1/4 The fatal mistake in this stillborn forex auction system announced by @ReserveBankZIM today: "Gvt" will continue to access forex at a much lower rate (aka "crawling rate"). Ministers, politicians & their proxies will, from experience, fall under this definition of "gvt"... 
2/4 Secondly, Gvt's obscene appetite for forex will see them monopolise the forex @ Reserve Bank: so the forex amounts available for auction will be laughable. By July or August, the auction system will be basically dead as a result, like the interbank system (keep this tweet).
3/4 The connected politicians who'll continue to access forex at a quarter or half price will offload it on the black market at higher rates every week. The black market has actually been made stronger as of today, driven deeper underground as I explain below.
4/4 Finally, the +/-US$100m monthly inflows from diaspora & free funds will continue to fuel the black market, augmented by other free funds that circumvent the banking system. Street traders have already started using foreign numbers for WhatsApp forex trading.
