RBZ to go after WhatsApp groups in order to deal with forex dealers

The Reserve bank o Zimbabwe has promised to gun down all illegal forex dealers according to a recent press statement. The country’s major financial unit has promised to rid the streets of black market traders in a move to try and stabilise the economy. The exchange rate at the black market is more than twice that which is officially gazetted by government.

This has led people to change their foreign currency on the black market rather than at official exchange institutions such as banks. The current black market rate for the US dollar is 1:8 while at the banks it is at 1:3. The shocking disparity has propelled the reserve bank to put in place measures to curb the black market trade. The Reserve bank’s financial unit said they will be tracking down forex dealers in WhatsApp groups. They said making enquiries about the black market rate or responding to such could get one arrested. They are also on a manhunt of online groups that might be facilitating the exchange of foreign currency on the black market.

The move has been ridiculed by many. Some have already developed street lingo to refer to foreign currency with US dollars being referred to as “green vegetables”. Those with WhatsApp groups for foreign currency exchange have actually changed their names. Others have been saying they are puzzled at the move by the RBZ to clampdown black market traders when it has been alleged that it is officials from the RBZ that are actually fuelling the black market by supplying forex and hard cash. The move then remains a mystery.

The black market has gained so much prominence in Zimbabwe such that every other thing besides foreign currency is readily available on the black market. Basic commodities such as sugar, cooking oil and even mealie meal which are difficult to find in shops are abundant on the black market and being charged in US dollars