Banks Biggest Losers in Zimbabwe's Ruling on U.S. Dollar Debts
Zimbabwean banks are set to lose millions after the Supreme Court ruled that debts incurred before February 2019 should be settled in the local currency at a rate on par with the greenback. This gives a reprieve to debtors who have access to the U.S. dollar, who will now simply convert their foreign currency to the local currency and pay less than what they would have paid had it not been for the ruling.
Chief Justice Luke Malaba.
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In Zimbabwe, trading in any currency which is not the Zimbabwe dollar now attracts a fixed $6 000 fine and failure to pay the fine will result in the person involved being jailed. ... Read more »
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