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Zimbabwe Bans Use Of U.S. Dollars, Others - Foreign Affairs - Nairaland

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Zimbabwe Bans Use Of U.S. Dollars, Others by chisomdoris: 10:26am On Jun 25, 2019
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/

5 Likes

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by simonlee(m): 10:37am On Jun 25, 2019
Nigeria has hope against countries like these. imagine a country with such inflation?...one hundred trillion dollar note that can't buy bread! grin

60 Likes 3 Shares

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by BlackfireX: 10:50am On Jun 25, 2019
The problem of Zimbabwe looks like those Scarry looking intimidating stones on there worth less shit note ....

6 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by tolugar: 10:50am On Jun 25, 2019
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

32 Likes 2 Shares

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by Horus(m): 11:15am On Jun 25, 2019

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

Zimbabwe Bans Use Of U.S. Dollars

2 Likes

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by hisexcellency34: 2:36pm On Jun 25, 2019
Way to go. Nigeria too should impose sanctions on US. How can Trump refer to our President as Lifeless?

13 Likes 3 Shares

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by 9jvirgin(m): 2:36pm On Jun 25, 2019
The whole of Africa should be a country instead what we have is 54 senseless people parading themselves as "presidents"

62 Likes 2 Shares

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by RDPMAN: 2:37pm On Jun 25, 2019
Everyone living in Zimbabwe is a billionaire grin grin grin

58 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by TrollKiller(m): 2:38pm On Jun 25, 2019
Ipob pigs caused this nonsense

8 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by emmabest2000(m): 2:38pm On Jun 25, 2019
The issue is can they survive without the use of US dollars and other foreign currency ?

7 Likes 2 Shares

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by felixmuyiwa: 2:39pm On Jun 25, 2019
What happen to Nigeria China Currency swap deal.

8 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by Nobody: 2:39pm On Jun 25, 2019
Zimbabwe haff sanctioned the US. grin grin grin grin cheesy

10 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by Micheezy7(m): 2:39pm On Jun 25, 2019
TrollKiller:
Ipob pigs caused this nonsense


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

24 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by Suspect33(m): 2:39pm On Jun 25, 2019
pure water sachet is 1 million Zimbabwean dollars, a poor American can buy one whole community in that useless country grin grin

21 Likes 2 Shares

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by gurunlocker: 2:40pm On Jun 25, 2019
Country where you buy blade for 7.5 million dollars grin grin

36 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by MrImole: 2:40pm On Jun 25, 2019
This is very strong o
Re: Zimbabwe Bans Use Of U.S. Dollars, Others by Nobody: 2:41pm On Jun 25, 2019
Zimbabwe , the only country that have a central bank but have no currency.

10 Likes

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by Mzee1Kahuna(m): 2:41pm On Jun 25, 2019
Lol. LWKMD
Re: Zimbabwe Bans Use Of U.S. Dollars, Others by Horus(m): 2:41pm On Jun 25, 2019

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.
Re: Zimbabwe Bans Use Of U.S. Dollars, Others by IMPRESSION091: 2:42pm On Jun 25, 2019
Re: Zimbabwe Bans Use Of U.S. Dollars, Others by wakes: 2:42pm On Jun 25, 2019
for real?
Re: Zimbabwe Bans Use Of U.S. Dollars, Others by nairalee(m): 2:42pm On Jun 25, 2019
B
Re: Zimbabwe Bans Use Of U.S. Dollars, Others by Nobody: 2:44pm On Jun 25, 2019
How can they ban my crush?? embarassed embarassed
Re: Zimbabwe Bans Use Of U.S. Dollars, Others by ogbonti: 2:46pm On Jun 25, 2019
simonlee:
Nigeria has hope against countries like these. imagine a country with such inflation?...one hundred trillion dollar note that can't buy bread! grin


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!

19 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by 2lateBiafra: 2:46pm On Jun 25, 2019
TrollKiller:
Ipob pigs caused this nonsense
Yes very true, I suspect them too cheesy grin grin

2 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by macello4(m): 2:47pm On Jun 25, 2019
buhari why? Wickedness no dey tire u? Kilode gon?

3 Likes 1 Share

Re: Zimbabwe Bans Use Of U.S. Dollars, Others by foster212: 2:49pm On Jun 25, 2019
Buhari caused this.

2 Likes 1 Share

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