By Business Reporter| The Reserve Bank of Zimbabwe has with effect from today, the 24th June 2019, banned the use of foreign currencies as legal tender. 

The central bank announced this in a Statutory Instrument 142 of 2019.

The instrument also announces the return of the Zimbabwean dollar.

The government gazette instructs that the United states dollar, Botswana Pula and South Africa Rand are no longer legal tender in Zimbabwe.

Can this be reversed? 

Speaking to ZimEye, the MDC Chiefwhip, Hon Prosper Mutseyami said, “the new SI like any other SI do not come through Parliament. SIs are delegated legislation and the Minister is empowered to announce without consulting Parliament. The Parliamentary legal committee (PLC) will only issue an adverse report in the event the SI is ultra virus to the constitution.”

Meanwhile, the SI reads in part:

Subject to section 3, 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.

Full text below.