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Zimbabwe dollar no longer in use: Minister

By Xinhua,

Harare : Zimbabwe’s new Finance Minister Tendai Biti Wednesday indicated that the country’s national currency Zimbabwe dollar is no longer in use, New Ziana reported.

Presenting a revised 2009 Budget to parliament, Biti said: “The death of the Zimbabwe dollar is a reality we have to live with. Since October 2008 our national currency has become moribund.”

“In this regard, I therefore announce the removal of all foreign currency surrender requirements,” Biti said, adding that all licensed foreign currency outlets will no longer be required to remit five percent of their proceeds to the Reserve Bank of Zimbabwe.

He said the removal of the forex surrender requirement was meant to promote business viability. The requirement was, he said, affecting most business while the move was also in light of the fact that the local currency was no longer in use.

The central bank in its first half monetary policy statement made it mandatory for outlets licensed to trade in foreign currency to remit five percent of their gross earnings to the central bank at the ruling exchange rate to the Zimbabwean dollar.