Zimbabwe has discontinued the usage of foreign currencies in the country. Finance Minister Mthuli Ncube signed the Government Gazette that enforces the use of the country’s new currency, the RTGS dollar alongside the Zimbabwean dollar.
The South African rand, Botswana’s Pula as well as the US dollar were all accepted for transactions before the new law.
Ncube says it became necessary to bring back a mono-currency regime to help normalise the situation. “What was happening in the market is that the US dollar was rising. It was uncontrollable. The multi-currency regime became a US dollar regime. They don’t earn US dollars but the clinics and the shops want US dollars, so quite clearly it became an untenable situation.”