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Zimbabwe president warns of crackdown on financial industry

Vowed to take unspecified action against companies in the financial services industry that he accused of profiteering.
Image: Tafadzwa Ufumeli/Getty Images

Zimbabwean President Emmerson Mnangagwa vowed to take unspecified action against companies in the financial services industry that he accused of profiteering.

“There are sharks in the financial sector,” Mnangagwa was quoted as saying by government spokesman Nick Mangwana on Twitter. “We now know who they are. We are dealing with them.”

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Mangwana didn’t immediately respond Monday to a text message seeking further comment. Mnangagwa didn’t identify the companies he was talking about.

Mnangagwa has previously issued warnings to private companies he blames for undermining his efforts to turn around an economy plagued by annual inflation of 241% and foreign-currency shortages. Last year, his government closed the Zimbabwe Stock Exchange for five weeks and singled out the largest mobile operator, Econet Wireless Zimbabwe Ltd., for undermining the nation’s currency through its mobile money service

Ralph Watungwa, president of the Bankers Association of Zimbabwe, didn’t answer two calls seeking comment.

© 2021 Bloomberg

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What Finance industry?

What a joke.

There is nothing left.

Any money left there?

And if any “financial industry” left, let’s leave today !!!!

These guys are smoking so much of their own pot, what a joke, but there will be enough loyal supporters nodding in agreement.

Replace “crack down” with Looting — A lot more accurate I would think.

It always sounds so hollow when one of the greatest destroyers the world has ever seen, the ZANU PF Government, accuses others of wrong-doing.

Zanu pf and all their cadres is milking the new diamond mines in the South East of the country leaving the rest of the country impoverished.

End of comments.

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