Cash dealers slash exchange rate

CASH dealers are selling bond notes at a premium rate of 22% to buyers using EcoCash in the high-density Harare suburb of Mbare, which is the lowest rate on offer thus far.

BY TATIRA ZWINOIRA

In a snap survey conducted by NewsDay at Mupedzanhamo on Saturday, cash dealers were selling freshly minted bond notes to cash buyers at low premium market rates.

The 22% rate is fairly lower than the 50% to 60% rates currently charged by cash dealers in Harare’s central business district (CBD) for bond notes to those using EcoCash transfers.

“They are offering a 20% rate if you want bond coins and 22% if you want bond notes. The money looks so new as if it is coming straight from the bank,” one woman, who had just completed a transaction, said.

NewsDay found that the majority of the cash dealers, who were still just a few, do their business in front of the dilapidated Matapi Flats, which are opposite Mupedzanhamo.

Upon interrogating this new crop of cash dealers on where the money was coming from, they were dismissive and declined to comment.

However, from the few people who spoke to NewsDay on condition of anonymity, the paper gathered that the cash dealers were trying to take advantage of the high traffic visiting Mupedzanhamo.

As elections draw nearer, parallel market rates have been fluctuating, with the parallel market rates for the United States dollar hitting 100% when either using EcoCash or bank transfers to purchase the greenback.

Parallel market rates for bond notes ranged from 70% to 80% at the time for EcoCash or bank transfer rates.

Currently, the rates are pegged at between 80% and 85% in the Harare CBD for the greenback for those with bond notes.


Recently, central bank governor John Mangudya said “the major users of foreign currency have been provided foreign currency and also letters of credit for them to import all the essentials, so there is no reason why the rates should, therefore, go up again when demand for foreign currency is being met through these interventions that we have done”.

“Therefore, there are people who are out there who are trying to send panic and despondency in the economy,” he said.

The lender of last resort boss added that those who were selling foreign currency at ridiculous rates were going to regret “because people are just making money out of them, it is just arbitrage”.

He based this on the fact that the Reserve Bank of Zimbabwe was now going to inject $150 million a month into the economy, up from $100 million previously.

20 Comments

  1. Kuwiriranakwakanakakugarakunzwanana Garanewakomurudohamandishe

    Comment…Wonzwa RBZ ichingoti ONE BOND to ONE US $ izvo zvaamira mamiriro iwaya. Zvino mari itsva iyi irikumbobvepi, Mbare yavakugadzira marika? RBZ, murikukoniwa kugadzirisa nyaya
    dzezvemari munyika chokwadi. Izvi zvirikungoonekwawo kana neazvarwa mangwanani ano.

    1. tomboti ndiwe gavhuna waidii

  2. Wonzwa rimwe richiti ED pfee zvinhu zvakadayi…nxaaa

  3. Big fish involved! How else are there brand new nots in their hands and no action is taken?

  4. zanu pf is a party full of fucken bustards

    1. They profit from the chaos. Thats why they have no interest in solving cash shortages

  5. not every problem is politically oriented. muchafunga kuti kuvhota kuchakuitirai mabasa. it takes the whole nation to mend things not one person. kahunhu ke spoon feeding kachamamisa vazhinji

    1. you are right the change start with you not ed or chamisa

      1. APA MATAURA CHOKWADI APA, AT TIMES PEOPLE PLACE TOO MUCH HOPE ON POLITICIANS THEN GET MAD WHEN THEY FAIL TO DELIVER WHAT THEY PROMISED DURING CAMPAIGNS BECAUSE THEY LIE A LOT MA POLITICIANS

  6. Wezhira Wezhara

    Next Monday by this time ED would have taken my vote. ED pfeee kusvika masvotwa sellouts.

  7. I would be very suspicious. Probably it has been printed on a good photocopier????
    Do these bond notes have any security metal strip inside? If not they are very easy to copy.
    If you have these and they are false the bank will not exchange them later.

  8. ZANU PF PANYANGA WE CAN BE COLONISED AGAIN

  9. Comment…vana obert mpofu vakanota nemari dzema diamond kwakuswera uchiti ED pfee kusafunga muchafa nenhamo

  10. Comment…vana obert mpofu vakanota nemari yema diamont hanzi ED pfee kusafunga

  11. who the cap fit let them wear it

  12. Kuwiriranakwakanakakugarakunzwanana Garanewakomurudohamandishe

    Comment…Zal, dayi ndaive Gorvenor weRBZ ndaishandisa mutemo
    Zvaramba, nechikonzero chekuudzwa zvekuita, ndaisiya basa. Nekuti handingadyi mari yenyika ndingobika ndombendombe dzoga. VaMoyo avo vave kukwikwidza pahutungamiriri vakazviita wani vaona kuti vakanga vobikiskwa zvisingadyiki.

  13. This issue of the black market was forewarned before the bond note was released but those who claim to know better carried on to “unleash” it and look now how much it’s hurting the ordinary Zimbabwean.You work tooth and claw for your money only to go and buy it from an unemployed somebody at a premium if you need to access it!!!!

  14. Zvakubhowa

  15. Comment…Zvakatanga pana vaGono, vaMoyana navaTsumba zvakanga zvisina kuita sekudayi. Zvekudayi hazvidi kudaro.

  16. who ever is capable of solving these problems let them step forwad

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