The streets of Harare, once echoing with the shouts of money changers, had fallen silent. A government crackdown, spurred by the introduction of the Zimbabwean dollar (ZiG) and the promulgation of Statutory Instrument 81A of 2024, had sent these illicit traders scurrying for cover. But like a resilient weed pushing through concrete, they have re-emerged, whispering deals from the shadows of parked cars, their tactics honed, their caution heightened.
For months, the city’s arteries pulsed with the rhythm of the black market. Every corner, every supermarket entrance, every money transfer agency buzzed with the frantic exchange of US dollars for local currency. Then, the authorities descended, wielding the law like a hammer, arresting hundreds of money changers, their operations seemingly crushed.
But the whispers of dollars, the scent of illicit profit, proved too potent to be extinguished. The money changers, like seasoned survivors of a political storm, have adapted, their operations now shrouded in secrecy.
“They are back, but they have changed tactics,” confided a source. “They are now operating mainly from their cars, and the feeling among some of these guys is that the dust has settled.”
The source, a former money changer himself, spoke of the coded messages on WhatsApp groups, the hushed conversations, the return of the once-vanished exchange rates. The heat, he said, had been a temporary storm, and the sun was now shining on their illicit trade once more.
“Remember, even on their WhatsApp groups, many were reluctant to post that they had dollars or they were looking for local currency when the heat was on,” he explained. “The rates had disappeared from the text messages which dominate these WhatsApp groups, but all these things are now back and are part of the conversations on these groups. Many believe the heat was just for that period, shortly after ZiG was introduced, and that is now in the past and they can transact without worrying about arrest.”
The audacity of these money changers is breathtaking. They operate in plain sight, their cars parked strategically along Harare’s main thoroughfares, their engines humming, ready for a hasty escape.
One dealer, his face etched with a mixture of defiance and caution, admitted to H-Metro, “We cannot completely withdraw ourselves from the streets since this is our source of living. We are relying on our trusted clients and we do not accept new clients to avoid some traps. We remain in our parked vehicles and respond to calls from our trusted clients only. The even driver keeps the engine running so that we will be able to try and speed off in the event that we get raided.”
The audacity of these money changers is a testament to the enduring power of the black market, a constant undercurrent in Zimbabwe’s economic landscape. It is a symptom of a deeper malaise, a lack of confidence in the local currency, a yearning for the stability of the US dollar.
The government, however, is not backing down. The Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has launched a fresh crackdown, arresting over 300 money changers. But the fight against the black market is a Sisyphean task, a battle against an ever-shifting tide.
The defiance of the money changers is mirrored by the actions of some businesses, particularly in Bulawayo, who have openly rejected the ZiG, citing a surge in black-market exchange rates. They have resorted to faking network issues with their point of sale (POS) machines, a blatant attempt to justify exclusive trading in foreign currency.
This defiance undermines the government’s efforts to stabilise the currency and maintain its utility, further diminishing consumer purchasing power and contributing to economic instability.
A Harare-based journalist, who works in Bulawayo but was home for the weekend, complained on social media that he was quoted a rate of US$1 to 27 ZiG at a restaurant and walked away without buying anything.
The RBZ’s FIU has established a hotline and WhatsApp number to enable members of the public to report businesses rejecting the local currency or using the black-market exchange rates. This is a desperate attempt to regain control, to stem the tide of defiance and restore confidence in the ZiG.
