Black Market Sustaining And Driving Business In Zimbabwe - Report

3 years agoTue, 24 Dec 2019 11:00:48 GMT
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Black Market Sustaining And Driving Business In Zimbabwe - Report

The Zimbabwean economy and businesses are being sustained by the parallel market as everyone who wants forex from businesses to travellers buying their forex from the black market a survey by the  Anti Corruption Trust Of Southern Africa’s survey revealed.

The survey, titled Government’s failure to restore sanity in the financial sector: A case of illegal money changers, read in part:

Considering that 100% of the respondents obtained foreign currency from the black market, a follow-up question, was asked on whether they were aware that buying from the black market was illegal. Again, all the respondents (100%) pointed out that they were fully aware of the illegal nature of transacting at the black market

That said, they have no choice since their banks do not give foreign currency. Another follow-up question was asked on why businesses and travellers, among others, prefer buying foreign currency from the black market than banks and bureau de changes.

This was testified by 50% of the respondents, while another group of respondents feel that there is no paperwork and questions asked at the black market than at local banks and bureau de changes.

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The govt in February abolished the RTGS$1 as to US$1 policy and introduced interbank market which would trade freely against the dollar as the 1 as to 1 was no longer sustainable.

More: Newsday



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