Friday, 29 September 2017

BANKS FUELLING BLACK MARKET

Banks have been fuelling the currency black market in Zimbabwe by moving bond notes onto the streets in search of the now elusive US dollar, economic experts, monetary and fiscal authorities have confirmed.

Among the busiest black market spots is a trans-border bus terminus to the east of Harare and around a shopping mall in the city centre, where dealers wave wads of the surrogate currency to potential clients.

As at Thursday morning, 140 dollars worth of bond notes were buying 100 US dollars.
The monetary system went into a “shock” in the week as the informal market exchange rates for the RTGS and bond note relative to the US dollar drastically plummeted, a syndrome of the debilitating economic environment.

Leading financial research firm Equity Axis said banks have been instrumental in fuelling the crisis through funding parallel market dealers and similar activities. Daily News

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