Forex shortages cause cash dealers to sell $100 bills at a premium
Busines people who want to buy goods from South Africa in cash are reportedly paying up to $2,50 extra for $100 bills. The $100 bill is in huge demand partly due to the ease of carrying cash in $100 bills. South African suppliers also prefer the bill compared to the Rand. The South Africans offer a higher rate compared to the local cash dealers.
In South Africa, $100 can get as much as R1500 instead of the normal R1400.
A dealer who spoke to Newsday said:
These business individuals and cross-border traders are coming to us to buy higher denomination notes, especially the $100 note. The $50 and $100 notes attract a better rate compared to buying the South African rand. These are the guys who are externalising money to South Africa who do not want the rand. If you go with the rand to South Africa, they will not refuse, but they prefer the United States $100 bill.
Get Pindula News on our WhatsApp Channel
Subscribe here: https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v