Zimbabwean forex markets dealer “robbed at gunpoint”

The extent of Zimbabwe’s crime-ridden foreign exchange market was laid bare this week after a forex dealer said he was robbed at gunpoint.

The man, who is known only by the pseudonym Mzansi, told the local press that he had been called from an unknown telephone number and asked to meet at a house in the city of Rhodene in Masvingo.

Unconfirmed reports in the local online magazine Zim Eye allege that Mzansi first borrowed a sum of R15,600 rand, which is the currency of South Africa, from his business associates.

He then headed to the house, which was located near Masvingo General Hospital, at 12pm in a taxi – only to be confronted by armed robbers.

“I offered them a beer and they accepted, one of them dropped the beer as if by mistake then pulled out a gun on me”, Mzansi said in a statement.

“They told me the game has started and asked me to sit in the boot of the taxi that I had hired together with the taxi driver, they drove the car for about 100m before asking us to get out of the car.”

His statement also said that the robbers subjected him to other assaults, such as beating.

“One of the robbers wanted to shoot my hand so that I become powerless…that is when they started beating me heartlessly.

“They took the 15,600 Rands, my phone and that of my driver and the Toyota Fun Cargo we had. Before chasing us into the Bush one of the robbers pointed the gun at me, before shoving the barrel of the pistol into my mouth”, he added.

Zimbabwe’s foreign exchange market has suffered from scams, crime and fraud before.

The country suffers from a high degree of currency-related problems. In 2009, it even gave up its old currency due to the level of hyperinflation it had suffered. It has since found itself using other international currencies – although two years ago a bond note began to be used.

In the present day, the problem shows no signs of slowing down. Last month, the BBC reported that prices are in a constant state of flux.

“We are suffering. Inflation is too much. Every minute, every hour, every day, the prices are just changing”, one anonymous trader said.

As a result of the weakness of the Zimbabwean currency, secret foreign exchange deals are very common – meaning that crime is able to run rife.

There is a high demand for conversion of the Zimbabwean notes into other currencies, such as more valuable African ones like the rand or even international currencies such as the US dollar.

Just a few months ago, a forex dealer in the Bulawayo area said they were robbed during a US dollar transaction, although this claim was later demonstrated to be false.

Some foreign exchange dealings are illegal in the country, and the maximum penalty is a decade in prison.

The country’s President, Emmerson Mnangagwa, has also permitted citizen’s arrests of illegal foreign exchange dealers to take place.

Chris Lee

Share

Tweet

Safest Forex Brokers 2024

	Broker	Info	Best In	Customer Satisfaction Score
#1	73% of retail CFD accounts lose money. Founded: 2014	Global Forex & CFD Broker	Best Trading Conditions Visit broker	4.9
#2	Your capital is at risk Founded: 2014	Global Forex Broker	BEST SPREADS Visit broker	4.8
#3	Your capital is at risk Founded: 2006	Globally regulated broker	BEST CUSTOMER SUPPORT Visit broker	4.9
#4	81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008	Global CFD Provider	Best Trading App Visit broker	5
#5	Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010	Global Forex Broker	Low minimum deposit Visit broker	4.9
#6	76% of CFD traders lose money Founded: 2007	Global CFD & FX Broker	ALL-INCLUSIVE TRADING PLATFORM Visit broker	4.9
#7	Your capital is at risk Founded: 2009, 2015 and 2017	Global Forex Broker	Low minimum deposit Visit broker	5
#8	Your capital is at risk Founded: 2006	CFD and Cryptocurrency Broker	CFD and Cryptocurrency Visit broker

Forex Fraud Certified Brokers

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.