Africa-Press – Zambia. 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.
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