It is has to deny that online trading hasn’t changed the way that people are trading these days. Consumers and traders from all around can now trade in a variety of different currencies from anywhere in the world. They can also trade in different markets around the world. One extremely popular way of trading is the forex market. This market has garnered a large following on the past couple of years. People from all around the world are taking advantage of all the lucrative opportunities that are present in the market. Despite how popular the market is it might be the download of the Zimbabwe president.
Illegal Foreign Currency Trades
A regional anti-graft board said that if the president of Zimbabwe did not stop the Reserve Bank of Zimbabwe (RBZ) for fueling illegal foreign currency trade that he risked plunging the country into civil strife and anarchy. It was stated in a recent report published by the Anti-Corruption Trust Of Southern Africa that it is alleged that the central bank, the local banks, police and politically connected individuals are the driving force behind this illegal foreign currency trading. It was suggested that the above-mentioned individuals and institutes were also involved in other illicit financial activities throughout the country. It is tools like forex economic calendar that can really bring someone success in the forex trading market.
Anti-Graft Boss Takes Action
The anti-graft boss tried to take action against this so-called illegal trading and went to the local police with his inquiries. He said that the police told him that the country should not expect anyone to arrest any individual that is implicated in illegal dealings in there is not law in place against these illegal dealings. When he got this response the graft boss took it even one step further. He called the executive and the legislature and demanded that they come up with a law to deal with this illegal currency trading. He also wanted the other financial activities in Zimbabwe dealt with.
The boss says that the problem is that the black market US dollar rates just keep rising. When this happens if fuels the current unrest in the formal market. Local shop owners have to keep raising their prices just to try to match the value of the currency. It was reported that last week the US date rate rose to 500 percent. This means that will a $100 bill you could literally turn that into $500 Zimbabwean dollars on the black market. The Reserve Bank of Zimbabwe has denied any involvement in illegal forex trade.
Economic Mess
It is no doubt true that Zimbabwe is in a lot of trouble, but a lot of Zimbabwe’s economic mess has to do with some of their own policies. These policies result in criminal waste of human and material resources. The country produces $15 billion of revenue in diamonds every year, but supposedly the corrupt leaders are swindling it. How can a country turn its economical state around if it doesn’t first address the corrupted system of government?
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