Zim dollar back forex now "illegal" in Zim





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  1. #1
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    Default Zim dollar back forex now "illegal" in Zim

    HI all,

    I'm seeing a lot of postings about Zim eliminating the multi-currency system as of today, June 24, 2019. Electronic RTGS and bond notes now the "only" legal tender in Zim.

    Not confirmed, but a lot of people I follow in Zim seem to be convinced and seeing what looks like official posting by the government being reposted by people and shows the date of June 24, 2019.

    see links https://zimbollar.co.zw/Analysis/Article/20 https://twitter.com/Wamagaisa/status...04304854786053

    Could be an even rougher ride coming up and for those traveling to Zim, you may not be able to buy fuel at special stations with forex.

    Plan accordingly and keep up to date with the most recent events.

    John
    Last edited by johninjoburg; 2019/06/24 at 12:33 PM.

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    Default Re: Zim dollar back forex now "illegal" in Zim

    Quote Originally Posted by johninjoburg View Post
    HI all,

    I'm seeing a lot of postings about Zim eliminating the multi-currency system as of today, June 24, 2019. Electronic RTGS and bond notes now the "only" legal tender in Zim.

    Not confirmed, but a lot of people I follow in Zim seem to be convinced and seeing what looks like official posting by the government being reposted by people and shows the date of June 24, 2019.

    see links https://zimbollar.co.zw/Analysis/Article/20 https://twitter.com/Wamagaisa/status...04304854786053

    Could be an even rougher ride coming up and for those traveling to Zim, you may not be able to buy fuel at special stations with forex.

    Plan accordingly and keep up to date with the most recent events.

    John
    I am sure a flourishing black market will quickly establish itself.

    2015 Suzuki Grand Vitara Summit M/T

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    Default Re: Zim dollar back forex now "illegal" in Zim

    Sounds like fake news to me

    Edit: Seems real, eish. From Moneyweb: "On the official interbank rate, the RTGS currency was pegged at 6.2 but on Monday it was trading between 11 and 12 against the dollar on the unofficial market."
    Last edited by Mike N; 2019/06/24 at 03:59 PM.
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    Default Re: Zim dollar back forex now "illegal" in Zim

    Quote Originally Posted by Mike N View Post
    Sounds like fake news to me
    Was just reported on OIL too.

    Better take an extra trailer with Zim dollars with...
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    Default Re: Zim dollar back forex now "illegal" in Zim

    Latest news 1 ZWD = 0.0396833 ZAR or 1 ZAR = 25.1995 ZWD tdays exchange rate. All confirmation bookings with Nat parks may have to change to align with new currency if this is not fake news. BREAKING: RBZ Bans Use Of Foreign Currency As Legal Tender With Effect From Today

    zimeye.net

    Jun 24, 2019 11:44 AM

    The Reserve Bank of Zimbabwe has with effect from today, the 24th June 2019, banned the use of foreign currencies as legal tender.

    The central bank announced this in a Statutory Instrument 142 of 2019.

    The government gazette instructs that the United states dollar, Botswana Pula and South Africa Rand are no longer legal tender in Zimbabwe.

    The SI reads in part:

    Subject to section 3, with effect from 24th June 2019, the British pound, United States dollars, South African rand, Botswana pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe.
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    Default Re: Zim dollar back forex now "illegal" in Zim

    So are my Zim billions valid currency
    Collected a lot of the high value notes (as a joke)

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    Default Re: Zim dollar back forex now "illegal" in Zim

    I think the internet has gone off the rails. The exchange rate off the Internet quoted above does not make any sense at all. 1 US$ is trading at R14,31 at the moment. If Zimbabwe Dollar is now the official currency it was trading at 3/1 with US $ therefore for 1 Zim$ = R4,77 - Anyway lets wait and see if it is fake news again.
    [SIGPIC]MikevR Be determined to live the unlived life within you.

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    Default Re: Zim dollar back forex now "illegal" in Zim

    Quote Originally Posted by MikevR View Post
    I think the internet has gone off the rails. The exchange rate off the Internet quoted above does not make any sense at all. 1 US$ is trading at R14,31 at the moment. If Zimbabwe Dollar is now the official currency it was trading at 3/1 with US $ therefore for 1 Zim$ = R4,77 - Anyway lets wait and see if it is fake news again.
    HI Mike, it seems suspicious because it is so sudden. It doesn't make sense, but with the way the RTGS and bond were free falling against the dollar last week, something had to give. Seems like the move of desperate government. By the end of last week on the black market before this took place bond note was about 13 to the dollars.
    Check out this link which has a pdf of the statue.
    http://www.veritaszim.net/node/3564

    Also one of the current cabinet member deputy ministry of information, tweeted that the news was wrong and then within 30 minutes deleted the tweet (although others caught it) and has now tweeted this
    Statutory Instrument 142/2019 effectively ends the multiple-currency system & US dollar is nologer legal tender for local transactions. Bond notes, RTGS$ are now ZIM dollar. Duty for luxury goods and airfares are exceptions.

    https://twitter.com/energymutodi/sta...38706171342849

    John

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    Default Re: Zim dollar back forex now "illegal" in Zim

    Hi John, yes it seems real after all, every Fin website is now carrying the story. From Moneyweb: On the official interbank rate, the RTGS currency was pegged at 6.2 but on Monday it was trading between 11 and 12 against the dollar on the unofficial market.
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    Default Re: Zim dollar back forex now "illegal" in Zim

    It is real. I have a copy of the Government Gazette as it was published. I work in card payments at one of SA banks and we do projetcts in Zim too.
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    Default Re: Zim dollar back forex now "illegal" in Zim


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    Default Re: Zim dollar back forex now "illegal" in Zim

    Now the crocodile will be printing truckloads of money.
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    Default Re: Zim dollar back forex now "illegal" in Zim

    Quote Originally Posted by Mike N View Post
    Hi John, yes it seems real after all, every Fin website is now carrying the story. From Moneyweb: On the official interbank rate, the RTGS currency was pegged at 6.2 but on Monday it was trading between 11 and 12 against the dollar on the unofficial market.

    My heart aches for the people there, more misery and hardship seems to be on the way.

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    Default Re: Zim dollar back forex now "illegal" in Zim

    If I read right one reason to scrap foreign money use was that government did not have hard currency to pay civil servants, army and police. They get paid with "worthless" local money. When politicians cannot lift some people up they lower the higher down but always with one exception. Rule doesn't apply to the politicians. This was one of the big reasons last time for hyper inflation. Bosses will be buying USD on official rate, walk out to the street, sell USD and go back to the bank to buy more USD.

    I recommend that people warn their Zimbabwean employees not to take foreign currency across the border just now. Police has a good excuse now to confiscate "illegal" currency. This will take a bit time to see what happens.
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    Default Re: Zim dollar back forex now "illegal" in Zim

    Quote Originally Posted by Jouko View Post
    ........
    I recommend that people warn their Zimbabwean employees not to take foreign currency across the border just now. Police has a good excuse now to confiscate "illegal" currency. This will take a bit time to see what happens.
    Very good advice
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    Default Re: Zim dollar back forex now "illegal" in Zim

    Well, with all that, here is another zinger.

    https://ewn.co.za/2019/06/25/zimbabw...pDq5ejx7SU1PFA
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    Default Re: Zim dollar back forex now "illegal" in Zim

    Quote Originally Posted by Henris View Post
    Well, with all that, here is another zinger.

    https://ewn.co.za/2019/06/25/zimbabw...pDq5ejx7SU1PFA
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    Default Re: Zim dollar back forex now "illegal" in Zim

    we heading to zim next week, a few in our party need zim visas, how is one supposed to pay for visas?

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    Default Re: Zim dollar back forex now "illegal" in Zim

    Quote Originally Posted by Kariba View Post
    we heading to zim next week, a few in our party need zim visas, how is one supposed to pay for visas?
    I'm almost 99.9% sure that at the border you will still be able to pay with forex. The gov wants it badly, just doesn't want to pay their people in it!

    John

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    Default Re: Zim dollar back forex now "illegal" in Zim

    Quote Originally Posted by Ian.McM View Post
    I am sure a flourishing black market will quickly establish itself.
    Already very well established. We do quite a bit of business in Zim and I just sold some more equipment. After this, the next project we are working on, might be on hold...

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