As the liquidity crunch worsens in Zimbabwe is it is increasingly impossible to conduct any meaningful business especially for informal traders. The green back has all but vanished from the streets of Zimbabwe and so are the infamous bond notes. With the suspected unemployment rate of well over 90% most Zimbabweans were relying on informal trading inorder to put a plate on their tables. However the cash scourge threatens to wreck whatever remains of this already battered economy.
Most transactions are conducted on the Econet supported Ecocash platform. Its a tale of a dangled carrot as Econet has drastically reduced the amounts that can be repatriated from Zimbabwe per month. As of now Ecocash users are only allowed to transact a maximum of $100 outside the country. This is barely sufficient for informal traders (cross border) to replenish their inventories.
Regrettably amid all the sufferings endured by ordinary Zimbabweans the regime’s appetite for plundering and displaying opulence is at an all time high. The cash strapped government can still afford to travel with a bloated delegation to the UN summit. It is apparent that the nonagerian despot is out of touch with the suffering masses. Reliable news site spotted his sons shopping at high end retail shops in America and back home Grace’s son (from her first marriage) is reported to have imported two luxurious limousines.
The ill fated bond notes introduced by the clueless reserve bankZanu PF governor are taking a serious knock on the parallel market. Money changers are charging a reported 35 percent premium to convert bond notes to the US$. All of a sudden we have been dragged back to 2008 again. Displaying ignorance and buffoonery of the highest order Jonathan Moyo took to Twitter declaring that that the bond note was trading at 1:1 to the US dollar. The bond note was holding on he claims not knowing that to the informed this was a subtle admission that the bond note was never at par with the greenbacks.
As the current spirals, Zimbabwe’s trajectory points to total collapse until a new political dispensation ensures. People should register to Vote and vote wisely.
BY Happiness Chidarikire
MDC Slough Branch