Zimbabwe President Warns of Crackdown on Financial Sector

Zimbabwe's President Emmerson Mnangagwa during the arrival of the shipment of Sinovac and Sinopharm vaccines from China at Harare International Airport on March 16, 2021 in Harare, Zimbabwe. Today's shipment is in addition to a batch of 200,000 doses of donated Sinopharm Covid-19 vaccine received last month. Zimbabwe is one of a dozen African countries to receive donated vaccines from China. (Photo by Tafadzwa Ufumeli/Getty Images) ,

HARARE (Bloomberg) — 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.”

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.

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