Zimbabwe: Mangudya Dismisses U.S. Dollar Ban Claims

Reserve Bank of Zimbabwe.

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has dismissed social media claims authorities have banned the use of foreign currency in formal transactions.

In a statement Tuesday, the RBZ boss said the apex bank has noted the circulation of false articles on social media reinforcing the false claim.

"The bank has noted with serious concern the continued circulation of false and malicious articles on social media alleging that Zimbabweans will no longer be able to pay for goods and services in foreign currency, particularly one article captioned 'Foreign currency no longer legal tender," he said.

Mangudya reiterated there was no policy that prohibited the use of foreign currency in Zimbabwe.

"These articles and statements are false and should be treated with the contempt they deserve, as there is no policy or law that prohibits the use of foreign currency in Zimbabwe as alleged."

The central bank chief said that those behind the misleading articles were "irresponsible, mischievous, and malicious people" who were unnecessarily causing "anxiety, panic, alarm, and despondency within the economy".

He said the false claims were also meant to discredit the government and the central bank's efforts to stabilise the economy.

"The Bank wishes to reiterate that the public can pay for goods and services in local currency or foreign currency in accordance with the laws of the country and that they should ignore malicious rumours being circulated on social media," he said.

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