We Won’t Change Policy On Use Of Free Funds – Mangudya

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that there are no plans to adopt the United States dollar as the sole legal tender or to abandon the use of the Zimbabwe dollar.

This comes as there is a growing use of the US dollar in most transactions, especially in the informal sector and small-scale formal businesses.

Mangudya insisted that allowing individuals to use free funds in the economy and the charging of import duty in foreign currency should not be considered capitulation to calls for dollarisation. Said Mangudya:

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The RBZ has no intention of changing current arrangements regarding free forex funds in the economy.

Exceptions on the use of free funds in the economy, duty payments as well as some commodity purchases should not be construed as re-dollarisation.

A fortnight ago Government said everyone providing goods or services in Zimbabwe must now quote prices in both Zimbabwe dollars and US dollars, but using the standard exchange rate set each week as the weighted average in the Tuesday weekly foreign currency auctions.

The Statutory Instrument giving effect to this was gazetted on July 24, 2020, by President Mnangagwa, as an addition to the Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) Regulations.

More: The Herald via ZBC News Online

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We Won’t Change Policy On Use Of Free Funds – Mangudya