The President of the Republic of Zimbabwe, Emerson Mnangagwa has clarified and backed the introduction of the new Zimbabwe dollar.
The finance Minister of Zimbabwe on Monday 24th June enforced the new law which ban the use of multi currency as legal tender in Zimbabwe.
Mnangagwa, who attended the just ended maiden Africa Wildlife Economy Summit in Victoria Falls, addressed the media on the sidelines of the event to shed more light on the new currency regulation.
He said nothing had changed and the use of the RTG and Bond notes are still use.
“But nothing has changed we still use the RTGs and Bond Note and what we’ve done is to domesticate the currency.
“When you bring your US Dollar you go to a bureau de charge and get your Bond note or you go to the bank. So we’ve removed the basket of currencies,” he explained.
He however added that, during the transitional process, government would hold outreach programs to educate the general public about the new regulation and also facilitate the opening of bureau the change to ensure a smooth enrolment.
“This is a key component of our Transitional Stabilisation Programme, and an important step in restoring normalcy to our economy. Government and the RBZ are taking the necessary steps to ensure this move is a success, through increasing the flow of forex into the interbank market while also making forex available to individuals and small businesses through bureau de changes,” said President Mnangagwa.
In a government gazette published on Monday, the president said: “The British pound, US dollar, South African rand, Botswana pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transaction in Zimbabwe.”
This means that the multi-currency system that Zimbabwe has been using has now come to an end and transactions are now to be conducted in local currency.