News / Local
'Zimbabwe headed for mono currency,' says Mthuli Ncube
03 Nov 2023 at 05:52hrs | Views
The enactment of Statutory Instrument 218 of 2023 was driven by market chaos, including banks' reluctance to lend in both ZWL and US$. The new regulation effectively extends the use of the multiple currency system in Zimbabwe until December 2030.
During this year's pre-budget seminar, conducted under the theme 'Consolidating Economic Transformation' in Mount Hampden, Minister for Economic and Investment Promotion, Mthuli Ncube, emphasized that SI 218 of 2023 was introduced to ease the mounting pressure in the market.
Minister Ncube explained that the situation was becoming chaotic, with banks refusing to lend money, some of them in US$. To restore order and prevent further disruption, the government decided to extend the use of multiple currencies to 2030.
Minister Ncube also affirmed Zimbabwe's intention to move toward a single currency in the long term while emphasizing the importance of maintaining order. The extension to 2030 was aimed at creating a calm and orderly environment in the market.
He also stressed the need to continue implementing strict fiscal and monetary policies to manage economic stability effectively.
Through Statutory Instrument 218 of 2023, the government amended the Exchange Control Act (Chapter 22:05) by modifying Section 11 (Civil Penalty Orders) to accommodate the settlement of transactions and payments for goods and services in foreign currency until December 31, 2030. This amendment was enacted on October 27, 2023.
During this year's pre-budget seminar, conducted under the theme 'Consolidating Economic Transformation' in Mount Hampden, Minister for Economic and Investment Promotion, Mthuli Ncube, emphasized that SI 218 of 2023 was introduced to ease the mounting pressure in the market.
Minister Ncube explained that the situation was becoming chaotic, with banks refusing to lend money, some of them in US$. To restore order and prevent further disruption, the government decided to extend the use of multiple currencies to 2030.
He also stressed the need to continue implementing strict fiscal and monetary policies to manage economic stability effectively.
Through Statutory Instrument 218 of 2023, the government amended the Exchange Control Act (Chapter 22:05) by modifying Section 11 (Civil Penalty Orders) to accommodate the settlement of transactions and payments for goods and services in foreign currency until December 31, 2030. This amendment was enacted on October 27, 2023.
Source - newzimbabwe
