Zimbabwe’s monetary and fiscal authorities have put in place measures to ensure enforcement of Statutory Instrument 142 of 2019, which effectively ended the multi-currency system and determined the “Zimbabwe dollar” as the sole legal trading currency in the country.

Last Monday, Treasury moved in to supplement the ongoing currency reforms by outlawing the use of foreign currencies for local transactions. However, indications are that there were some retailers and other economic players that have insisted on demanding payments in United States dollars.

Appearing before the Parliamentary Portfolio Committee on Budget and Finance yesterday, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya, said the enforcement strategies are already in place.

“There are many tools of enforcing Statutory Instrument 142 of 2019, including the Bank Use Promotion and Suppression of Money Laundering Act (Chapter 24:24), which was approved by the Parliament of Zimbabwe, the Financial Intelligence Unit (within the central bank), and members of the police force who are already seized with the matter to ensure that at least there is compliance and indeed enforceability of this matter,” said the governor.

“Enforcement is very possible and they have already started doing so to ensure that all local payments are made in the Zimbabwe dollar, and that payments offshore are done in US dollars.”State media