Audio By Carbonatix
Zimbabwe has banned the use of international currencies such as the US dollar, South African rand and British pound.
Zimbabwe has not had its own fully fledged currency since 2009 when authorities abolished the Zimbabwe dollar due to hyperinflation.
The ban comes in immediately and has caught locals by surprise.
Shops and most businesses will only be allowed to accept the substitute currency, the RTGS dollars.
Authorities are believed to have introduced this new measure to curb rampant black market currency trading.
Critics believe that this will slow the economy as businesses will not be able to operate with a volatile local currency.
The regulation does not affect foreign currency accounts, and airfares and customs duty for some items will still be paid in foreign currency.
Latest Stories
-
Slump continues as cedi becomes worst-performing currency in sub-Saharan Africa in 2026
32 minutes -
Petroleum Commission hails 7 Eleven’s indigenous bolt and nut plant as sign of local content growth
40 minutes -
Keta MP offers relief to Afiadenyigba SHS after fire outbreak
48 minutes -
UMaT graduates 95 students, commits to training 1,000 coders
51 minutes -
Modified Taxation Scheme: Ghana’s surest way to inclusive tax administration
1 hour -
Asunafo North Cocoa Farmers Union and partners rescue rural schools from infrastructure crisis
1 hour -
Africa must become a destination for investment, not aid — Deputy Finance Minister
2 hours -
Regulation by invoicing: Systemic flaws in NITA’s licensing push and threat to Ghana’s digital trust
2 hours -
‘I’m sick and tired of this country’ – Ghanaian in South Africa pour out frustrations at meeting with Foreign Affairs Minister
2 hours -
‘Mum’s dementia means I live in the moment with her’
2 hours -
Energy Commission champions Clean Energy Transition
2 hours -
International Day of the Boy Child marked in Accra
3 hours -
BoG losses will not recur at last year’s scale — Governor Asiama assures
3 hours -
Without trust, digital finance is just technology – BoG Governor
3 hours -
Mental disorders increase by 95.5% globally since 1990 – Study
3 hours