The business sector has said it is still looking into the implications of the recent High Court ruling, which declared unconstitutional a Reserve Bank of Zimbabwe (RBZ) exchange control directive 'mutating' money held in foreign currency accounts into Zimbabwe dollar-denominated accounts.
The ruling also brings under spotlight the recent Supreme Court ruling on the similar issue, ordering all debts to be settled in local currency in line with the RBZ regulations in a case involving Zambezi Gas Private Ltd and NR Barber.
Economist Mr Eddie Cross said the ruling came at a time when resources for many businesses and individuals had been eroded to meet their obligations, hence the decision would be appealed.
The ruling followed a lawsuit by business partners -- Ms Penelope Douglas Stone and Mr Richard Harold Stuart Beatie, represented by Mr Tendai Biti -- claiming US$142 000, which their company had deposited in its business account held at CABS.
The legal fight between the business partners and their bank spilled into the High Court following RBZ exchange control directive RT120/2018 issued on October 4, 2018.
