Decimal Currency Act

Link to law: http://www.parlzim.gov.zw/acts-list/decimal-currency-act-22-04
Published: 1980

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ARRANGEMENT OF SECTIONS

Section

1. Short title.

2. Interpretation.

3. Currency units.

4. References to amounts in terms of old currency to include references

to amounts in terms of new currency.

AN ACT to provide for the introduction of a decimal currency system; and to provide

for other matters incidental thereto and connected therewith.

[Date of commencement: 16th June, 1967.]

PART I

PRELIMINARY

1 Short title

This Act may be cited as the Decimal Currency Act [Chapter 22:04]

2 Interpretation

In this Act-

"Minister" means the Minister of Finance or any other Minister to whom the

President may, from time to time, assign the administration of this Act;

"new currency system" means the currency system provided for in terms of section

three;

"old currency system" means the currency system in force in Zimbabwe immediately

prior to the 16th June, 1967.

PART II

CURRENCY UNITS AND EQUIVALENTS

3 Currency units

The currency units of Zimbabwe shall, from and after the 17th February, 1970, be the

Zimbabwe dollar (abbreviated as $ or for international purposes as Z.$) and the

Zimbabwe cent (abbreviated as c) of which one hundred shall be equal to the

Zimbabwe dollar.

4 References to amounts in terms of old currency to include references to

amounts in terms of new currency

From the 17th February, 1970, any reference in any enactment, deed, instrument,

security for money or other document or in any contract or agreement, whether in

writing or not, and any reference in any other manner whatsoever to an amount

determined in terms of the old currency system shall be construed as including a

reference to an equivalent amount determined in terms of the new currency system on

the basis of-

(a) one pound in terms of the old currency system being equal to two

Zimbabwe dollars in terms of the new currency system, and any multiple of one

pound being equal to twice such multiple in Zimbabwe dollars;

(b) ten shillings in terms of the old currency system being equal to one

Zimbabwe dollar in terms of the new currency system;

(c) one shilling in terms of the old currency system being equal to ten

TITLE 22

Zimbabwe cents in terms of the new currency system, and any multiple of one

shilling being equal to ten times such multiple in Zimbabwe cents;

(d) one penny in terms of the old currency system being equal to ten-

twelfths of one Zimbabwe cent in terms of the new currency system, and any multiple

or fraction of one penny being equal to such multiple or fraction, multiplied by ten-

twelfths, in Zimbabwe cents.