What does this judgement mean for Zimbabweans whose US dollar accounts were liquidated in 2018?

A High Court ruling on Wednesday in which Justice Joseph Mafusire ordered the Central Africa Building Society (CABS) to pay back architects, Stone/Beattie Studio Partnership, US$142 000 which was liquidated into Zimbabwe dollars raises a lot of questions as to what will happen to other US accounts that were liquidated when Zimbabwe re-introduced the local currency in 2018.

Mafusire said the conversion was unconstitutional.

The architects sued CABS as well as the Reserve Bank of Zimbabwe and the Ministry of Finance saying that if their banker did not pay, then the central bank and treasury should.

Below is the full judgement.

We welcome comments from those with a legal background.

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This post was last modified on February 18, 2023 3:25 pm

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Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.