Zimbabwe: Government introduces foreign currency procurement

Issue 397 - 26 Jul 2019 | 3 minute read

Barely a month after banning the use of foreign currencies within the country, the government has declared that mining companies and hotels must pay for their power in US dollars as part of new measures aimed at improving electricity supply. In June, the government banned the use of foreign currencies for local transactions and reintroduced the Zimbabwe dollar, which it abandoned in 2009 at the height of hyperinflation. As an interim measure, the government introduced the RTGS dollar in February to pave the way for the reintroduction of the local currency.

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