The President of the Republic of Zimbabwe Emmerson Mnangagwa has extended the use of the multicurrency system lifetime until 2030, dispelling the rumours that had gripped the market in recent weeks.
President Mnangagwa extended the life of the multicurrency to 2030 on Friday by enacting Statutory Instrument (SI) 218 of 2023.
“His Excellency, the President, in terms of Section 2 of the Presidential Powers (Temporary Measures) Act (Chapter 10:20), hereby makes the regulations (that) the Exchange Control Act (Chapter22:05) 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 implied 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, 20230,” reads part of the SI.
Recently, President Mnangagwa told captains of industry attending the CEO Africa Roundtable conference in Victoria Falls that the plan to replace the multicurrency system by 2025 with the Zimbabwe dollar as the only legal tender will not be reversed.
However, industry leaders have been advocating for the multicurrency system to stay around after 2025.