Zimdollar bounces back

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LIVINGSTONE MARUFU/TINASHE MAKICHI

Zimbabwe has dumped the multi-currency regime for the Zimbabwean dollar, a decade after the local unit became worthless due to runaway inflation.

The announcement was made Monday via a Statutory Instrument published in an extraordinary Government Gazette.

In a notice published in the Government Gazette on Monday, the Minister of Finance and Economic Development said in terms of section 64 read with Section 44A of the RBZ Act (Chapter 22:15), the Zimbabwean dollar will be the sole legal tender in Zimbabwe for all
transactions.

“Subject to section 3, with be legal tender alongside the Zimbabwe dollar from the 24th of June, 2019, the British Pound, United States dollar, SA rand, Botswana pula and any other foreign currency shall no longer be legal tender alongside the Zimbabwe dollar in any
transactions in Zimbabwe,” reads  the Gazette.

The bond notes and the RTGS$ however remain legal tender with a value at par with the Zimbabwe dollar.

The announcement Monday triggered a scramble for the Government Gazette at Printflow as executives and ordinary citizens wanted a copy to make informed decisions. By 12pm, the shop had run out of the gazette.