The S.I. 133 of 2019 officially brought to an end the multi-currency regime, which had allowed the Zimbabwean economy to transact with the USD and had been running for a decade.This made the Zimbabwean dollar, called RTGS dollar by then, the sole legal tender in the country. Fast-forward, Covid-19 hit and the monetary authorities allowed the use of foreign currency to alleviate the effects of the pandemic. Over the period from the beginning of May to mid-June the Zimbabwean dollar was averaging a depreciation of twenty percent per week. At the height of this exercise, the Ministry of Finance and Economic Development required payments of income tax popularly known in the business community through their final payment dates called Quarterly Payment Dates (QPDs) in local currency.Over this time the Zimbabwe dollar (Zimdollar) has been vulnerable to all the evils of inflation and has shed over 99% of its value since it was reintroduced. Is Zimdollar losing relevance?
