Sums in accounts denominated in US dollars were legally converted to sums denominated in Zimbabwe dollars in terms of a Reserve Bank of Zimbabwe directive when the local currency was reintroduced, the Supreme Court has ruled, overturning a High Court decision last year that threatened a major financial crisis.
The High Court in May last year declared unconstitutional, a Reserve Bank of Zimbabwe (RBZ) exchange control directive converting sums in accounts originally designated in US dollars into Zimbabwe dollar-denominated accounts if the money in the accounts originated locally.
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