Conversion of Bank Balances to Zimbabwe's Currency Valid - Court

The Supreme Court has overturned a High Court decision that set aside a central bank exchange control directive which had unilaterally ordered conversion of U.S. dollar bank account balances into Zimbabwe dollar balances at a fraction of their original value. The directive destroyed billions of dollars in savings and wreaked havoc on pension funds. Zimbabwe was, prior to October 2018, using a pegged exchange rate of 1:1 between the greenback and the local Zimbabwe dollar, known as the bond note. According to the International Monetary Fund, Zimbabwe is facing a threatening economic and humanitarian crisis due to macroeconomic instability, climate shocks and policy missteps.

InFocus

Reserve Bank of Zimbabwe (file photo).

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