Zimbabwe Abolishes Multi-Currency System

Banking & Finance

In terms of Statutory Instrument 142 of 2019 dated 24th June 2019, the Minister of Finance and Economic Development reintroduced the Zimbabwean dollar as the sole legal tender in Zimbabwe. The Zimbabwe dollar was taken out of circulation in 2009 and was replaced by a multi-currency system with the United States dollar as the primary currency. The new regulations have far-reaching consequences and mean that the United States dollar, British pound, South African rand, Botswana pula and any other foreign currency shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe.

The Reserve Bank of Zimbabwe released a press statement on the 24th June 2019, outlining the implementation measures that the central bank shall take following the reintroduction of the Zimbabwe dollar.

This article has been prepared for informational purposes only. For legal advice, please contact our Banking & Finance and Corporate Advisory teams.

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Zimbabwe dollar, Zimbabwe lawyer

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