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Zim Shops start forex trading


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Old 08-10-2008, 06:46 PM   #1
TheDuck
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Join Date: Jan 2004
Last blog entry: Mon, 2010-06-14 13:19
Location: Scandinavia
Comedy Zim Shops start forex trading

In the past week we have learnt that an Internet company has begun to accept groceries as payment for internet connections and now we get a deeper look into how supermarkets are involved in Forex Exchange

Feedback from a resident in the country

sorry if it offends ....... but we are making history here....

Also, if I "disappear" for exercising my human right to freedom of speech, please support the "feed my dogs" trust fund!

Check out.....
http://www.herald.co.zw/inside.aspx?sectid=1763&cat=1



Yes it official - We took a walk through the shops yesterday and this
is what we saw (some rather unclear pics attached as taken secretly from my cell phone and I am certain I was being followed around the shop by a
undercover person posing as a customer)



Only half the shops are selling in UD$ Forex and the other half in local currency.

According to a few shop keepers, they say its for the people who have no foreign currency to spend, but that's just a load of B/S.



The real reason is they have been capitalising on the lack of goods availability, and more recently the lack of cash notes in the banks.....and using what is commonly referred to here as the RTGS rate (or bank transfer rate) Let me explain.......



For those of you who dont know, Zim has a cash rate AND a bank transfer rate. There is also an official bank rate which is a laugh a minute. Getting back to the shopkeepers.....they peg prices in US$ values...and then change the price DAILY according to the rampantly escalating inflation rate of around 50-100% per day.....They use this rate even if a customer has got cash notes to spend! And those local prices are ridiculously high breaking down to extremely high prices.

Eg: Mince-Meat was selling at Z$11,000,000 per kg which is US$2,750/kg at cash rate or US$40/kg at Bank Transfer Rate. And this from the same shop that was selling a loaf of bread at R1.50 six months ago when the bread price was R 8.50 per loaf (price supplied kindly by my sister in SA).

So, what happened?
The Reserve Bank Pricing Commission will have a go at them in due course.......

Would appreciate it if anyone could advise how these US$ prices
compare to where they live just for interest sake. It should be easy to compare Baked Beans and Nescafe Coffee. Last time I checked Zambia used to be x5 times more expensive than SA and Zim (over the past year) has become x10 times more expensive than SA. Any comment?

Keep well reporting from the (almost) heart of the African continent

PS
How many other countries are there in Africa that advertises prices openly in US$ currency?
Most other African states I have been to display prices in their local currency and will convert out at the official exchange rate if required to accept US$ cash.

Yes......Zimbabwe once again is making un-parralled history......
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