Police intensify blitz on money changers

 Police intensify blitz on money changers
Published: 18 June 2019 (255 Views)
Bulawayo police's efforts to stamp out illicit currency trading at the so-called World Bank around the Tredgold area, which authorities fear is weakening the RTGS dollar, is turning into fierce run-ins amid reports dealers are now scooping up dollars and going underground, exacerbating the dollar shortage at the heart of the currency crisis.

Acting Bulawayo police spokesperson inspector Abednico Ncube confirmed police have accelerated a crackdown against black market traders blamed for growing pressure to devalue the currency.

The dollar is being sold on the black market for about RTGS$9, according to traders, far more than the official rate of $5,9.
Government has approved plans to impose jail terms for black market trading, with hundreds arrested.

But the yawning gap between an official dollar rate of RTGS$5,9 and a black market rate close to $10 and a worsening dollar shortage is encouraging holders of dollars to circumvent the central bank altogether.

- dailynews

Tags: police,
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