NOT UNDER MY WATCH : FINANCE MINISTER


Finance Minister Professor Mthuli Ncube says foreign currency accounts will not be raided under his watch.

“I want to assure you that these FCAs will not be raided. They have been ring-fenced. These are kept offshore and you have a mirror account (domestic) which reflects those accounts. You know what happened the last time we did that, when we shut them down, the US dollar just disappeared. So we have learnt that if you raid these FCA, if you shut them down the US dollar disappears and you go back to disintermediation, which is what we have now.

“So we learnt a hard lesson. I would not recommend that to anyone to say raid people’s accounts. It is not a good idea, not under my watch if I am allowed to watch over those FCAs as Minister of Finance.”

On truckers the minister said : “On the truckers, where is your problem with the truckers? We have just laid down the law to say you will have to pay using US dollars , people can evade that, we need to think of enforcement mechanism but the principle of them paying in US dollars is a good one. The same for anyone coming to buy groceries, we are aware that our groceries are quite attractive because of prices we want to insist that they use US dollars but they might try to avoid that.”

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