New Zimbabwe.com

LATEST: Govt scraps multi-currency system, now illegal to use US$

By Leopold Munhende


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.

This is according to an Extraordinary Government Gazette released Monday by Finance Minister Mthuli Ncube.

“With effect from the 24th June, 2019, the British pound, United States dollar, South African rand, Botswana pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe,” reads the statement.

“Accordingly, the Zimbabwe dollar shall, with effect from the 24th June, 2019…be the sole legal tender in Zimbabwe in all transactions.

“For the avoidance of doubt it is declared that, references to the Zimbabwe dollar are coterminous with references to the following and to no other forms of legal tender or currency, (i) the Bond notes and coins (ii) the electronic money…that is to say the RTGS$.”

This will however come as a disappointment to some Zimbabwean businesses which were now charging for goods and services in both the local currency and the US dollar.

President Emmerson Mnangagwa has said the country shall introduce its own currency before the end of the year, something that has been described as ill-advised by the opposition.