In a bid to defend its fledgeling new currency against black market speculation, Zimbabwe‘s Finance Minister Mthuli Ncube has outlawed the use of the US dollar and a host of other foreign currencies in local transactions.

In 2009, Zimbabwe allowed the US dollar and other foreign currencies to be used as legal tender in the country after hyperinflation decimated the value of the Zimbabwean dollar.

Earlier this year, to pave the way towards ending so-called “dollarisation”, the country laid the foundations for a new Zimbabwean dollar by introducing an interim currency, the Real Time Gross Settlement dollar (RTGS) or “zollar”.

But since its launch in February, the RTGS has struggled amid black market speculation that has seen its value slide sharply against the US dollar.

Monday’s government decree values the RTGS at par with the Zimbabwe dollar and mandates it be used as the country’s sole legal tender for local transactions with immediate effect.

“The British pound, United States dollar, 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,” read the decree.

But some believe the measure will not arrest the decline of the RTGS.

“I think its ridiculous measure,” said Eddie Cross, an economist and founding member of the Movement for Democratic Change, the main opposition party in Zimbabwe.

“The exchange rate will run and this is completely out of sync. For heaven’s sake, this is economic sabotage. I hope people will not go on the street tomorrow. This is just catastrophic,” Cross told Al Jazeera.

Independent economist Victor Bhoroma said businesses with debts denominated in foreign currencies could see the cost of servicing those obligations soar.

“It means that all debts contracted in USD are now payable in the local currency,” Bhoromoa told Al Jazeera.” All products and services that were being indexed in USD (ie, insurance and property) since it was legal tender will now be indexed in local Zimbabwean dollar.”




Read more here https://thickmatch.com/zimbabwe-bans-use-u-s-dollars-others/

Nigeria has hope against countries like these. imagine a country with such inflation?...one hundred trillion dollar note that can't buy bread!

The problem of Zimbabwe looks like those Scarry looking intimidating stones on there worth less shit note ....

I heard a plate of food there is 1.5million dollars.


And I looked back at naija and said. It’s well

And they are all millionaires literally

https://www.youtube.com/watch?v=ETQVFPEQomk

Zimbabwe Bans Use Of U.S. Dollars

Way to go. Nigeria too should impose sanctions on US. How can Trump refer to our President as Lifeless?

The whole of Africa should be a country instead what we have is 54 senseless people parading themselves as "presidents"

Everyone living in Zimbabwe is a billionaire

Ipob pigs caused this nonsense

The issue is can they survive without the use of US dollars and other foreign currency ?

What happen to Nigeria China Currency swap deal.

Zimbabwe haff sanctioned the US.

TrollKiller:
Ipob pigs caused this nonsense

You are very stupid. Go get a life stupid troll !!

pure water sachet is 1 million Zimbabwean dollars, a poor American can buy one whole community in that useless country

Country where you buy blade for 7.5 million dollars

This is very strong o

Zimbabwe , the only country that have a central bank but have no currency.

Lol. LWKMD

https://www.youtube.com/watch?v=iUVyk92KPrM

Re-Introduction Of Zimbabwe Dollar and ‘Banning’ Of Foreign Currency

Zimbabwe has banned use of the United States dollar and other foreign currencies for local transactions.

This is with immediate effect, and means the RTGS dollar is currently the sole medium of exchange.

Statutory Instrument 142 of 2019 reads, in part, “The British Pound, United States Dollar, South African Rand, Botswana Pula and other foreign currencies whatsoever shall no longer be legal tender.

for real?

B

How can they ban my crush??

simonlee:
Nigeria has hope against countries like these. imagine a country with such inflation?...one hundred trillion dollar note that can't buy bread!

I hope Sowore and all those minimum wage must be 100,000 naira a month crusaders are listening

It is not the quantity of currency that you receive that matters, it is the Purchasing power of the currency!

TrollKiller:
Ipob pigs caused this nonsense

Yes very true, I suspect them too

buhari why? Wickedness no dey tire u? Kilode gon?

Buhari caused this.