SA traders won’t stock Z$ 22-02-07

roduce a new currency, causing them to lose out.
“We normally get higher rates if we exchange our rands at the Park Station in Johannesburg compared to what we get when we change them at the Roadport in Harare. So it really was a shock to me when I was told by the dealers that there were no Zimdollars available,” said Steven Mapiriyawo, a cross-border trader.
A dealer in foreign currency stationed at the market confirmed that they were no longer in a position to stock large amounts of Zimbabwean dollars given the unpredictable nature of Zimbabwe Reserve Bank Governor Gideon Gono, who has already once changed the Zimbabwe currency at his whim.
“Last time we were caught unaware by the currency change, and we were not given adequate time to bank the old currency we had. In addition there was a limit as to what we could bank on any given day, and in the end we had so much useless dollars of the old bearer cheques. We made huge losses and we are trying to safeguard ourselves from this happening to us again,” said Themba Dhliwayo.
CAJ News also established that the situation was the same at the Beitbridge border post. Most cross-border traders were forced to go home with rands they had earned after failing to change them.
The rand is presently fetching well over Z$900 at parallel market rates a situation which has resulted many to abandon their professions at home to become menial workers in South Africa and engage in cross-border trade.- CAJ News