Zim Dollar returns: Zimbabwe bans US Dollar, Rand, Pula, Pound.Foreign Currencies

Currency measures... Finance Minister Mthuli Ncube has gambled on a domestic currency

Currency measures... Finance Minister Mthuli Ncube has gambled on a domestic currency

GOVERNMENT has, with immediate effect, scrapped the multi-currency system in place since 2009 and further criminalised its use alongside the local RTGS$ recently announced as a stand-alone currency.

The announcement was made through a statutory instrument issued by Treasury, which noted that all local transactions will now be made in the Zimbabwe dollar, which includes the bond and RTGS dollar.

Farai Dziva|Under pressure Finance Minister Mthuli Ncube has said the decision to ban the use of foreign currency as legal tender in Zimbabwe is a step towards a return to normalcy.

"The bond notes and coins referred to in section 44B, the electronic currency prescribed for purposes of section 44C of the Act, that is to say the RTGS dollar".

The new finance measures have been legally effected under The Reserve Bank of Zimbabwe (Legal Tender) Regulations 2019. Zimbabwe is struggling for foreign currency and this has seen the embattled SA northern neighbour experience a financial crisis. The Abovementioned bond notes and RTGS dollars are at par with the Zimbabwe dollar, that is to say each bond not unit and each RTGS dollar is equivalent to a Zimbabwe dollar, and each hundredth part of a bond note unit and each hundredth part of RTGS dollar is equivalent to a Zimbabwean cent.

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Companies such as Old Mutual have been accused by allies of President Mnangagwa for fueling informal market currency rates which have spiked out of control.

On the official interbank rate, the RTGS currency was pegged at 6.2 but on Monday it was trading between 11 and 12 against the dollar on the unofficial market.

Other listed companies in Zimbabwe have been facing accounting challenges and several have sought permission from the Zimbabwe Stock Exchange to delay financials following the introduction of the RTGS$ currency in February this year.

"The Zimbabwe dollar shall, with effect from 24 June 2019 ... be the sole legal tender in Zimbabwe in all transactions", reads the SI.

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