Norton independent Member of Parliament Temba Mliswa says the black market rates provide a true picture of the country’s economy.
“Black market rates often provide a more accurate reflection of a country’s economic circumstances than official exchange rates, therefore we need to focus on the factors that provide opportunities for the existence of the black market,” he says.
He adds that threats and heavy handedness against illegal forex dealers won’t work.
Mliswa urged the authorities to get the fundamentals right instead of going after the dealers.
“You cannot constantly threaten people about how to spend their money.
“It’s futile. Deal with the macro factors that anull any need for such informal contrivances,” he says.