Zimbabwe: Switch of Bank Accounts to Zim Dollars Valid, Supreme Court Rules

19 March 2021

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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