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Midlands Bureau Chief

THE Political Actors Dialogue (Polad) has called for a currency indaba as it seeks to join hands with Government in an effort to find ways to stabilise the exchange rate which is eroding the people’s earnings.

President Mnangagwa said at the weekend that Government is putting in place measures   to control the local currency’s rapid depreciation.

The Zimbabwean dollar has been losing its value mainly due to manipulation of the exchange rate on the black market, a development that has seen the surge in prices of goods and services.

Banks were ordered to stop lending with immediate effect to minimise the amount of money that is prone to abuse for purposes of manipulating the exchange rate.

Polad economic thematic committee chairperson Mr Trust Chikohora

Polad economic thematic committee chairperson Mr Trust Chikohora said the currency indaba is expected to be held this month.

 “As Polad we are calling for an urgent currency indaba in an effort to find solutions to stabilise the exchange rate which continues to gallop on the parallel market.

As Polad we are calling for a currency indaba where we will have the Minister of Finance, RBZ Governor and The President because of the importance of this issue, ” he said.

Mr Chikohora said captains of industry, business member organizations like CZI, ZNCC, Chamber of Mines, EMCOZ, labour bodies and other key stakeholders will attend the meeting.

He said the shortcomings of the auction system needs to be addressed order for it to work properly and determine the correct exchange rate.

 “The exchange rate is now the biggest problem in this economy.

It is the biggest challenge which the nation is facing right now.

The parallel market is now hovering around $400 to US$1.

“Pricing is generally pegged on the parallel rate hence the people’s salaries have been eroded,” said Mr Chikohora.

 President Mnangagwa has said the renewed assault on the local currency manifesting through the current wave of unjustified price hikes of basic goods and commodities and exchange rate manipulation is another illegal regime change tool being used by the country’s detractors.