Cash dealers shoots RBZ in the foot

Cash dealers are using the real time gross settlement (RTGS) system to deposit the South African rand into bank accounts of the cash seekers in South Africa despite tighter measures put in place by monetary authorities to plug cash leakages.
This comes as businesses, largely in retail and wholesale, have resorted to using illicit means to purchase their wares from South Africa to avoid delays in foreign payments after the Reserve Bank of Zimbabwe (RBZ) put a priority which has to be followed to process foreign payments. A source involved in the cash selling business since 2007 said that the cash dealers have noticed slight drops with the United States dollar being traded.
As such, the source added cash dealers were opting to have their contacts in South Africa RTGS or deposit the cash physically into the recipient’s South African bank account.

This was done to allow the cash dealer to hold onto the dollars they would have received.

Source – newsday


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