Zimbabwe bans use of foreign currencies

By:brightwebtv.com/nana asare barimah

The Zimbabwe dollar was scrapped after it became almost completely worthless
The Zimbabwe dollar was scrapped after it became almost completely worthless

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.

Shops and most businesses will only be allowed to accept the substitute currency, the RTGS dollars.

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.

Source: BBC