Foreign Currency

Zimbabwe’s Swift Response to the Recent Decline in the New Gold-backed Currency

Authorities have apprehended illicit moneychangers and closed the bank accounts of businesses accused of exclusively dealing in U.S. dollars. On Monday, Zimbabwe business owners pleaded with parliamentary committees to ask the government to stop arresting moneychangers and re-open the bank accounts of companies accused of only accepting foreign currency. “This is an inception process of a monetary policy shift,” said Sekai Kuvarika, the chief executive officer of the Confederation of Zimbabwe Industries. “So, let’s give ourselves time. Let’s give the market time. Let’s give the policymakers time to iterate how the policy is going to work in our markets. But we definitely do not support that we accompany our policies with the police.” The next stage for ZiG — introducing physical notes and coins to the public — is set for April 30.


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