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Zim abolishes multi-currency trading with immediate effect

The Government of Zimbabwe has today abolished the multi-currency system declaring the Zimbabwe local dollar as the sole trading currency with immediate effect.

The multi currency regime which includes the British pound, United States dollar, South African rand, Botswana pula and any other foreign currency shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe.

Minister of Finance and Economic Development has in terms of section 64 as read with section 44A of the Reserve Bank of Zimbabwe made the Zimbabwe dollar to be the sole currency for legal tender purposes.

The multi currency which has been abolished has been in place since 2009, when Zimbabwe abandoned its currency which had become worthless.

Customs duty and international airline tickets will continue to be paid in foreign currency after Zimbabwe abolishes the multi currency and diverts to Zimbabwe dollar as the only legal tender.

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