It seems the authorities are hell-bent on destroying the black market by any means. The hope being to shore up the dysfunctional interbank market which is often shunned by small businesses and individuals who opt for the black market as it is a ready source of forex and offers higher rates.
The latest move by the government is to change import laws and regulations at the border. According to Deputy Finance Minister Chiduwa anyone bringing in goods through the country’s entry points will have to declare their source of foreign currency or risk having their goods forfeited.
It just won’t work simple
The simple truth is that this regulation will not work at all. Only the dumbest idiots will ever be caught this way. There is simply no way for the government to verify your source of foreign currency in the time it takes for you to clear your goods at the border.
Then there are the millions of Zimbabweans in the diaspora who work in other countries and bring vital imports into the country which is going through shortages of everything. Do these people have to declare their source of income as well? This risks destabilising the economy by hurting imports.
More likely however it will just lead to smuggling, counterfeiting of necessary documents and corruption as officials are simply bribed. What it won’t do is stop the black market.
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