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"Confirming Rate of the ZIM" by Theresa 6/3/19 DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

"Confirming Rate of the ZIM" by Theresa 6/3/19

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Post by RamblerNash on Mon Jun 03, 2019 11:30 pm

Long read but answers questions a lot of people have about the exchange rate of the ZIM. 

Some Government departments and agencies are reported to be insisting on payment in US dollars for services for which statutory fees are chargeable and rejecting payment of the same amount in bond notes at a 1:1 parity – or the RTGS equivalent. 

Such practices are unlawful – unless clear authority for them can be demonstrated, either in a provision in an Act of Parliament, or in a Statutory Instrument. If an Act of Parliament has an enabling provision simply empowering the making of regulations prescribing fees, those regulations can state the fees in US dollars but cannot, in addition, require payment in real US currency, because that would conflict with section 4(3) of the Reserve Bank of Zimbabwe Amendment Act, 2017 (No. 1/2017) which laid down that bond notes are legal tender at 1:1 parity with the US dollar.

Government departments and agencies collecting money on behalf of Government must comply with the law as stated in section 4 of theReserve Bank of Zimbabwe Amendment Act, 2017 (No. 1/2017). They should, therefore, accept bond notes – or the RTGS equivalent – in accordance with section 4, i.e., on a 1:1 basis with the US dollar, unless they can point to another Act of Parliament clearly requiring them to do otherwise. 



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