IS THIS A SCAM BY FOREX BUREAUX
I note, with serious concern, that the difference between the displayed exchange rate boards for forex bureaux versus commercial banks exchange rates is too wide. How is this possible.
As an example today, most Bureaux are displaying the buying rate of K20 to a dollar and selling rate of k20.40.
By contrast, the Commercial Bank rate for buying is K22.44 and selling K22.88. What is of most interest is that when you want to buy Dollars from the Bureaux, more often than not, they claim not to have the Dollars.
What this means is that rates are deliberately depressed in order for Bureaux to buy dollars at a much lower rate and then exchange the same dollars at a higher rate in Commercial Bank.
We demand that BoZ institute an investigation into this matter and explain the disparity between Bureaux rates and Commercial Bank rates.
Logic here dictates that this is a scam.
We urge innocent citizens to transact with commercial banks to gain a fair deal from their hard earned money. The situation currently is so confusing that you can not tell what the official exchange rate is and hence the request for Bank of Zambia intervention.
Our role, aside from politics, is to protect our fellow citizens from being exploited out of ignorance.
Fred M’membe
President of the Socialist Party
Afuledi matako your issue here is too much twerking. There is no scam here as the busuness model of beauraux has never changed from time immemorial. The difference in dealing with beauraux compared to banks is convenience thats it. So stop alarming the public just as you should stop your twerking its getting to your fried brsins
Why cant you as membe of socialisy party conduct your own independent investigations so that you can tell the nation and also sibmit the report to BOZ
When the kwacha was selling at 27k to a dollar your mouth was loud and condeming the government but today the same mouth has changed and calling for investigations.
By the way have you been buying dollars with your corupt piefu thieves that you have changed and advising the same thieves to buy from commercial banks in order to earn nore?.
You arr a missed call SOIL.
Fred is right you’re not, there’s a lot of fixation of prices in times of currency volatility.
I don’t like Membe’s ranting but on this one he is right, there is a very serious scam in these places, you can sale 2000 dollars to this exchange but if you send someone back in to buy 1000dollars they will tell him that they don’t have.
It has been happening on South African rand for quiet some time. They actually don’t take it to commercial banks but sale using their agents on the black market. Definitely you will not be given a receipt if you transact at that lower rate.
Membe on this one Thumbs up
Please don’t take what this fuledi matako is saying literally he uses Vaseline. As an accountant he claims he is, he knows that with any commodity, as any tradeable currency is, there futures and forward contracts or arrangements thus most of the trades are done on this basis. The bureaux use the over the counter OTC transactions to satisfy the future or forward contracts or arrangements.
These rantings by this matako are just for political mileage and to satisfy his twerking urges!!
The correct rate is from commercial banks. Bureau they like cheating putting low rates so that they can buy from the public at low prices but when you want to buy from them at those rated they will tell you we don’t have.