Govt To Enforce Compliance On The Use Of The Zimbabwe Dollar

President Emmerson Mnangagwa on Thursday reiterated the government’s stance that there is no going back on the use of the Zimbabwe dollar as the sole legal tender.

He made the remarks while addressing local and international business executives at the 2019 ZimTrade Annual Exporters’ Conference in Bulawayo. He said:

In line with our country’s laws, all companies must insist on the use of our local currency for all local transactions.

Going forward, the Government will continue to strengthen monitoring and compliance mechanisms.

The local currency was re-introduced on 24 June this year through the promulgation of Statutory Instrument (SI) 142 of 2019, which abolished the multicurrency system and designated the Zimbabwe dollar as the sole currency.

The move was however received with mixed feelings as the Zimbabwe dollar has been losing value rapidly against other currencies while some small businesses still demand payments in foreign currency.

More: Chronicle