We’re starting to run out of the money we brought into the country. In the past, this would have been a problem, but now, it’s not that bad. Some months ago, you could only exchange US$, at banks, at the official rate, at slightly above Z$800 to the dollar. On the streets, at one point, you could get as much as Z$6500 to the dollar.
Recently, with the introduction of the forex auction, the banks started to offer US$ at the auction rate, but on the streets, the rates were still a couple of hundred Z$ higher, $4600 against $4200. Last week, the black market completely disappeared as the banks are now offering a rate of Z$4600 to the dollar too.
What’s even better, when you pull money from a cash machine, that’s the rate you get, meaning it’s no longer necessary to carry huge wads of money into the country.
Since it’s a forex *auction*, the rates of euro and dollar only follow the international rates up to a certain extent. Since the forex euro rate is currently close to Z$5200, here’s how you too can make money:
1. Get some euros.
2. Change these euros into dollars on some open currency market.
3. Bring these dollars into Zimbabwe and change them to Zimdollars.
4. Change the Zimdollars into euros.
5. Go to step 2.
At the current rates, you’ll make about 5% on every cycle. True, step 4 is the hardest one, but hey, sometimes, even currency dealers have to work for a living.