In the meantime, the Zimbabwean government has, with immediate effect, scrapped the multi-currency system in place since 2009 and further criminalized its use alongside the local RTGS$ recently announced as a stand-alone currency. This is according to an Extraordinary Government Gazette released by Finance Minister Mthuli Ncube. This has come into effect from 24th June 2019. The Zimbabwean dollar only will be the legal tender money. Some of the local businessmen charge the goods and services both in domestic currency and the US dollar, thereby gaining from the currency fluctuations. That will now becomes a criminal offense. Recently, at the sidelines of the recent summit of the US-Africa Council, Zimababwe ‘s president Mnangagwa mentioned about introduction of a new currency. This will be the only legal tender for domestic transactions, he said. Explaining the rationale of having an exclusive currency of its own, president said it is very important to assess the money supply and to modulate the supply and demand for the currency. Since every country has its own currency, Zimbabwe is seemingly the only exception. The new currency is expected to boost the economic growth of the country.
