Zimbabwe has temporarily re-introduced the use of the US dollar as a medium of exchange as part of its fight against Covid-19, the Reserve Bank said.
Zimbabwe has temporarily reintroduced the use of the US dollar as a medium of exchange as part of its fight against Covid-19.Zimbabwe has temporarily reintroduced the use of the US dollar as a medium of exchange as part of its fight against Covid-19, the Reserve Bank said.
The US dollar makes a return when annual inflation stands at 1,106% and US$1 is equivalent to ZW$45. The move, according to Governor John Mangudya, is to promote social distancing. “The dispensation to use free funds will also promote social distancing as banks will be able to provide digital financial services to their customers that include producers of gold, tobacco and recipients of diaspora remittances,” he said in a statement.
Some banks have since closed their branches and reduced working hours. They also reduced the number of people to an average of 10 clients inside the banking hall.
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