US dollar

COURT WATCH 07/2020 - High Court Protects Value of US Dollar Deposits

COURT WATCH 7/2020

[26th May 2020]

High Court Protects Value of US Dollar Deposits

In an important judgment delivered on the 14th May, High Court Judge Happias Zhou declared that a directive issued by the Reserve Bank under the Exchange Control Act was unconstitutional because, by converting existing bank deposits from US dollars to RTGS dollars at a rate of one US dollar to one RTGS dollar, it effectively devalued the deposits.

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