The full regulations on the use of forex

The full regulations on the use of forex

Zimbabwe has gazetted new regulations on the use of foreign currency where those who violate the regulations could pay a fine of up to $5 million.

The regulations are aimed at shoring up the Zimbabwe dollar on which the country is banking to stablise the economy and bring down inflation which was put at 161.9% this month.

The government aims to reduce inflation to below 10% by the end of the year.

The Zimbabwe dollar has been falling steadily against the United States dollar since the beginning of the year.

It kicked off the year at $82.09 and was down to $84.73 on Wednesday, a drop of $2.64.

It opened at $57.36 when the auction was launched on 23 June last year and ended the year at $81.79, a drop of $24.53.

It had peaked at $83.40 on 25 August, just two months after the start of the auction.

Below is the full statutory instrument 127 of 2021

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