`Zimbabwe dollar no longer currency'

Zimbabwe's national currency, the Zimbabwe dollar, is no longer in use, the New Ziana reported quoting finance minister Tendai Biti.

"The death of the Zimbabwe dollar is a reality we have to live with. Since October 2008 our national currency has become moribund," Biti said while presenting a revised 2009 budget in parliament.

"In this regard, I therefore announce the removal of all foreign currency surrender requirements," Biti said, adding that all licensed foreign currency outlets will no longer be required to remit five per cent of their proceeds to the Reserve Bank of Zimbabwe.

He said the removal of the forex surrender requirement was meant to promote business viability.

The central bank had made it mandatory for traders in foreign currency to remit five per cent of their gross earnings to the central bank at the ruling exchange rate to the Zimbabwean dollar.