Black market traders going out of business as gold coins boost Zim dollar | Fin24

Black market traders have been left reeling as taken by authorities, including new gold coins, to support the embattled local currency dry up excess liquidity and erode arbitrage opportunities.

"Some traders are already out of business," said Misheck Gore, a dealer who works in the central business district of Harare, the capital. The central bank sold 4 475 gold coins, generating Z$3.7 billion by Aug. 10, of which 90% was paid in Zimbabwe dollars and the balance in foreign currency, Reserve Bank of Zimbabwe Governor John Mangudya said in a monetary policy statement released on August 11.

Source: News Formal (newsformal.com)

Fin24 When Russia linked its currency to spot gold after financial sanctions imposed suggested Zimbabwe should follow .Economy also under sanctions. This is the result. Black market with no ceiling now severely curtailed. The rest in the hands of the authorities now. How much $ needed?

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