Zimbabwe bond note black market booms across borders


He says smuggled bond notes from Zimbabwe are also selling fast in bus terminals in neighbouring Mozambique and Zambia, where Zimbabwe´s cross border traders do business.

“We suspect there are more Zimbabwe bond notes in neighbouring South Africa, Mozambique or Botswana” than inside the country, Mr Guvamatanga says.

“Someone realised there is massive profit in smuggling and selling bond notes outside our borders.”

Demand from the Zimbabwean diaspora drives the trade.

“There are a lot of Zimbabweans living out of the country. They want the bond notes ahead of their visit to avoid bank queues and daily limits,” the president of the Bankers Association of Zimbabwe, Charity Jinya, confirms.

The currency smuggling rackets are causing headaches for Zimbabwe’s central bank governor Mr Mangudya.

“There is a lot of indiscipline in this economy. The bank, police and taxmen are acting in close cooperation to fish out money smuggling kingpins,” he has claimed.

On hearing this, however, trader Garikai laughs.

“I want the cash shortages in Zimbabwe to continue. That way I can be rich again.”- This is Africa


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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


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