Business / Local
Mthuli Ncube explains US Dollar ban
24 Jun 2019 at 18:37hrs | Views
Finance and Economic Development Minister Mthuli Ncube has clarified the statutory instrument that banned the use of foreign currency in the country.
In an interview with ZBC Mthuli said people are free to carry foreign currency but they are not allowed to use it to purchase anything inside the country.
Said Mthuli, "If you have US dollars on your person, in your bank account, your foreign currency or nostro account, it's your money, you can keep it there or do whatever you like, except that if you want to go into a shop in Zimbabwe you should change it into domestic currency"
On Monday the Reserve Bank of Zimbabwe announced a Statutory Instrument 142 of 2019 government gazette which instructs that the United states dollar, Botswana Pula and South Africa Rand are no longer legal tender in Zimbabwe.
The SI reads in part:
Subject to section 3, with effect from 24th June 2019, the British pound, United States dollars, 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.
Commenting on the development the MDC Treasurer General Daviid Coltart said, "This is sheer, unadulterated madness. The market has been redollarising precisely because of the lack of confidence in the #RTGS$. You cannot force people to love a currency. They either do or they don't. This will greatly exacerbate the current chaos."
In an interview with ZBC Mthuli said people are free to carry foreign currency but they are not allowed to use it to purchase anything inside the country.
Said Mthuli, "If you have US dollars on your person, in your bank account, your foreign currency or nostro account, it's your money, you can keep it there or do whatever you like, except that if you want to go into a shop in Zimbabwe you should change it into domestic currency"
On Monday the Reserve Bank of Zimbabwe announced a Statutory Instrument 142 of 2019 government gazette which instructs that the United states dollar, Botswana Pula and South Africa Rand are no longer legal tender in Zimbabwe.
Subject to section 3, with effect from 24th June 2019, the British pound, United States dollars, South African rand, Botswana pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe.
Commenting on the development the MDC Treasurer General Daviid Coltart said, "This is sheer, unadulterated madness. The market has been redollarising precisely because of the lack of confidence in the #RTGS$. You cannot force people to love a currency. They either do or they don't. This will greatly exacerbate the current chaos."
Source - Byo24News
