No legal loophole regarding ZiG’s validity

STAFF WRITER

The Reserve Bank of Zimbabwe (RBZ) has said that  there is no legal gap pertaining the status of the Zimbabwe Gold (ZiG) stressing that currency reforms remain an ongoing process.

It follows claims on multiple media outlets that the ZiG had expired after Statutory Instrument 60 of 2024, which established the domestic unit in April of this year, expired.

“Currency reforms by their nature do not lapse simply because the instrument that introduced them has lapsed. The lapse of the Presidential Powers that introduced the currency does not, therefore, create a gap in the law.

“Legally, currency reform measures are only revoked by another legal instrument. Meanwhile, it should be noted that the Finance Act 2024, which has been gazetted into law, simply declares the provisions of SI 60 of 2024 and does not seek to validate them.

“Thus, ZiG remains the country’s legal tender and the Reserve Bank will continue to promote its use and stability,” RBZ said in a statement.

ZiG was introduced in April this year as part of several measures to stabilise the exchange rate, tame inflation and drive economic growth.