Fadzayi Mahere, a constitutional lawyer, law lecturer, and former Member of Parliament, has publicly criticized the Reserve Bank of Zimbabwe (RBZ) for its insistence that the Zimbabwe Gold (ZiG) currency remains valid as legal tender.
Advocate Thabani Mpofu noted on Monday that the ZiG lost its legal tender status on October 4, coinciding with the expiration of the law that created it.
In defense, the RBZ’s Corporate Affairs Department clarified that the ZiG was instituted through Presidential Powers (Temporary Measures) under S.I. 60 of 2024, marking a significant currency reform initiative. The bank asserted that the absence of the legal framework initiating the currency does not mean that the reform measures themselves have expired.
“The Reserve Bank of Zimbabwe would like to inform the public and relevant stakeholders that there is no legal gap concerning the Zimbabwe Gold currency,” the RBZ stated.
They emphasized that the measures introduced do not lapse merely because the initial legal instrument has ended.
The RBZ added that the Finance Act, which has now been enacted into law, merely reiterates the provisions of S.I. 60 of 2024 without validating them.
Consequently, they maintain that the ZiG continues to be recognized as the country’s legal tender and they will focus on enhancing its use and stability.
In her response to the RBZ’s explanation, Mahere suggested the bank should have opted for silence rather than issuing a response that she deemed incoherent and legally questionable.
On social media platform X, she remarked: “You should have stayed silent. If your legal team was involved in drafting this notice, they clearly missed the mark.
You acknowledge the legal basis for the ZiG has expired, yet assert that the currency is still valid? What does that mean? What is the purpose of the Finance Act in this context?”
Mahere went on to highlight that the law establishing the ZiG was designed to last only six months, and since that period has lapsed, there is no longer a legal foundation for it.
RELATED NEWS
- Two Sentenced to Nine Years for Illegal Possession of Pangolin in Mutare
- Muslim Judicial Council Criticizes New Marriage Certificates from Home Affairs
- Police Release Details on N1 Shooting Involving Motorist and Alleged Hijackers
- BridgeFort Capital to Move Shares to Victoria Falls Stock Exchange
- RBZ Injects US$50 Million to Stabilize Exchange Rate Amid Economic Volatility
She stated, “The law that created the ZiG had a six-month duration. That time has passed, and therefore the ZiG is invalid. It cannot be considered legal tender.”
She further criticized the method by which monetary laws should be enacted, emphasizing that they must follow a formal legislative process rather than being introduced through press releases or public announcements from the central bank.
“Until this formal process is followed, the situation feels like one big game of Monopoly,” she concluded.
