The Ministry of Finance for the Zimbabwean National Anatomy has instituted certain strategies to boost the use of the Zimbabwean Dollar over the United States Dollar. This comes as a result of the inflationary spirals in the Southern country located between Zambezi and Limpopo Rivers.
The Government of Zimbabwe headed by President Mnangagwa has ordered for all Institutions operating under the Government to receive receipts in their local currency; Zimbabwean Dollar. Custom Duties have also be ordered by the Government to be paid through the Zimbabwean Dollars. The Government has also instituted a 1 percent tax on all on all order of payments sent abroad in foreign currencies.
The Government of Zimbabwe believes that these measures will boost demand for the Zimbabwean Dollar and shift attention from the US Dollar to the Zimbabwean Dollar. There have been few exceptions on the payment of custom duties with certain luxuriant goods, which according to the Government, can be paid in foreign currencies. These Institutionalisations by the Government of Zimbabwe has been criticised by some economists. However, The Government of Zimbabwe is hopeful of this new order as they keep the Zimbabwean Dollar as the Legal Tender for most Transactions in the country.
