Zimbabwe’s illegal forex dealers use WhatsApp to find clients, evade police
Al Jazeera
Zimbabwe clamps down on black market trading it blames for devaluing its new ZiG local currency.
Harare, Zimbabwe – The entrance to the main gate at the Budiriro shopping centre, a busy mall south of Zimbabwe’s capital Harare, used to be a hive of activity where informal forex dealers had set up makeshift “offices” on the pavement.
Now the area is all but abandoned.
The smartly dressed young boys and middle-aged men who would stealthily trade foreign currency with shoppers have not set foot there in weeks to avoid police raids.
In Zimbabwe, which has been beset by a decades-long economic crisis characterised by hyperinflation, a 54 percent unemployment rate and highly volatile local currencies, the more stable United States dollar is the preferred medium of exchange.
Everyone from state utilities to street vendors accepts payment in US dollars. Because of the popularity of the greenback, black market forex dealing is a thriving side hustle with thousands earning a living from the practice.
