Latest News Editor's Choice

News / National

Osiphatheleni run out of money

by Methuli Ncube
20 May 2019 at 22:22hrs | Views
Most Illegal foreign currency dealers popularly known as Osiphatheleni ran out of money to service their customers today, Monday.

The reason, they alleged, was that the government mopped up foreign currency and bond notes in the streets in a massive buying spree that pushed the rates up over the weekend.

"We have no float to do business because our backers collected every cent we had over the weekend, We are turning customers away," said money changers in Bulawayo and Gweru.

Asked who their backers were, most osiphatheleni were uncooperative but6a handful claimed it was the government.

"We were authorised to buy forex at unprecedented high rates since last week that is why the rate kept going up and If you check from those who got ecocash transfers, the names appearing for the sender are not those of individuals but those of funny companies that may not really exist," said an usiphatheleni.

She said on Friday for the US$ for instance, rates shot up to:
100   USD   =   550 Bond
100   USD   =   620  RTGS
100   USD   =   632 Ecocash.

All along the rate had been hovering around
100 USD      =  450 bond
100 USD      =  465 RTGS
100 USD      =  480 Ecocash
A comment could not be obtained from Finance and Economic Development Minister Mthuli Ncube.

Source - Byo24News