A crackdown on illicit foreign exchange traders operating in the streets of Harare has resulted in the apprehension of a total of 65 individuals, who are scheduled to appear in court this Monday, April 22, 2024.

This initiative comes as the government endeavors to safeguard the integrity of the newly introduced currency, Zimbabwe Gold (ZiG), which, according to experts, witnessed a depreciation of 47.4% on the parallel market within a fortnight of its launch on April 8.

Although physical ZiG banknotes have not yet been circulated, the Reserve Bank of Zimbabwe initially fixed its exchange rate at 13.56 ZiG to 1 US dollar. However, it has since plummeted and is presently being traded at 20 ZiG to 1 US dollar on the parallel market.

Over the weekend, images of the arrested illegal money changers outside the Harare Magistrates Court were disseminated by the state media.

These illicit currency traders have been detained pending bail applications.

The introduction of ZiG by the central bank was heralded with much ceremony on April 8 as part of an endeavor to curb hyperinflation, which currently stands as the highest globally at 2647%.

Over the course of just 12 months, the Zimbabwean dollar, slated for demonetization and substitution by ZiG, suffered a depreciation of more than 96%.