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Finance minister Mthuli Ncube said it would be suicidal for Zimbabwe to adopt the United States dollar alone as the official currency because this would fuel inflation levels and would do more harm to the already struggling economy.
The legal validity of a Supreme Court judgment which converted United States dollar debts to the Zimdollar at a rate of 1:1 in line with Statutory Instrument 33 of 2019, must be tested by a nine-judge panel of the Constitutional Court, according to lawyers acting for NR Barber, a mining company, locked in a fierce legal battle with Zambezi Gas Pvt Ltd.
NR Barber, a mining firm, is seeking the Constitutional Court (Concourt)’s permission to challenge last month’s Supreme Court ruling which converted United States dollar debts to the Zimdollar at a rate of 1:1 in line with Statutory Instrument 33 of 2019.
The Zimdollar (ZWL$) has devalued by 41,57% to $9,16 against the United States dollar on the official interbank market due to low forex and market confidence, a month after it was reintroduced, analysts have said.
Cassava Smartech Zimbabwe’s EcoSure has unveiled United States dollar denominated packages that will give Zimbabweans the opportunity to get insurance cover without worrying about the challenges of value erosion on their policies.
Battle lines have been drawn between tenants in Victoria Falls town and property owners who are demanding outrageous United States dollar amounts for payment of rentals for their properties.
Zimbabwe should dump its discredited bond notes and real time gross settlement (RTGS) system and re-introduce the United States dollar as a way of solving the country’s fragile currency situation and reduce inflation, economist Steve Hanke has said.
United States (US) dollar exchange rate speculation has significantly driven up property prices in Zimbabwe’s capital, Harare, as buyers move to hedge against the volatile bond notes, a latest Knight Frank Zimbabwe (KFZ) report has revealed.
HARARE – Reserve Bank of Zimbabwe governor Gideon Gono has imposed daily cash withdrawal limits of $10 000 on individual transactions. The announcement by the central bank comes on the back of a liquidity crunch.