The Reserve Bank of Zimbabwe (RBZ) has laid out an ambitious roadmap to phase out the multi-currency system by 2030 declaring that the ZiG currency will become the sole legal tender for domestic transactions.
In a statement, the RBZ said the country is currently operating under a multi-currency regime where ZiG works alongside foreign currencies such as the US dollar. By the end of the decade however, all local transactions are expected to be conducted exclusively in ZiG.
“This is not a re-denomination exercise,” the RBZ said expressing that individuals and businesses will still be able to hold both ZiG and foreign currency accounts.
But it added that foreign currency holders will be required to convert their balances into ZiG for local use and banks will continue to process foreign currency payments for legitimate needs such as imports, medical expenses and travel.
The central bank’s plan to achieve the mono-currency goal is underpinned by three main targets namely foreign reserves growth to cover 3–6 months of imports, low and stable inflation capped at 30% by December 2025, moving towards single digits in subsequent years and exchange rate stability with the gap between the official rate and parallel market rate kept below 30%.
The RBZ said the transition will be “gradual and organic,” supported by policies designed to widen the use of ZiG, ensure long-term stability and guarantee the availability of foreign currency on the market.
“With stability holding and expanded use of ZiG, individuals, businesses, and economic agents will progressively start to use and accept ZiG indifferently as we move towards 2030,” the bank said.
Economists, however, have previously warned that Zimbabwe’s long history of currency volatility has undermined public trust. The ZiG introduced in April 2024 was meant to anchor stability after years of inflation-driven currency collapses.
The RBZ remains optimistic that confidence will grow over time.
“This organic market-driven process supported by relevant policy interventions is expected to gradually usher Zimbabweans into the mono-currency regime,” it said.
