Civil ProcedureBanking & FinanceConstitutional Law
Keywords
Nostro AccountRTGSUnited States DollarsDeeming ProvisionExecution
Tags
currency nominalismdeclaraturexecutionSI 33/2019
legislation
Statutes Cited
Reserve Bank of Zimbabwe Act
ai analysis
Case Summary
Key Issues
{"issue_text":"Whether the judgment debt of $195,818-72 is payable in United States dollars or Zimbabwe dollars (RTGS/ZWL)","issue_type":"law","dispositive":"yes","related_facts":"The debt arose before the effective date of SI 33/2019; the writ was issued in USD; the funds are in a Nostro account"}
{"issue_text":"Whether the writ of execution improperly altered the court's order","issue_type":"law","dispositive":"yes","related_facts":"The court order registered the award in \"dollars\"; the writ specified USD"}
{"issue_text":"Whether the deeming provision in SI 33/2019 applies to this debt","issue_type":"law","dispositive":"yes","related_facts":"The debt arose before 22 February 2019; it is a judgment debt"}
{"issue_text":"Whether funds in a Nostro account are exempt from the deeming provision","issue_type":"law","dispositive":"yes","related_facts":"The applicant's funds are held in a Nostro account designated in foreign currency"}
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background
Facts of the Case
Background
The respondents obtained an arbitral award for $195,818-72 against the applicant, which was confirmed and registered by the High Court. The respondents caused a writ of execution to be issued in United States dollars, attaching the applicant's Nostro account. The applicant sought a declaratur that the debt, having arisen before the effective date of SI 33/2019, is payable in local currency (RTGS/ZWL) at a one-to-one rate.
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