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Zimbabwe bans use of foreign currencies


Zimbabwe has banned the use of international currencies this sort of as the US greenback, South African rand and British pound.

Zimbabwe has not experienced its own thoroughly fledged forex considering that 2009 when authorities abolished the Zimbabwe greenback because of to hyperinflation.

The ban arrives in straight away and has caught locals by surprise.

Outlets and most corporations will only be allowed to settle for the substitute currency, the RTGS pounds.

Authorities are thought to have introduced this new evaluate to curb rampant black market forex investing.

Critics think that this will slow the overall economy as companies will not be capable to work with a risky nearby currency.

The regulation does not have an affect on foreign currency accounts, and airfares and customs obligation for some items will even now be compensated in foreign forex.

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