Parallel market rates determined by minority of economic players, will not devalue ZWL – Mthuli

Finance and Economic Development Minister Professor Mthuli Ncube says 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.In light of this, Minister Ncube 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 yesterday during the National Assembly question and
answer session.

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.