TRADE IN FOREIGN CURRENCY VENTURES IN ZIMBABWE'S INFORMAL SECTOR

VENDORS in Bulawayo have launched a sell in forex campaign following economic challenges that have hit the country after the 2008 nationwide debut.

The economic challenges range from increase in prices in the market against a growing number of unemployed people.

Early this year, the prices of basic commodities rose up at a hundred percent margin with bread which was costing ninety cents (RTGS$) rising $2.50. Of late, cost of bread is pegged at RTGS$3.50.

The coordinator for the Bulawayo Vendor Trust Association (BVTA), Michael Ndiweni, confirmed that people in Bulawayo are selling bananas in the South African Rand and has urged the government to uphold sound policies for the informal traders.

“As BVTA we want to take drastic measures to address the currency, we are talking about over 95% involved in informal trade… Government must at least join the rand union,” said Ndiweni.

Residents who spoke to the press said vendors are justified in selling their products in foreign currency, chanting statements that people have been robbed for a prolonged time.

Maluleki Ndlovu said: “Those who have their own small businesses are charging consumers in the way they like. Outcry only comes from us who have nothing to offer on the business side.”

  

I've been making my way to the CBD for trade purposes so l can sustain my family and myself but of late l have to trade in the rand to build my home," said Khanyisile Sibindi.