Cash barons in Harare have bemoaned the release of new notes by the Reserve Bank of Zimbabwe (RBZ), saying the move has killed their business.
Abel Muringani, a cash baron based in Mbare, told The Herald that premiums being charged for cash had significantly dropped and people were no longer coming to them for cash as before. He said:
The premiums we used to charge a few days ago and the premiums we are charging now are totally different because the cash rates have taken a nosedive.
We used to charge 60 per cent, but now they have dropped to 30 per cent and it’s killing our business because people don’t come to us for cash as much as they used to anymore because they are expecting the cash to be there in banks.
A survey by The Herald on Tuesday showed that cash barons at Mbare Musika were already trading in new notes.
However, the premiums charged by the cash merchants had fallen from 50 per cent to 30 per cent with the development attributed to the introduction of new notes.