Forex traders back
May 27th, 2009
Forex traders are back on the street because there is a greater demand for the South African Rand at the moment than US$, and Zimbabwe is currently experiencing a shortage of Rands.
Forex traders are buying Rand at the official rate of 8.50 to the $ and selling them for up to R10. Some feel that this has been exacerbated by the Indian Premier League cricket, as South Africa has been flooded with US$. There are two more big sports events coming up in South Africa: the Confederation cup and Lions tour.
Word on the street also is that the Harare Singapore flight is very busy with Chinese traders flying out with the cheap US$ they get from forex traders to buy goods in the Far East. They then sell the goods for Rands which they use to buy US$.
May 27th, 2009 20:38
With the GNU confusion it was a matter of time before they returned to “business”. We all know legit businesses and some financial institutions fully back the forex traders so its back to business as usual.
Maybe this time the Prime Minister will make them pay tax.