Press Statements

US$ remains the base currency for trading: Zimcodd

US$ remains the base currency for trading: Zimcodd

Blog, Press Statements
THE Zimbabwe Coalition on Debt and Development (Zimcodd) says the United States dollar will remain the base currency for trading purposes in Zimbabwe because businesses prefer trading in a stable currency. In his monetary policy statement on Wednesday, central bank governor John Mangudya effectively brought back the local currency after denoting the existing electronic balances, bond notes and coins in circulation as real time gross settlement (RTGS) dollars, making them official legal tender alongside a basket of other currencies. “As the country denominates all bond notes and coins, mobile money and RTGS balances to RTGS dollars, the country’s currency crisis remains unresolved. What this implies is that people and entities will have to return all the different balances they hold