Frequently Asked Questions: The Ban Of Multi Currency System
Was the multi-currency system abolished for real today in Zimbabwe?
According to the informal communique that circulated today and the ZBC Breaking news at 4 PM this afternoon
Subject to section3, with effect from 24th June 2019, the British pound, United States dollars, South African rand, Botswana pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe.
Does that mean if I have forex in my hand I can’t buy from the shops with it?
According to Professor Ncube, for you to buy locally you have to pay using the legal tender in the country the Zim Dollar. This means if you have USD you have to go to a bank or bureau de change and change it to get the Zim currency.
Will duty be payable in Zim Currency or in foreign currency?
Duty is being treated as a foreign payment. This means its payable in forex as usual.
How will I get forex should I wish to visit another country?
Go to the bank or bureau de change and buy the foreign currency you require from there at the given rate for the day.
Does this mean even hospital bills and drugs are now payable in the local currency?
It’s still not clear if they will take local currency only or they will classify other things as foreign payments
What else is included under foreign payments besides excise duty?
Professor Ncube singularly picked out airline tickets which are still payable in forex.
What are the implications of such a move to the economy?
It is still not clear how the economy will respond to the newest system on the block. We will keep you updated as the events unfold.
Will there be a new currency, new notes or coins in circulation?
Contrary to what’s circulating on social media, nothing has been said about the new currency or new notes or coins. The Zimbabwean currency is the RTGS that has been in use since 21 February 2019.
