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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