US dollar use to continue until 2030

Zim Now Writer

The multi-currency system will continue operating in Zimbabwe until the end of 2030, the government has said.

Government made the announcement through Statutory Instrument 218 of 2023 which was gazetted yesterday.

This comes as Government had last year gazetted SI 118A which guaranteed that Zimbabwe would stick to the multi-currency system until 2025, which meant that the US dollar could be used as legal tender in Zimbabwe until 2025, trading alongside the Zimdollar.

Reads SI218 of 2023 in part: “The provision of the Schedule, in so far as they express or implicitly permit the settlement of any transaction or the payment for goods and services in foreign currency, shall, notwithstanding Statutory Instrument 142 of 2019, be valid until the 31st December 2030.”

As 2025 approaches, there were concerns over government’s future currency policy, leading to many financial institutions being reluctant to give long-term US dollar since they were not sure of what would happen post 2025.