Matabeleland Dumps Zimbabwe Dollar For The Rand

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Matabeleland Dumps Zimbabwe Dollar For The Rand

Communities living close to the borders with South Africa and Botswana have reportedly dumped the local currency for the Rand where it has become the sole medium of exchange.

A teacher at a school in Tsholotsho told The Standard that he has to convert his Zimbabwe dollar salary to the Rand every month so that he can buy groceries which are relatively cheap in foreign currency. Said the teacher:

I have no option but to change my salary, which is in Zimbabwe dollars to the South African rand every month.

This is the only way to ensure I can buy some grocery here in Tsholotsho instead of travelling all the way to Bulawayo over 100km away to buy my groceries in local currency.

In areas such as Tsholotsho, Bulilima, Mangwe, Matobo and Gwanda, the villagers receive monthly remittances from family members living in South Africa or Botswana and this has sustained local trade in foreign currency.

In June this year, the government promulgated Statutory Instrument (SI) 142 of 2019 which ended the multi-currency system that had been in place since 2009, with new notes being introduced earlier this month.

More: The Standard



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