The Zimbabwean government has banned use of the US Dollar and all other foreign currencies as legal tender.

The Zimbabwean Dollar has faced years of out-of-control inflation, and this most recent move comes as an attempt to curb price increases for basic goods and services.

Zimbabwean Finance and Economic Minister Mthuli Ncube announced this ban on foreign currencies on Monday, stating that “With effect from the 24th of June, 2019, the use of the British pound, United States dollar, South African rand, Botswana pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe.”

Zimbabwe’s economy has long been fraught with economic hardships and a currency that is constantly suffering hyperinflation. The situation grew so far out of control that Zimbabwe abandoned its national currency in 2009. After this, Zimbabweans opted to use a mix of currencies, with the US Dollar being the primary currency in the country. Apart from the US Dollar, Zimbabweans often use the Australian Dollar, British Pound, Chinese Yuan, Indian Rupee, Japanese Yen, Botswana Pula, and South African Rand.

The ban on foreign currencies as legal tender will not affect the operations of foreign-currency designated accounts. Bank accounts holding foreign currencies can still be used for foreign payments. After the 10-year hiatus of the Zimbabwean Dollar, which at its peak of inflation saw 100 trillion on its banknotes, the government of Zimbabwe expects to have a new national currency by the first quarter of 2020. The government is still working on the macroeconomics of launching a successful new currency, while President Emmerson Mnangagwa expressed his discontent over Zimbabwe’s current lack of control over the supply and availability of currencies being used in the country.