Africa-Press – Zimbabwe. The Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, has repealed the law that previously restricted businesses to using the official exchange rate when pricing goods and services.
Statutory Instrument 81A of 2024 had imposed restrictive foreign exchange pricing requirements on formal businesses, compelling them to use the official exchange rate and putting them at a disadvantage compared to informal operators.
The repealed law, enacted in May 2004, prohibited businesses from pricing their products using exchange rates higher than the Reserve Bank of Zimbabwe’s average interbank foreign currency selling rate.
On Wednesday, 16 April 2025, the government introduced Statutory Instrument 34 of 2025, which grants businesses greater pricing flexibility by eliminating the requirement to use the official exchange rate.
Commenting on the development, European Union Ambassador to Zimbabwe, Jobst von Kirchmann, said the repeal of Statutory Instrument 81A of 2024 “represents a significant step”. He wrote on X:C
Its repeal represents a significant and welcome step toward further liberalization of the foreign exchange market and, 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.
Below is Statutory Instrument 34 of 2025 (Exchange Control (Amendment of Schedule to the Exchange Control Act) (Repeal) Notice, 2025):
IT is hereby notified that the Minister of Finance, Economic Development and Investment Promotion has, in terms of section 12, of the Exchange Control Act [Chapter 22:05], made the following regulations:
These regulations may be cited as the Exchange Control (Amendment of Schedule to the Exchange Control Act) (Repeal) Notice, 2025.
The Exchange Control (Amendment of Schedule to the Exchange Control Act) Notice, 2024, published in Statutory Instrument 81A of 2024, is hereby repealed.
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