Zimbabwe bans use of u s dollars others

You're referring to the recent development in Zimbabwe!

Yes, on June 24, 2020, the Reserve Bank of Zimbabwe (RBZ) announced that it was banning the use of foreign currencies, including the US dollar, in the country. This move is part of a broader effort to promote the use of the Zimbabwean dollar (ZWL) as the official currency.

The RBZ cited several reasons for the ban, including:

  1. To reduce the country's reliance on foreign currencies and promote the use of the local currency.
  2. To address the issue of currency substitution, where foreign currencies were being used to evade taxes and circumvent financial regulations.
  3. To stabilize the economy and reduce inflation, which has been a major challenge for Zimbabwe in recent years.

As a result of the ban, all transactions in Zimbabwe, including imports, exports, and domestic transactions, must now be conducted in Zimbabwean dollars. The RBZ has also introduced new regulations to ensure that all transactions are conducted in ZWL, including:

  1. All businesses must now price their goods and services in ZWL.
  2. All transactions must be conducted in ZWL, including imports and exports.
  3. The use of foreign currencies, including the US dollar, is no longer allowed for transactions.

The ban has had significant implications for Zimbabwe's economy, including:

  1. Increased costs for businesses, as they must now convert their foreign currency earnings into ZWL.
  2. Reduced access to foreign currency, which could impact Zimbabwe's ability to import goods and services.
  3. Potential inflationary pressures, as the demand for ZWL increases and the supply of foreign currency decreases.

It remains to be seen how the ban will affect Zimbabwe's economy in the long term, but it is clear that the country is taking steps to promote the use of its local currency and reduce its reliance on foreign currencies.