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The Reserve Bank of Zimbabwe (RBZ) has affirmed that the Zimbabwe Gold (ZiG) currency remains legal tender and will continue to strengthen its use and stability.
This statement follows comments from prominent lawyer Advocate Thabani Mpofu, who said on Monday that the ZiG lost its legal tender status on October 4, when the law that established it expired. He said:
<blockquote>
As of October 4, 2024, the statutory instrument that introduced the ZIG currency expired without extension. Consequently, from October 5, 2024, the ZIG ceased to be a valid currency in Zimbabwe, leaving the US dollar as the sole currency.
In a belated but incompetent attempt, authorities tried to revive the ZIG through the Finance Act on Sunday, October 27, 2024 (This had been hinted on in the Friday Gazette but the Act had not been published). However, this effort was futile since the ZIG had already lost its validity.
Moreover, Section 21 of the Finance Act’s attempt to retroactively validate the ZIG is unlawful, as it contradicts Section 6 of the Presidential Powers (Temporary Measures) Act.
The explicit reference to the expired statutory instrument in Section 21 only reinforces this illegality in that it establishes the connection between the S.I. and the Act (A clever person would have avoided that connection).
</blockquote>
However, in a statement issued on Monday evening, the RBZ said the ZiG was established through Presidential Powers (Temporary Measures) under S.I. 60 of 2024, representing a one-time act of currency reform.
The Central Bank insisted that currency reform measures do not expire simply because the legal instrument that initiated them has lapsed. Reads the statement:
<blockquote>
The Reserve Bank of Zimbabwe wishes to advise the public and all stakeholders that there is no gap at law regarding the Zimbabwe Gold currency.
The Zimbabwe Gold currency, (ZiG) was established through Presidential Powers (Temporary Measures) proclaimed under S.I 60 of 2024, which constitutes a one-time act of currency reform.
Currency reform measures by their nature do not lapse simply because the instrument that introduced the reforms has lapsed.
The lapsing of the Presidential Temporary Powers that established the currency does not, therefore, create a gap in the law. Legally, currency reform measures are only revoked by another legal instrument.
Meanwhile, it should be noted that The Finance Act which has since been gazetted into law, simply declares the provisions of S.I 60 of 2024 and is not meant to validate them.
Thus, ZiG remains the country’s legal tender, and the Reserve Bank will continue to consolidate its use and stability.
</blockquote>
Meanwhile, Corban Madzivanyika, the Member of Parliament for Mbizo and a member of the CCC, has called on the RBZ to clarify the basis for its assertion that currency reform measures can only be revoked by another legal instrument. He said:
<blockquote>
Kindly specify the law that allows currency reform measures to remain in force even after the expiry of the Presidential powers (Temporary measure) SI 60 of 2024. Which law says currency reform measures can only be revoked by another legal instrument? Explain well to us.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The RBZ says ZiG currency is still legal tender, despite a lawyer saying it lost its status. The Central Bank says the ZiG currency was established through a one-time currency reform act, so it remains valid. The RBZ explains that currency reform measures do not expire just because the law that started them ended. The RBZ will continue to make ZiG stronger and more stable. Some people are questioning the RBZ's explanation and asking for clarification on the laws that support this decision. So, for now, ZiG remains Zimbabwe's legal tender.

ZiG Currency Remains Legal Tender - RBZ

The Zimbabwe Gold (ZiG) currency is no longer considered legal tender, as the law governing it lapsed on October 4, according to top lawyer Advocate Thabani Mpofu.
Introduced on April 5, 2024, the gold-backed currency was the country’s sixth attempt to establish a stable monetary system in the past 15 years.
Mpofu said on Saturday that the ZiG has officially lost its status as legal tender, leaving questions about the implications for the economy and the future of currency in Zimbabwe. Mpofu posted on X:
<blockquote>
Unless I missed the law when it was promulgated, the ZIG is no longer currency.
The ZIG was operationalised by the promulgation of the Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act and Issue of Zimbabwe Gold Notes and Coins) Regulations, 2024.
By law, a statutory instrument promulgated in terms of the Presidential Powers Act lapses at the end of 6 months unless prior to its lapse, the instrument is validated by primary legislation.
In this case, the 6 months would have lapsed on the 4th of October 2024. This means that by the end of that day, the ZIG ceased to be currency.
It is not possible for the statutory instrument once it has lapsed to be validated by legislation. Further, the statutory instrument having lapsed no further regulations identical to the lapsed ones can be promulgated within 6 months of such lapse.
This means that no Statutory Instrument extending the life of ZIG can be issued in terms of the Presidential Powers Act.
For these reasons, the ZIG is no longer legal tender. The consequences are immense. I think we have a big problem on our hands. (I sincerely hope for the life of me that the authorities did the needful. If they didn’t, this needs to be fixed by the only lawful way available).
</blockquote>
Former Finance Minister Tendai Biti agreed with Advocate Mpofu that the ZiG is no longer legal tender. He said:
<blockquote>
Advocate Thabani Mpofu is 100% correct. ZiG is no longer a currency because the six months have lapsed.
So, Parliament must amend the the Reserve Bank of Zimbabwe Act for the ZiG to become a currency not the President.
</blockquote>
According to <a href="https://www.newsday.co.zw/local-news/article/200034212/zim-runs-with-expired-currency">NewsDay</a>, the government has been working on new legislation to support the introduction of the ZiG, anticipating the lapse of the statutory instrument after six months. The Finance Bill H.B. 8, 2024, amends existing laws to facilitate the introduction of the ZiG.
The Bill states that ZiG notes and coins will be recognized as official currency under section 44D (2) of the Principal Act.
It passed through the Senate about two weeks ago and now awaits President Emmerson Mnangagwa’s signature to become law.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The ZiG currency in Zimbabwe is no longer considered legal money because the law that allowed it to be currency expired on October 4th. This was the sixth attempt in 15 years to create a stable currency system. A top lawyer named Advocate Thabani Mpofu confirmed this. Unless Parliament makes new laws, the ZiG can't be used anymore. The government is working on new laws to make ZiG legal again. Once these new laws are approved, ZiG notes and coins will be accepted as money again. President Emmerson Mnangagwa needs to sign these new laws first.

ZIG Ceased To Be Legal Tender On 04 October - Top Lawyer

Economist and banker Nigel Chanakira argues that the government should consider extending the United States usage policy beyond 2030 to encourage significant infrastructure investments.
In 2023, President Emmerson Mnangagwa introduced Statutory Instrument 218 of 2023, which extended the multiple currency system until December 2030.
Speaking with <a href="https://www.newzimbabwe.com/top-economist-calls-on-mnangagwa-to-extend-us-usage-beyond-2030/">NewZimbabwe.com</a> on Wednesday during the ZIMREAL Property Investment Forum, Chanakira said that Zimbabweans have yet to fully embrace the new currency, ZiG. He said:
<blockquote>
Zimbabwe has been a beneficiary of the US$ currency. To begin with, we shouldn’t be where we are. Normally we want a strong domestic currency. But whatever happened, happened. We can’t run away from reality.
Now that such has happened, we have ended up with the hard currency as the main currency we are using and the one which a lot of people have confidence in. ZiG has been introduced and it’s still gaining momentum but the confidence isn’t out rightly there.
As long as we still have doubting Thomases and you will always have them, guess what? We need to extend the US$ usage tenure. Why? Because we have a deficit of infrastructure funding including housing, water and electricity.
In economics, we talk about medium to long-term funding. In banking terms normally that is a preserve of Building Societies, Insurance Companies particularly life companies and pension funds to fund that infrastructure.
As long as they are funding with US$, then there is a limited life of the foreign currency. Investors will always consider their liabilities.
</blockquote>
Chanakira urged authorities to consider extending the tenure of any medium to long-term funding to attract the right infrastructure. He said:
<blockquote>
So there is a need to take advantage of this. Don’t condemn it, in business we say give the customer what they want.
You don’t try and fight the market. Right now the tenure of the US$ usage is set to end in six years. So what are we saying?
We are therefore limiting the amount of investment from going into what is badly needed and that is infrastructure. I hope the argument is simple, elegant and progressive.
</blockquote>
Meanwhile, on July 4, Mnangagwa said that the new gold-backed currency, ZiG, would become the sole legal tender before the previously announced 2030 deadline to phase out the current multicurrency system. He said:
<blockquote>
In two years, in fact two years is too far off, but there will come a time when our ZiG currency has fully penetrated the market, then I will give a directive that the country will be using the ZiG only.
If you go to the shops to buy with the US dollar, they will refuse it. Even those who were performing and entertaining us today, who were being given US dollar tokens, in two months’ time you (they) will be given the ZiG and no US dollars because that is our currency and we should propel it.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

An economist, Nigel Chanakira, thinks the government should keep using US dollars past 2030 to help build infrastructure. He says Zimbabweans like US dollars more than their new currency, ZiG. US dollars are needed to fund things like houses, water, and electricity. Chanakira thinks it's important to attract investors by extending the use of US dollars for long-term projects. President Mnangagwa plans to make ZiG the only currency by 2030. Chanakira believes it's better to keep using US dollars to help the country grow.

Top Economist Calls On Government To Extend Multi-currency System Beyond 2030

The Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has reiterated that the Zimbabwe dollar remains legal tender for all domestic transactions until April 30, when the Zimbabwe Gold (ZiG) notes and coins will come into circulation.
This comes after some traders, public transport operators and members of the public, stopped accepting the Zimbabwe dollar notes in response to the introduction of the “structured currency”.
During a 2024 Monetary Policy Statement breakfast meeting in Harare on Tuesday, 09 April, Mushayavanhu said that Zim dollar notes remain legal tender, and banks can continue to dispense them to their customers. He said:
<blockquote>
Between now and April 30, 2024, the bond notes are still legal tender; banks can pay them out to customers, and people should be able to use those to transact and for change. It is only after the 30th that we will be introducing the new notes and coins.
On Saturday, a day after he announced the launch of ZiG, Mushayavanhu said that the central bank will conduct an extensive educational and awareness campaign on the new currency’s structure and security features before the notes and coins are released on April 30.
</blockquote>
The central bank chief on Tuesday also sought to assure the public that ZiG was going to be a stable currency. He said the new currency had already started appreciating after gaining in Monday and Tuesday trading sessions on the interbank market. He said:
<blockquote>
If you are a retailer and you put a 10 per cent margin, you are most likely to be outside the market. You cannot put 10 per cent on top of a stable exchange rate, so you are going to moderate yourselves.
If you do not apply it and take the interbank exchange rate, you are not flouting the law, but if you apply more than 10 percent, you will be above the official exchange rate of 13,50 ZiG and (You will be around) probably 14 ZiG, hence you will price yourself out of business and will not be able to sell your products.
</blockquote>
Mushayavanhu said Statutory Instrument 185 of 2020 which authorises dealers and the market to price goods and services based on the prevailing interbank market rate plus a margin of up to 10 percent should be withdrawn.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimdollar Remains Legal Tender Until 30 April - RBZ

A legal think-tank, Veritas, says that neither SI 32 of 2019 which defines the word “currency” nor SI 33 of 2019 (made under the Presidential Powers Act) which states that RTGS currency is legal tender, states that RTGS dollars must be used for pricing, recording debts, accounting and settlement of transactions. The report reads in part:
<blockquote>Legal tender means a currency which, if offered in payment of a debt, discharges the debt unless the creditor and the debtor have specifically agreed otherwise.
So if a debtor owes a creditor $20, say, the debtor can normally repay the debt by offering $20 in RTGS dollars (because they are legal tender).
If however, the parties have agreed that the debt should be repaid in US dollars, then the debtor must repay it in those dollars.  There is no law in Zimbabwe which invalidates a contract that stipulates payment in a foreign currency.
Similarly, there is no law in Zimbabwe that requires prices to be marked up in legal tender or accounts to be drawn up in legal tender.
Even though the Reserve Bank’s directive repeats the Governor’s statement about the compulsory use of RTGS dollars, the directive is not a generally binding law.
Directives issued by the Reserve Bank become binding only if they are published in the Gazette or if they are served on the persons to whom they apply, or if it is proved that the persons concerned actually knew about them [see section 39 of the Exchange Control Regulations, 1996].
Although this directive seems to have circulated on social media it has not been published in the Gazette nor has it been served on all traders, accountants and other people who are presumably expected to abide by it.
Hence the directive is not binding on them.  In so far as the directive purports to compel everyone to use RTGS dollars exclusively, therefore, it is generally ineffective.
A further point is that in 2009 British pounds, Euros, U.S. Dollars, S.A. Rands and Botswana Pulas were declared to be legal tender in Zimbabwe [see section 17(2) of the Finance (No. 2) Act, 2009, No. 5 of 2009] and that declaration has not been revoked.  Those currencies remain legal tender therefore and can be used interchangeably with RTGS dollars for all the purposes mentioned by the Governor.  Neither the Governor’s monetary policy statement nor SIs 32 or 33 of 2019, nor the Reserve Bank’s directive, alter that.</blockquote>
<h3>Related:</h3>
<ul>
<li class="entry-title">
<h3><a href="https://news.pindula.co.zw/2019/02/27/rtgs-dollars-to-last-6-months/" rel="noopener" target="_blank">RTGS Dollars To Last 6 Months</a></h3>
</li>
</ul>
More: <a href="http://www.veritaszim.net/node/3461" rel="noopener" target="_blank">Veritas</a>

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