By Online Desk
The Reserve Bank of Zimbabwe (RBZ) has moved to dispel concerns over the legality of the Zimbabwe Gold currency (ZiG), reaffirming its status as the country’s legal tender.
In a statement yesterday RBZ said the lapse of Presidential Temporary Powers that established the ZiG does not create a gap in the law. Instead, currency reform measures can only be revoked by another legal instrument.
“The Reserve Bank of Zimbabwe wishes to advise the public and all stakeholders that there is no gap at law regarding the Zimbabwe Gold currency.
“The Zimbabwe Gold currency, (ZiG) was established through Presidential Powers (Temporary Measures) proclaimed under S.I 60 of 2024, which constitutes a onetime act of currency reform. Currency reform measures by their nature do not lapse simply because the instrument that introduced the reforms has lapsed.
“The lapsing of the Presidential Temporary Powers that established the currency does not, therefore, create a gap in the law. “Legally, currency reform measures are only revoked by another legal instrument,” said the Central Bank.
RBZ added that:
“Meanwhile, it should be noted that The Finance Act which has since been gazetted into law, simply declares the provisions of S.I 60 of 2024 and is not meant to validate them.
“Thus, ZiG remains the country’s legal tender, and the Reserve Bank will continue to consolidate its use and stability.”