On 27/6/22 the media was abuzz with a press statement from the Finance Ministry and the Reserve Bank of Zimbabwe that the country had legalized the use of US$ for transactions. These of course were simply statements and not law. The law has now been published in an executive decree called the Presidential Powers (Temporary Measures) (Amendment of
Exchange Control Act) Regulations, 2022 Statutory Instrument 118A of 2022.Far from out rightly legalizing the US$ the law states that
“A natural or legal person shall be guilty of a civil infringement if he or she, being a seller of goods or services, offers such goods or services at an exchange rate above ten per centum the prevailing interbank rate published by the Reserve Bank of Zimbabwe”
The interpretation would be that you may price at US$ and be paid in this but you must also offer it in ZW$ at an exchange rate not higher than 10% of the official rate.
The statutory instrument can be found here
On how this affects your particular business speak to your lawyer as there are a number of criminal sanctions for non-compliance.