing foreign currency at the auction system with US$ 400 million being disbursed to companies for retooling in the past 12 months.

He added that those who wanted to pay a higher value for the foreign currency than the prevailing rate were free to express that through bids at the auction.

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