Friday, January 02, 2009

Zim economy run on foreign exchange


..."A survey by The Herald this week revealed a significant drop in demand for the local unit as very few shops and traders were still selling products in Zim dollars," the newspaper reported.....

Since September last year, Zimbabwe's central bank has licensed at least 1,000 shops to sell goods in foreign currency in a move aimed at helping businesses suffering from a chronic shortage of foreign currency to import spare parts and foreign goods.

Others shops and service providers have followed suit although they have not been authorised by the government and despite warnings that those arrested for flouting foreign exchange regulations would be prosecuted.


and then there is this: from IOL SA

Zim illegal Forex dealers hit hard times

Zimbabwe's illegal foreign currency market has been dealt a blow, the state-controlled Herald reported on Thursday.

"The introduction of the Foreign Exchange Licensed Warehouses and Retail Shops facility authorising businesses to sell goods and services in foreign currency has dealt a near-death blow to the illegal foreign currency market.

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