The shortage of cash in the form of bond notes has caused the rate of acquiring cash through Ecocash transfers to rise to at least 28% and 30 %, from 20% and 25% for bond notes and coins respectively.
Fuel stations have been fingered in pushing the rates up as they receive a lot of cash which they, in turn, sell at a premium rate via electronic transfer mainly Ecocash agents.
A Zim Morning Post source explained how the fuel dealers-cum-cash barons operate:
Cash is king, petrol attendants are burning cash via Ecocash charging between 28% and 30% and making a profit for themselves.
Some service stations are making ZW$70 000 per day in cash then they sale the cash through Ecocash ‘cash out’ transactions at 30% which is the black market rate, this means they get 21 000 profit in a single day.
They then make electronic transfers to the bank to justify the amount of petrol sold in a day in case ministry of energy officials swoop on them and remain ZW$21 000 richer.
The government recently banned the used of multi-currencies in domestic transactions. The Zimbabwe Dollars was reincarnated as the sole legal tender.
However, the banning of foreign currency has led to an acute liquidity crunch resulting in the creation of a new black market.
More: Zim Morning Post
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EcoCash is a mobile money transfer facility which is run by Econet Wireless Zimbabwe. The facility has grown in leaps and bounds since its inception and is arguably the largest mobile money transfer agent considering the huge sums of transactions that the platform is said... Read More About EcoCash