AfricaFeaturedUncategorized

Zimbabwe bans the use of foreign currencies

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.

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.

Credit: BBC

Show More

Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

Related Articles

Back to top button

Adblock Detected

ALLOW OUR ADS