Zimbabwe has declared its interim currency, the RTGS dollar, the her sole legal tender with effect from Monday, according to a government notice published on Monday.
“The British pound, United States dollar, South African rand, Botswana pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe,” the notice said.
The RTGS (Real Time Gross Settlement) dollar was introduced by the government on Feb. 22 as the first step towards a new currency by year-end.
However, by last week it had plunged 60 per cent against the U.S. dollar and some Zimbabweans complain that many goods and services are still priced in foreign currencies, mainly the dollar and the rand.
Zimbabwe adopted the U.S. dollar as its official currency in 2009, when most of the citizens had already ditched the hyperinflation-wrecked Zimbabwe dollar.
Analysts fear the same situation repeating itself with the interim currency.
- S. Africa reports more COVID-19 cases as country prepares to ease lockdown
- Mongolia meets all requirements to be removed from FATF “grey list”: finance minister
- Russian COVID-19 cases climb over 380,000
- Vietnam to import live pigs for first time against domestic price hike
- Thailand’s Pattaya beaches to reopen under social distancing rules
- Thai-styled massage parlors, spa parlors, beauty salons, fitness centers in Thailand to reopen
- Australia remains “on track” in fight against COVID-19: PM
- Ex-CBN director lauds MPC over interest rate reduction
- Fitch grades Mongolia’s rating at B with stable outlook
- OPEC daily basket price stands at 28.45 USD per barrel
- Nigerian troops rescue 241 Boko Haram captives in NE state
- Thailand to further ease restrictions, shorten curfew hours
- Kyrgyzstan adds 68 COVID-19 cases, total at 1,662
- S.Korea to push for import of remdesivir as treatment for COVID-19
- LASG seeks professional bodies’ collaboration to stop building collapse
- Group tasks NASS leadership on full implementation of `revised condition of service’
- COVID-19 positive cases rise to 13,659 in Afghanistan
- Playing to an empty room: Paris orchestra plays Strauss in COVID-19 era
- Uzbekistan’s Tashkent witnesses high temperature weather
- Indian researchers attribute mass mortality of bats to heatstroke