Business Reporter
The Reserve Bank of Zimbabwe (RBZ) has firmly rejected claims regarding the legal status of the ZWG (Zimbabwe Gold Currency), asserting that its status remains valid and above board.
This response comes after a legal opinion by Advocate Thabani Mpofu suggested that the ZWG had exceeded its legal lifespan, which he claimed ended on October 4, 2024.
Key Points from the RBZ Statement
- Currency Reform Measures: The RBZ clarified that currency reform measures do not lapse simply because the statutory instrument that introduced them has expired. They emphasized that the lapsing of the Presidential Temporary Powers does not create a legal gap.
- Legal Framework: The ZWG was established under the Presidential Powers (Temporary Measures) through S.I 60 of 2024. The RBZ stated that such reforms can only be revoked by another legal instrument, not by the expiration of the original one.
- Finance Act: The RBZ noted that the recently gazetted Finance Act merely declares the provisions of SI 10 of 2024 and is not intended to validate the ZWG’s status.
- Continued Use: The central bank reaffirmed that the ZWG remains the legal tender in Zimbabwe and that efforts will continue to consolidate its use and stability.
This clarification from the RBZ aims to reassure the public and stakeholders about the legitimacy and ongoing use of the ZWG amidst circulating doubts.
Zim GBC News©2024