Zimbabwe: Money Lenders Deny Forex Racket

LEADING institutions in the world of micro-finance, those small money lenders who have mushroomed especially in Harare and Bulawayo as desperate workers resort to riskier ways of accessing money, are now allegedly exploiting the closure of the bureaux de change, by covertly dealing in foreign exchange, it was learnt this week

At a hearing convened by the parliamentary committee on budget, finance, and economic development in Harare, it was revealed that micro finance institutions are now filling the gap left in the foreign exchange market by trading in foreign currency in violation of their licences

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