The return of the Zimdollar has paralysed the black market in Mutare where money changers are now singing the blues. Black market fore...
The return of the Zimdollar has paralysed the black market
in Mutare where money changers are now singing the blues.
Black market foreign currency traders have told the Manica
Post that they would receive US$10 000 and RTGS$10 000 everyday to feed the
parallel market but the suppliers have since stopped. Yesterday, the rates had
tumbled significantly as the RTGS dollar was trading at between 6,1 and 6,5 to
the American dollar on the parallel market.
“We used to receive large amounts everyday so that we would
buy and sell at a profit in the streets. Business was brisk because we would be
able to cash in and make 80 percent profit on a daily basis. We would be
assured that every day the rate goes up and that would give us every reason to
stay in the streets but things have changed ever since the multi-currency
system ended on Monday. Most of my colleagues have since disappeared because
suppliers from Harare who would give us the cash have since stopped,” said one
illegal street money changer.
Another said : Those who used to supply us with EcoCash and
cash have stopped soon after the announcement of the scrapping off of the
multi-currency, a development which saw most of our colleagues leaving the
streets. We had more customers who would come with US dollars and then we wire
some money through Zipit or EcoCash.
“This has since stopped because the rate has tumbled. I
personally got some money which was in my EcoCash account frozen because I
would be involved in a lot of transactions. Clients from agents such as Mukuru
and Western Union are now opting to keep their money or visit bureaux de
changes for safety and higher rates.”
COMMENTS