Zimbabwe chief banker meets illegal forex dealers

Zimbabwe chief banker meets illegal forex dealers

GONO

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RESERVE Bank Governor Dr Gideon Gono on Friday came face to face with the reality of illegal foreign currency dealings in Bulawayo when he took to the streets in disguise to have first- hand information on the existence and operations of the city’s so-called "World Bank".

Dr Gono changed jackets with a reporter and removed his spectacles to disguise himself as he went to the "World Bank’s" headquarters along Fort Street and 5th Avenue.

On his way to the hub of illegal foreign currency dealings, Dr Gono’s first encounter with the traders was along Fort Street and Leopold Takawira Avenue where he met two ladies who were standing next to a popular food outlet.

Dr Gono, who briefly changed his name to "George", told the ladies that he wanted to buy 10 000 rands to travel to South Africa as a matter of urgency to attend to some "personal business".

The two women traders introduced themselves as Polite and Sazini and unsuspectingly gave away their mobile numbers.

"George" was later told that the South African rand was being sold for $1 100 while the Botswana pula was going for $1 300.

The United States dollar was being sold for $6 800 while it is $5 351,57 at the auction rate where the Botswana pula is at $1 180,02 and the South African rand is trading at $884,44. The rates are as of Monday this week.

Dr Gono and the reporter were later taken to a nearby flat where they were made to wait in a small room for nearly an hour while the ladies were desperately using their mobile phones to inquire from fellow traders if they could raise the requested amount as they were assured of a higher commission.

"George" became somehow impatient over the delays to source the required funds and advised Polite that he wanted to get to Beitbridge border post before it closed so they had to "hurry up or they lose business".

Sensing that a potential future client was about to be lost, Polite reluctantly agreed to this reporter’s suggestion that it would be wise to wait for the said currency by the building’s entrance.

However, luck was not with "George" who as a public figure was recognised as he was coming down the street by a certain gentleman who greeted him and immediately made gestures to Polite who retraced her steps back into the room.

Sazini, who had also gone to fetch the required currency, never returned, probably after she had doubts about the two "clients".

The climax of his escapade was when he finally arrived at the hub of the "World Bank", and still incognito, managed to persuade another lady to sell him 1 000 pula that would enable him to buy some goodies in Botswana.

The lady, who was somehow suspicious of her new client, had to inquire from a nearby ice cream vendor if the two guys were not law enforcement agents on a raid.

The unsuspecting vendor, however, assured the lady that there was nothing suspicious about the duo and the "transaction" was to be conducted in the vehicle of a middle-aged gentleman who first gave Dr Gono a stack of more than 5 000 pula.

However, the "transaction" could not be completed as some illegal foreign currency dealers notified the man through a form of coded communication and he immediately took the notes from the RBZ governor on the pretext that he was coming back, leaving the prospective client bemused.

The "episode" finally came to an abrupt end after an alert illegal foreign currency dealer screamed "Dr Gono you have tried your best!" when hundreds of late afternoon shoppers and passers-by tried to catch a glimpse of the architect of the new monetary policy.

Others jostled to shake hands with the person who has battled to bring sanity within the financial sector.

The governor said the failure by the illegal foreign currency traders to immediately secure 10 000 rands was a clear indication of a gradual decline of the black market.

"Their failure to raise the amount which I had requested clearly showed that they are no longer getting enough foreign currency to conduct their transactions," said Dr Gono afterwards.
The Chronicle
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