Illegal Forex Dealers In Tight Spot

Some illegal money changers say their business has been frustrated by the banning of mobile money agent lines and the introduction of daily transaction limits by monetary authorities.

The Reserve Bank of Zimbabwe (RBZ) recently banned mobile money agent lines as well and set $5 000 as the cap for daily transactions for individuals.

A money changer in Bulawayo said authorities are closing all avenues for them, making their business a lot harder. He said:

Since the lockdown began in March our job has become difficult as authorities are closing all avenues for us.

Now, this latest ban on agent lines and the cap in daily mobile transactions has totally frustrated our business.

Another money changer said she has since quit the trade and opted for other income-generating avenues. She said:

Running battles with police is not a nice thing, worse as a woman. I have since quit ukuphathelisa (money changing) and opted for vending where I now sell products at home. I am not going to town anymore.

However, other money changers vowed to remain fighting for their space, claiming that business was still there.

More: Chronicle

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