RBZ declares foreign currency use illegal

The Reserve Bank of Zimbabwe has declared it illegal to use foreign currency to pay for goods and services within the country. The RBZ said the practice contravened the Reserve Bank of Zimbabwe Act.

In an attempt to hedge against runaway inflation, which currently stands at 600%, many organisations and individuals had in recent years used foreign currency for paying for goods or services.

However the RBZ Act stipulates that the legal currency for all domestic goods and services is the Zimbabwe