FAQ: Zim Dollar Reintroduction In Simple English

What’s our official currency?

Now our official currency is called Zimbabwe Dollar. It’s now the legal tender.

What makes up the Zimbabwean Dollar?

The Zimbabwean Dollar is made up of RTGS balances, bond notes and bond coins, all unpopularly known as RTGS dollars.

So what has changed?

Prior to yesterday, you were able to make a payment using various foreign currencies (multi-currency system) but since yesterday you can only settle debts/payments using the Zimbabwean dollar which is the legal tender.

That means anyone or any shop that denies accepting RTGS, bond notes and coins (Zimbabwean dollars) to make a payment are violating the law of the land and if you report them they will be in for it.

Who can demand payment in forex?

Airlines are the only organisations that are allowed to demand payments in USDs/forex.

Does that mean if I have forex in my hand I can’t buy from the shops with it?

If you have USDs you have to go to a bank or bureau de change and change it to get the Zimbabwe dollars.

What about my USD’s/forex in an FCA account?

Mthuli Ncube says that money in USDs in FCA accounts is yours and you can keep it there (in the bank) or you can do whatever you like with it except that when you want to buy something in a shop, you’d have to change the USDs into Zimbabwean Dollars. In a nutshell, your USDs in the FCA are still intact and they haven’t been converted into Zim dollars.

Will duty be payable in Zim Currency or in foreign currency?

Duty for selected “luxury” goods is still payable using foreign currency. And yes you will pay the duty for your car with forex.

N.B Did you know you can easily keep up with the rapidly changing exchange rates on WhatsApp? You just send the word “Rate” to the Techzim Market number: 0719696102. Or use this shortcut link: http://wa.me/263719696102?text=Rate