The government has extended its multi-currency system, with the U.S. dollar as its anchor, until 2030, according to an announcement made on Friday.
In a government gazette, President Emmerson Mnangagwa revoked the 2019 order that had set the 2025 deadline. Zimbabwe recently held the title for the world’s highest interest rate, at a staggering 150%. However, it has now lowered to 130%, relinquishing the top spot to Argentina.
The gazette specifies, “Settlement of any transaction or payment for goods and services in foreign currency shall … be valid until the 31st December 2030.”