The government/RBZ has shut down the black market rate tracking site Market Watch. If you go to Marketwatch now you’ll see that website is no longer in-service error.
According to a report by Bloomberg, the Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said in an interview that all black market rate tracking sites were ordered shut down.
“It’s cybercrime, how is the rate determined on the computer? It’s based on nothing but hot air.”
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I don’t know about the cybercrime part but tracking the rate isn’t the issue. The information that sites like Market Watch get is most probably from collecting reports and hearsay from the streets. This is yet another example of the Reserve Bank of Zimbabwe and the government as a whole flexing their muscles in the wrong direction.
Shutting down rate tracking sites isn’t going to magically make the black market rate slow down or even disappear… But it appears as though it’s easier to waste time with shutting down websites than addressing the deep structural issues plaguing the economy…
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