For those keen on visiting Zimbabwe (even if just to Victoria Falls) you may have seen in the news reference to the Reserve Bank of Zimbabwe's new rules regarding what is legal tender in that country.
Zimbabwe, of recent years, has been beset with issues regarding their currency, and has been using US Dollars in most cases for all transactions. However as of 24 June 2019 the Zimbabwe dollar is once again the sole currency for legal tender purposes (through Statutory Instrument (SI) 142 of 2019.
The wording inferred that NO OTHER currency was therefore acceptable for use in Zimbabwe. This is NOT THE CASE. In order to clarify: (SI) 142 of 2019, while re-introducing the Zimbabwe dollar as legal tender, does not preclude or ban or outlaw the use of other international currencies (such as US$, Euro, UK Pound, RSA Rand, Aus $ and so forth) in Zimbabwe for settlement of services such as Tourism, customs duty on specific imports etc.
Therefore all international visitors to Zimbabwe can still settle for visas, accommodation, flights, excursions, meals, drinks and any related expenses in the same international currencies as before.
Understandably, Tourism is, one of the surest ways for the government to receive foreign currency and they are not tempering with its capacity to bring in much needed foreign funds.
Therefore (SI) 142 of 2019, is primarily targeted at domestic trade by Zimbabweans patronizing local businesses where the government would like for the Zimbabwe dollar to be the sole legal tender thus preserving the scarce foreign exchange for importation of essentials such as medication, fuel, technology and so forth.
The intervention sought by (SI 142 of 2019) is no different in intent to that of any other economy where the local citizenry uses a local currency for daily internal transactions.
In conclusion, Zimbabwe is still very much open for business and is working to get up to date with the IMF recommendations.
Zimbabwe, of recent years, has been beset with issues regarding their currency, and has been using US Dollars in most cases for all transactions. However as of 24 June 2019 the Zimbabwe dollar is once again the sole currency for legal tender purposes (through Statutory Instrument (SI) 142 of 2019.
The wording inferred that NO OTHER currency was therefore acceptable for use in Zimbabwe. This is NOT THE CASE. In order to clarify: (SI) 142 of 2019, while re-introducing the Zimbabwe dollar as legal tender, does not preclude or ban or outlaw the use of other international currencies (such as US$, Euro, UK Pound, RSA Rand, Aus $ and so forth) in Zimbabwe for settlement of services such as Tourism, customs duty on specific imports etc.
Therefore all international visitors to Zimbabwe can still settle for visas, accommodation, flights, excursions, meals, drinks and any related expenses in the same international currencies as before.
Understandably, Tourism is, one of the surest ways for the government to receive foreign currency and they are not tempering with its capacity to bring in much needed foreign funds.
Therefore (SI) 142 of 2019, is primarily targeted at domestic trade by Zimbabweans patronizing local businesses where the government would like for the Zimbabwe dollar to be the sole legal tender thus preserving the scarce foreign exchange for importation of essentials such as medication, fuel, technology and so forth.
The intervention sought by (SI 142 of 2019) is no different in intent to that of any other economy where the local citizenry uses a local currency for daily internal transactions.
In conclusion, Zimbabwe is still very much open for business and is working to get up to date with the IMF recommendations.
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