President gazettes multi-currency system into law

Farirai Machivenyika Senior Reporter

President Mnangagwa has gazetted Statutory Instrument 118A of 2022 entrenching the multi-currency system as announced by Finance and Economic Development Minister Professor Mthuli Ncube yesterday.

The SI is titled Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations 2022.

The measures will run for the duration of National Development Strategy 1 (January 2021-December 2025).

Among other measures, the regulations empower registered lenders, banks or any financial institution that lend foreign currency to receive repayment of the loan or credit in that foreign currency.

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