Disclaimer: The author is in no way liable or responsible for any losses incurred, or legal action arising from, or whatever consequences of following this advice.
With the Rand in trouble after the problems in China here’s how to take advantage of a weak Rand and make some money.
While the rand has recovered from its Monday all time low it still hovers between 12 and 13 to the dollar, where it’s been for a while now. The funny thing is that when using coins 10 Rands are usually worth 1 USD in day to day transactions because of the lack of small change in USD.
What this means, at least hypothetically, is that if I buy some Rands and convert them into coins and then exchange those coins for dollars I can make a healthy profit.
So for example if I had $1000 I could buy around R13000. I would then convert this R13000 into coins and then use these coins as change or give them to kombi operators or somehow take advantage of the street conversion rate for coins.
I’d get $1300 dollars from this scheme. This would earn me a nice $300.
Seems feasible enough, with the biggest hurdle being how to successfully convert all those coins into US dollar notes. This here, ladies and gentlemen, is a nice little business opportunity with healthy returns.
So you can found a startup which imports coins from South Africa. Or easier still just go to a bank, buy Rands and request them in coins.
Not sure about the legality of it though, or the logistics of getting the coins and transporting them.
By the way this ought to earn Zimbabwe a place in the Guinness Book of Records. After all (as far as I know) this is the only country in the world where coins have more value than their note equivalents.