Young college guy who resorted to money changing was recently duped in Harare by his client.
Faced with the harsh economic environment the young man opted to raise his fees by going in the central business district streets along 2nd Street and Speke, Harare in front of MUKURU bank entrance waiting for those who have received money from foreign countries and exchange rate to local currency.
After negotiating their rates the client left and came back, both agreed to go to Meikles hotel where the client claimed to have been residing.
The complainant then surrendered $340 bond notes to his client and was left sitting at the reception waiting for his client who had gone in the escalator to his supposedly room. The ‘money changer’ vendor sat till realisation that he was robbed since it has been ages before his client had returned.
Due to the shortage of cash in the banks ,forex dealers has also risen and gained momentum in selling local currency at a higher rate .The rate exchange of US$ to bank transfer in Zimbabwe has reached +100 %.
If one wants US$100 hard cash has to transfer $200 to the holders account and bond cash if you have US$10 to convert it to bond notes ,the least you must get in the informal currency markets is $17,50 bond and this is basically how the markets have reacted.