JUST IN: Government gazettes use of US dollar by a further five years to 2030
27th October 2023
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By Staff Reporter
PRESIDENT Emmerson Mnangagwa has approved use of the US dollar as legal tender until 2030, adding five more years to the initial deadline.
Statutory Instrument (SI) 218 of 2023 announced; “The provisions of the Schedule, in so far as they expressly or impliedly permit the settlement of any transaction or the payment for goods and services in foreign currency, shall, notwithstanding Statutory Instrument 142 of 2019, be valid until the 31st December, 2030.”
The move follows a fast-building instability of the exchange rate between Zimbabwe’s dollar and its American counterpart.
Having been introduced at a rate of US$1:ZW$1 in 2016, the value has depreciated to over US$1: ZW$5,000 on both the Reserve Bank of Zimbabwe’s (RBZ) official market and the black market.
