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ZIMBABWE: Tinashe Moyo, The Zimbabwe dollar is not only worthless but unavailable
02 Mar 2009 15:17:30 GMT
 Source: IRIN

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HARARE, 2 March 2009 (IRIN) - The government's sanctioning of foreign currency for everyday use in Zimbabwe has collapsed the once flourishing - and illegal - currency dealing industry.

Tinashe Moyo, 25, used to work as a money-changer in the capital, Harare, but the dollarization of the economy, allowing people to conduct transactions in US dollars, Botswana pula or South African rands at supermarkets and retail outlets, has ended a once lucrative source of income for him and tens of thousands of others, overnight.

Moyo, who is single but helps his two younger siblings with food, accommodation and educational costs, told IRIN his story.

"The trading of money had become one of the largest employers, as tens of thousands of people throughout the country saw it as the only viable source of income.

"Many people in that trade made a lot of money, which they used to buy houses, vehicles, and as seed money to start business operations. Those who made wise investments when the going was good are sitting pretty and enjoying the fruits of their labour.

"The majority of people who were money changers were shocked by the huge profits which they were reaping - most had previously done menial jobs as gardeners, maids, informal traders and even prostitutes.

"The temptation to live large was overwhelming for many, who changed their lifestyles to be flashy. They spent money on trinkets, entertainment and renting luxury apartments.

"When our fortunes changed, many of our members went to South Africa and Botswana to look for work. Some of the former prostitutes are back working the bars and the streets again. I invested my earnings through buying three minibuses, which now generate money for me.

"The Zimbabwe dollar is not only worthless but unavailable, so nobody wants to trade using that currency.

"We now do what is called 'cross rates'. There are many Zimbabweans who travel to South Africa for shopping, and many prefer to convert their US dollars into South African rands.

"For a small fee we can provide that service, although the profits are not as attractive as the ones we enjoyed a few weeks ago."

dd/go/he

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