effort to boost the ailing currency. The authorities have also swooped at Roadport, seizing currency from traders and cross border shoppers.
But while the Zimbabwe dollar rallied last week to an informal rate of 1,800 to US$1, most of the gains have since been lost One US dollar currently buys about Z$1,600.
“What we saw last week was that momentary panic, but there is now another resurgence of the US dollar,” a trader told The Zimbabwean.
The government’s latest curbs were introduced in an effort to seize control of foreign currency trading. But economist Witness Chinyama said: “The problem is that the current government policies are not geared to improve the flow of foreign currency into the country. The parallel market will continue to thrive because that is where manufacturers are forced to source money for key imports.”
30.11.2006
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Black market crackdown fails (30-11-06)
HARARE - The government's drive to support its currency by cracking down on black market trade is failing, financial analysts have noted.
The Mugabe regime has closed down money transfer agencies, and ordered exporters to exchange half of their foreign cash reserves into Zimbabwe dollars, in an
The Mugabe regime has closed down money transfer agencies, and ordered exporters to exchange half of their foreign cash reserves into Zimbabwe dollars, in an