Zim mining firms ordered to use foreign currencies

Posted in categories

  • South Africa

See also

Publish date 17 July 2019
Issue Number 669
Diary Legalbrief Forensic
Mining companies in Zimbabwe will have to use foreign currency to pay for power but can make their own arrangements for imports from foreign suppliers, Energy Minister Fortune Chasi has noted. A Fin24 report notes that the order comes just ...

Mining companies in Zimbabwe will have to use foreign currency to pay for power but can make their own arrangements for imports from foreign suppliers, Energy Minister Fortune Chasi has noted. A Fin24 report notes that the order comes just weeks after the government outlawed foreign currency as legal tender and officially reintroduced the Zimbabwean dollar a decade after it was wiped out by hyperinflation. Units like the dollar and South Africa’s rand had been considered valid currency since 2009. 'The purpose of the structure is to ensure mining entities have sufficient power. We can’t afford stoppages,' Chasi said.