Zimbabwe: The grey economy is the real one
Takunda Moyo, 35, seems the epitome of a successful business person: he drives a sleek car, wears designer label clothes, and is never short of a dollar or two. He is part of a new class of entrepreneur - the illegal foreign exchange hustler.
As one of the front men for the cartel that runs the business in Bulawayo, Zimbabwe's second city, Moyo is several rungs up the ladder from the people who stand on the pavements all day.
His job is to supply them with daily cash floats and communicate new currency rates to thousands of individual dealers in the city. "The foreign currency exchange business is a complex web, and all the women you see on the streets, changing foreign currency, are simply employees of a big cartel that runs the illegal black market in the country," Moyo said with a chuckle.
Read the rest of the article here
Related
Sasfin: Defeated after the scandal on the rot in its foreign exchange business 20 Dec 2024 What you need to know about crypto exchange control regulations 5 Aug 2024 Kganyago unpacks R100bn reserve fund withdrawal 31 Jul 2024 Strategies in flux: Trends shaping the South African foreign exchange intermediary sector 14 Feb 2024 Standard Chartered's admission of rand manipulation triggers widespread banking probe 22 Nov 2023 Sarb pauses as South Africa's rand drops on firm dollar 21 Jul 2023
