Innocent Sibonginkosi Ncube<\/p>\n\n\n\n
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A recent legal analysis by Veritas, a renowned think-tank, has revealed that foreign currency has not been legal tender in Zimbabwe since 2019.<\/p>\n\n\n\n
This finding has sparked concerns that the government may abruptly discontinue its use.<\/p>\n\n\n\n
In 2019, the Exchange Control Act was amended to insert a new section 11, which allows the Reserve Bank to impose fines on offenders who contravene the Act. However, a subsequent amendment in 2022 introduced a new subsection (2a), which permits the settlement of transactions in foreign currency until December 31, 2030.<\/p>\n\n\n\n
Despite President Emmerson Mnangagwa’s extension of foreign currency use until 2030, Veritas argues that it is not legal tender. This interpretation has significant implications for Zimbabwe’s de-dollarization efforts.<\/p>\n\n\n\n
The introduction of the Zimbabwe Gold (ZiG) currency in April, backed by forex and gold reserves, has been seen as a step towards a stable currency. However, critics argue that it is premature to make ZiG the sole currency, given the fate of its predecessors.<\/p>\n\n\n\n
Veritas’ analysis highlights the need for clarity on Zimbabwe’s currency laws to avoid confusion and potential economic disruption. As the government continues its push for de-dollarization, the legal status of foreign currency remains a critical issue.<\/p>\n\n\n\n
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