News / National
Zimbabwe gazettes use of US dollar to 2030
27 Oct 2023 at 18:40hrs | Views
President Emmerson Mnangagwa has extended the authorization for the use of the US dollar as the official currency until 2030, effectively pushing the initial deadline by an additional five years.
This extension was made official through Statutory Instrument (SI) 218 of 2023, which stipulates that transactions and payments for goods and services in foreign currency, despite Statutory Instrument 142 of 2019, will remain valid until December 31, 2030.
This decision comes in response to the rapidly deteriorating exchange rate between the Zimbabwean dollar and the US dollar.
Introduced at an exchange rate of US$1 to ZW$1 in 2016, the value has significantly depreciated, now standing at over US$1 to ZW$5,000 on both the official market governed by the Reserve Bank of Zimbabwe (RBZ) and the unregulated black market.
This extension was made official through Statutory Instrument (SI) 218 of 2023, which stipulates that transactions and payments for goods and services in foreign currency, despite Statutory Instrument 142 of 2019, will remain valid until December 31, 2030.
Introduced at an exchange rate of US$1 to ZW$1 in 2016, the value has significantly depreciated, now standing at over US$1 to ZW$5,000 on both the official market governed by the Reserve Bank of Zimbabwe (RBZ) and the unregulated black market.
Source - NewZimbabwe
