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Bond notes a hit in Mozambique

by Staff Reporter
10 May 2017 at 04:25hrs | Views
Bond notes are being sold in exchange for US dollars in neighbouring Mozambique by cross border traders.

Zimbabweans are selling cash in exchange for dollars in a town called Manga outside Beira, NewsDay reported.

"Bond notes are being sold at Manga a few kilometres from the border in Mozambique," the source said.

The publication said in Manga, bond notes are reportedly being kept by Zimbabweans whom cross border traders are selling in exchange for United States dollar.

Zimbabwe Cross-Border Traders' Association secretary-general Augustine Tawanda said  business was low for these traders.

"Anybody that has got cash these days is taking advantage of the shortage.

"It is a no-brainer that anybody who has got cash will say I will not let it go until you give me a little more extra. It does not make sense to take bond notes to Mozambique to get United States dollars. I mean what kind of knowledge is that?" he said.

"People are not buying as easily. The issue of plastic money is a second option, but there is a shortage of cash which impacts negatively on cross border traders," he said.

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Source - NewsDay