Zimbabwe: 65 Illegal Forex Dealers Arrested, Set to Appear in Court

A CLAMPDOWN on illegal foreign exchange dealers operating on the streets of Harare has netted a total 65, who are set to appear in court this Monday, April 22, 2024.

This comes as government seeks to protect the new currency, called Zimbabwe Gold (ZiG), which according to analysts lost 47.4% of its value on the black market in less than two weeks of its introduction on April 8.

Although physical ZiG notes are yet to be circulated, the Reserve Bank of Zimbabwe pegged it at 13.56 to the US dollar, but it has crashed and is now trading at 20 to the US dollar on the black market.

At the weekend State media published pictures of the illegal money changers outside the Harare Magistrates Court following their arrests.

The illegal money changers have been remanded in custody until today for bail applications.

The ZiG was launched by the central bank amid much pomp and fanfare on April 8 in an effort to tame inflation which is now the highest in the world at 2647%.

The Zimbabwean dollar, which is being demonetised and replaced by the ZiG, lost over 96% of its value in just 12 months.

In a recent interview with NewZimbabwe.com, Finance Minister, Mthuli Ncube, expressed shock over ZiG's slump in value on the grey market.

"I can't even understand where this is coming from. The fiscus remains very tight and I wonder what really is driving such premiums," Ncube said.

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