While government’s ban on agent lines could have crippled forex trading dealings on the streets , illegal money changers have slowly stormed supermarkets targeting those buying using foreign currency.
Forex dealers are now offering a certain premium which is higher than the official rate in exchange for foreign currency, while using swipe or Ecocash.
The offered rate is usually a 100, 110% which highly beats the 84 official rate in supermarkets.
An observation by the publication shows that they pose as actual buyers in a supermarket using a tactful approach , infused with greetings , slight conversation and asking if one is using cash to buy their stuff.
Speaking to TechnoMag a forex dealer by Pick n Pay Second street said , “ We just have to get inside the supermarkets thats were business is , at least things will balance , we offer a better rate and we do the deals.” “
The transaction limit issue is also another hinderance , but we are just trying to survive .”
He added that feeding his family is the push factor for all those techniques , since government closed the door on them , while he is basically unemployed.
Following a government directive mobile money wallet Ecocash capped the daily individual limit of ZWL$5 000 to contain illegal dealings that fuel black market foreign currency exchange rates.
One staff member was quick to comment on the situation while observing her bosses speak to TechnoMag. “They come here everyday and its hard to pick them out , so there is really nothing to do about it.” , she said.
Authorities in supermarkets have gone as much as putting out notices prohibiting such , but the effort to make a living , push most dealers.
On 21 August RBZ banned agent lines with immediate effect arguing that they no longer serve any legitimate purpose.
Money changers who were feeding on the business were hit hard by the directive.
Encroaching supermarkets is perhaps a minor comeback to hold on the business , while things took a different shift following the directive.
“We are hustlers , we hustle hard involving tactics is part of the plan , otherwise you will go back to the roots (unodzokera kumusha ).” “We now also targeting supermarkets cause Ecocash is now scarce and most people will be using forex to buy.” , said one of the money changers at second street.