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Economy

Promote the use of other currencies in the multicurrency basket in order to reduce over reliance on the USD.

Kept

Monetary Reforms

http://www.xinhuanet.com/english/africa/20220205/7c8ab58e07d64f6d9be21a314caa86af/c.html

    

Feb. 5, 2022

Zimbabwe's Finance Minister announces new measures aimed at promoting wider use of the Zimbabwean dollar. (See also Monetary Policy Statement). Ncube stated that while the foreign currency auction mechanism implemented in 2020 offered a basis for long-term use of the local currency by people and enterprises, it was now critical to broadening the sectors in which the Zimbabwean dollar should be utilized. Among the measures, Ncube stated that mining royalties will henceforth be paid in Zimbabwe dollars up to a ceiling of 50% of the amount owed. Since February 2019, mining corporations have been compelled to pay mining royalties in foreign currency to the extent that the sums withheld were in foreign currency. All domestic taxes owed by exporters on their export revenues were now payable in both foreign and local currency, in direct proportion to the permitted export retention levels.

 

Previous Updates

Zimbabwe Rules Out Return to U.S. Dollar, Backs Local Currency

https://www.bloomberg.com/news/articles/2020-11-30/zimbabwe-rules-out-return-to-u-s-dollar-backs-local-currency?utm_medium=social&cmpid%3D=socialflow-twitter-africa&utm_content=africa&utm_source=twitter&utm_campaign=socialflow-organic

    

Nov. 30, 2020

Zimbabwe’s government has ruled out adopting the U.S. dollar as its default tender again, saying it won’t repeat its past mistake of abandoning the local currency.

Government outlaws multi-currency system and introduces Zim dollar

Herald

    

June 24, 2019

Government has outlawed the use of multiple currencies through new regulations that compel all forms of transacting to be done in local currency, now formally known as Zimbabwe dollar. Through Statutory Instrument (SI) 142 of 2019, known as Reserve Bank of Zimbabwe (Legal Tender) Regulations, the Government abolished the use of British pound, United States dollar, South African rand, Botswana pula and any other foreign currencies, as legal tender.

Government re-affirmed use of multi-currency regime.

theopc.gov.zw

    

Oct. 14, 2018