The ruling by the Supreme Court of Zimbabwe this week declaring that a debt owed in United States dollars (US$) incurred on or before February 22, 2019 should be discharged in the local currency (Zimdollar) at the 1:1 rate has sounded the death knell for the country's investment prospects.
The ruling was delivered in favour of Zambezi Gas Zimbabwe (Pvt) Ltd in a matter involving NR Barber (Pvt) Ltd, which was owed over US$3 885 000 by the gas company before February 22, 2019, the effective date of Statutory Instrument (SI) 33/2019.
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