ED gets emergency powers to seize BIG bank deposits, wealth, from citizens

President Emmerson Mnangagwa is finalising drafting legislation that will restore stability and eliminate mischief in the money markets, his spokesperson George Charamba told the Daily News on Sunday this week.

Charamba also revealed that Mnangagwa will use emergency powers to deal with unexplained wealth and bank deposits in wide-sweeping measures that will see tighter bank surveillance as well as target tax dodgers.

“If we find that an account that had two cents yesterday suddenly has $40 million, the first thing we do is to provisionally impound that and we push the onus for you to explain the source of those funds,” he warned ominously.

This comes after prices of basic commodities spiralled through the roof last month after the bond note and Real Time Gross Settlement rates took a heavy battering against the United States dollar on the parallel market.

Treasury has denied that the wide exchange rate movements were in response to a two percent tax introduced last month by the ministry of Finance on all electronic transactions, insinuating there could be some hidden forces taking positions on the market.

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