5 ways Zimbabweans are preparing themselves against Bond Notes

Posted by Onesimo

News 24 reports on 5 ways Zimbabweans are hedging themselves against Bond Notes:

  1. Setting up cash-burning companies. These are already operational and offer rates of around 10%. A typical burning transaction is that a customer would have $110 in the bank which they’d like to convert to cash. They then approach this burning company and buy cash. They’d receive $100 cash in exchange for a transfer of the $110.
  2. Smuggling. That is bringing in products from outside that are in short supply in Zimbabwe. Such products as fuel and import banned products.
  3. Buying company shares on the stock market. Zimbabweans have been reported to be rushing to convert their banked money into shares by buying equities on the Zimbabwe Stock Exchange.
  4. EcoCash Ecocash has allowed people to move money around while avoiding the banks, which are seen as being inflexible in allowing people to withdraw their cash.
  5. Keeping their money out of banks. Zimbabweans are withdrawing their money en masse as well as avoiding banking it at all.

More: News24.


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