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Harare High Court
{'current_value': 'Brilliant Mkwanzani v Olam Marufu\nsuggested_value: Brilliant Mkwanzani v Olam Marufu\nreason: Correct as is; no correction needed — included for completeness.', '- field': '[JUDGMENT_DATE]\ncurrent_value: 2024-01-10\nsuggested_value: 2024-01-10\nreason: Correct — judgment signed 10 January 2024, consistent with text.'}
HH 12-24
Case Details
Court
Harare High Court
Date
10 January 2024
Citation
HH 12-24
Neutral Citation
[2024] ZWHH 12
Outcome
unknown
Case Type
Appeal
Bench
Presiding
Wamambo J
Full Bench
Wamambo JMuchawa J
Areas of Law
Contract LawMonetary LawStatutory Interpretation
Keywords
Acknowledgement of debtRTGS dollarInterbank rateS.I. 33/19Zambezi Gas case
Tags
Debt recoveryCurrency conversion
legislation
Statutes Cited
- Reserve Bank of Zimbabwe Act
- Statutory Instrument 33 of 2019 (S.I. 33/19)
- s 4(1)(d): Applies to all assets and liabilities valued and expressed in USD immediately before the effective date (20 February 2019), converting them at par (1:1) to RTGS dollars, regardless of when the obligation arose.
- {'verbatim': None}
- s 4(1)(d): “that, for accounting and other purposes, all assets and liabilities that were immediately before the effective date valued and expressed in United States dollars … shall on and after the effective date be deemed to be values in RTGS dollars at a rate of one to one to the United States Dollar”
- s 4(1)(e): “that after the effective date any variance from the opening par rate shall be determined from time to time by the rate at which authorized dealers under the Exchange Control Act exchange the RTGS dollar for the United States Dollar on a willing seller-buyer basis”
ai analysis
Case Summary
Key Issues
- {"issue_text":"Whether the trial court erred in interpreting the Zambezi Gas case and s 4(1) of S.I. 33/19 by ordering payment in RTGS at 1:1 instead of US dollars at the bank rate.","issue_type":"law","dispositive":"yes","related_facts":"The loan was in US dollars and existed before 20 February 2019; the liability was expressed in US dollars immediately before the effective date."}
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background
Facts of the Case
Background
In February 2016, the appellant lent the respondent US$15,000, evidenced by an acknowledgement of debt. The dispute arose over whether repayment should be in US dollars at the interbank rate or in Zimbabwean RTGS dollars at a 1:1 parity. The trial court ruled in favour of payment in RTGS at 1:1, relying on S.I. 33/19 and the Zambezi Gas case.
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