Zimbabwe bans use of US dollar and other foreign currencies
June 25, 2019
6:45 am
In a bid to defend its fledgeling new currency against black market speculation,Β Zimbabwe‘s Finance Minister Mthuli Ncube on Monday outlawed the use of the US dollar and a host of other foreign currencies in local transactions.
In 2009, Zimbabwe allowed the US dollar and other foreign currencies to be used as legal tender in the country after hyperinflation decimated the value of the Zimbabwean dollar.
Earlier this year, to pave the way towards ending so-called “dollarisation”, the country laid the foundations for a new Zimbabwean dollar by introducing an interim currency, theΒ Real Time Gross Settlement dollar (RTGS) …
