Lack of reliable domestic money corrupts everyone in Zimbabwe's capital


Inside Zimbabwe's Multi-Million-Dollar Black Economy

From the Center for Investigative Journalism
Harare, Zimbabwe
Friday, May 25, 2018

"You will not believe that between US$1.5 million to $2 million exchange hands here on a day to basis," Rod Zhou (Not his real name) said casually adding: "It also depends on the time of the year. Volumes are being pushed and the biggest players are the gold miners, the Reserve Bank of Zimbabwe (RBZ), traders of Indian origins especially Mohamed Mussa, and a few mobile phone traders."

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Zhou quickly went into the nitty gritties of the multi-million-dollar illegal foreign currency dealing that has replaced the role of banks in Zimbabwe.

Many gold mines in Zimbabwe are owned by Zanu PF politicians. President Emmerson Mnangagwa has also been fingered in fueling black market.

With hordes of cash ranging from dollars to Rand to Pulas, young men and women patronise Harare streets, along 4th street, Roadport Bus Terminus, and Eastgate Mall, as well as the environs surrounding CopaCabana area.

They hold huge stashes of cash in their hands as they wave to would-be forex buyers without the fear of the police.

"We are no longer afraid of the police. If you are arrested, you pay US$20 fine and you are set free. It takes less than an hour to pay the fine and you will be back in the streets.

"There is a group of policemen which does not even arrest us. They demand only US$2 per person every day." ...

... For the remainder of the report:

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