Illegal foreign currency dealers are reportedly counting their losses after the parallel market rates tumbled.
The development is attributed the measures that were announced by the Reserve Bank of Zimbabwe (RBZ) last Wednesday, as well as a police operation targeting the alternative foreign currency market.
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Illegal foreign currency dealers who spoke to the Daily News had this to say:
RBZ personnel, working together with the police, are patrolling the streets and searching suspected money changers. If they find you with more than $300, they demand an explanation and … also force you to go and deposit the money in a bank or you face arrest.
… The rates are unfortunately going down because of what (RBZ governor John) Mangudya did. For US$100 we will give you 340 bond or 360 RTGS depending on the numbers.
More: Daily News
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe