JUST IN: If You Borrow USD, Repay In USD - New Statutory Instrument
2 years agoMon, 27 Jun 2022 09:38:56 GMT
The government has announced the introduction of a new Statutory Instrument that will compel debtors to repay in the currency they would have borrowed, for instance, those who borrow USD will repay in USD.
The announcement was made by Finance and Economic Development Secretary, George Guvamatanga at a press conference held in Harare this Monday.
He said the Statutory Instrument will be issued today (27 June 2022).
He said the legislation is introduced after financial institutions including banks have been complaining that people are borrowing USD and would repay in Zimbabwe dollars.
This would put them at a disadvantage considering that the local currency is shedding value against the United States dollar and other currencies.
