US Dollar Use to Continue till 2030

US Dollar Use to Continue till 2030

The United States dollar will be accepted form of payment in Zimbabwe until 2030. In an SI, Government has extended the use of the multi-currency system.

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This decision contradicts an earlier statement by Mnangagwa where he suggested the country would shift exclusively to the local currency, stating that a nation needs its own currency to progress.

Mnangagwa made the announcement on Friday through Statutory Instrument 218 of 2023. This document, known as the Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2023, states the following:

CAP. 10:20 Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2023 HIS Excellency the President, in terms of section 2 of the Presidential Powers (Temporary Measures) Act [Chapter 10:20], hereby makes the following regulations: — 1. These regulations may be cited as the Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2023. 2. The Exchange Control Act [Chapter 22:05] is amended in section 11 (“Civil penalty orders”) by the repeal of subsection (2a) and substitution of — “(2a) The provisions of the Schedule, in so far as they expressly or impliedly 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. Government of Zimbabwe

However, legal minds have questioned the legality of the SI claiming that some of its pronouncements amount to ammending the Constitution.

US Dollar Use to Continue till 2030

Lawyer and CCC MP for Mt Pleasant, Advocate Fadzayi Mahere said the Exchange Control Act can only be ammended by Parliament and not through Temporary Presidential Powers. She said the continued rule by decree is concerning. The Exchange Control Act can only be amended by Parliament. It’s unconstitutional for the Executive to unilaterally change it. What’s the point of having a Legislature? So yes, this extension of the use of USD to 2030 was effected without due process, not that they care.

🟡The continued rule by decree is concerning. The Exchange Control Act can only be amended by Parliament. It’s unconstitutional for the Executive to unilaterally change it. What’s the point of having a Legislature? So yes, this extension of the use of USD to 2030 was effected… pic.twitter.com/q2WgGWRGoS

— Fadzayi Mahere🇿🇼 (@advocatemahere) October 27, 2023