Minister of Finance, Economic Development and Investment Promotion Mthuli Ncube yesterday repealed Statutory Instrument 81A of 2024, which imposed restrictive foreign exchange pricing requirements on formal businesses, compelling them to use the official exchange rate.
The repealed law according to European Union Ambassador to Zimbabwe Jobst von Kirchmann put formal businesses at a disadvantage relative to informal operators.
“Its repeal represents a significant and welcome step toward further liberalization of the foreign exchange market,” he said.
He added that when fully implemented, will demonstrate Zimbabwe’s continued commitment to the economic reform track of the Structured Dialogue on Arrears Clearance and Debt Resolution led by the government of Zimbabwe.
“This track, alongside the good governance and land tracks, forms a critical pathway for Zimbabwe to move toward comprehensive debt restructuring and access to international financing,” he added.
Zwnews
