25 Jun 2019 | 07:29 AM UTC
Zimbabwe: Government announces end to multi-currency scheme June 24
Zimbabwe’s central bank abolishes use of foreign currencies on June 24 effective immediately; RTGS dollar becomes nation’s sole currency
Event
The Reserve Bank of Zimbabwe announced on Monday, June 24, that the use of multiple currencies would end effective immediately. With the abolition of other currencies, the Real Time Gross Settlement (RTGS) dollar will be the sole official currency. The abrupt nature of the announcement may result in unrest and related protests.
Context
The use of foreign currencies, notably the South African Rand (ZAR) and the US Dollar (USD), was allowed beginning in 2009.
Advice
Individuals in Zimbabwe are advised to monitor updates to the situation, ensure adequate supplies of RTGS dollars, avoid any possible public demonstrations, and adhere to local regulations.
