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Ivan Zhakata and Precious Manomano

ZIMBABWEAN citizens under the Progressive and Patriotic Citizens of Zimbabwe (PAPCOZ) have warned economic saboteurs who are fuelling unjustified price increases of basic commodities and high rates on the parallel market that their days are numbered.

PAPCOZ said such price increases coupled with a skyrocketing parallel market rate were not only of concern but have become cancerous to an extent of needing both diagnosis and urgent prescription.

 PAPCOZ treasurer Mrs Agnes Chikondo said since the resumption of the foreign currency auction rate after its suspension last year, they have noted with concern the mismatch between the Central Bank auction facility rate and the parallel market rate.

She said what was shocking was the fact that while the interbank and auction rate were almost at equilibrium, the same cannot be said of the parallel market rate.

“Whilst the economy has shown an increase in foreign currency earnings since last year to the tune of more than US$ 9 billion, and where the interbank and auction rates are in sync with the willing buyer and willing seller principle, it is worrisome that there are oligarchs, cartels and economic saboteurs in our midst who are operating in dark corridors, fighting Government efforts to stabilise the economy,” she said. 

“We are aware of these monopolies and cartels and want to warn you in the strongest of terms that your time is up. There are businesses that are thriving because of the existence of the auction facility and yet we are now aware that these same entities are part of the cartels driving the parallel market for greedy purposes while fuelling arbitrage”.

Mrs Chikondo said they had also noticed a sharp price increase in basic commodities which has led to most people struggling to put a decent meal on the table.

She said they were aware that some of the companies who were benefiting from the auction forex were the same companies charging goods using the parallel market rate.

“You are starving and killing your own brothers and sisters. We warn you once again to stop it forthwith. We want to inform you that this is just a warning, but moving forward we are going to engage the Financial Intelligence Unit, all other law enforcement and security agencies to expose these oligarchs, cartels and all those involved in foreign currency shoddy deals.

“We shall ensure through our advocacy and non-confrontational methods that all these economic terrorists are brought to book and face the full wrath of the law. This is an important and urgent operation. The campaign shall also push for the seizure of licenses of those businesses who are found on the wrong side of the law.”

Mrs Chikondo said the matter needs all citizens to take part and ensure that their rights were not violated by cartels and oligarchs.