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Man receives US$ benefit in RTGS

Rufaro Siwela
Rufaro Siwela - Content writer
1 Min Read

Danford Chamwaruka, a former employee of JL Robinson Agencies trading as Amalgamated Motor Corporation, received a minimal amount equivalent to a loaf of bread after his US$28,530 benefits were converted to ZW$28,530 by the courts.

This conversion was based on the Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act), a Statutory Instrument that recognized RTGS payments as legal tender and mandated the adjustment of US dollar-denominated assets and liabilities at a fixed rate of one-to-one.

Chamwaruka had been dismissed for misconduct in November 2010 and contested the decision through an appeal process.

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Man receives US$ benefit in RTGS

Danford Chamwaruka, a former employee of JL Robinson Agencies trading as Amalgamated Motor Corporation, received a minimal amount equivalent to a loaf of bread after his US$28,530 benefits were converted to ZW$28,530 by the courts.

This conversion was based on the Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act), a Statutory Instrument that recognized RTGS payments as legal tender and mandated the adjustment of US dollar-denominated assets and liabilities at a fixed rate of one-to-one.

Chamwaruka had been dismissed for misconduct in November 2010 and contested the decision through an appeal process.

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