Zim bankers pro full de-dollarisation and adoption...

Zim bankers pro full de-dollarisation and adoption of ZWG as sole currency

Audrey Galawu

Assistant Editor

Zimbabwean banks are backing government’s drive to fully de-dollarise through adoption of ZWG sole currency before 2030.

“We committed to coming up with a roadmap which would lead us to having a mono-currency by 2030,” Bankers Association of Zimbabwe President Lawrence Nyazema told Bloomberg in an interview.

In October 2023, President Emmerson Mnangagwa extended use of the dollar until 2030.

“The pace can be expedited if we manage ZiG inflation and build reserves,” Nyazema said.

For now the Reserve Bank of Zimbabwe has maintained a tight policy and discipline which has seen limited circulation of the gold backed currency both in electronic and physical form.

Last announced figures of reserves are $370 million.

The government has also acted to derail the money black market by arresting money changers including Neville Mutsvangwa, son to high profile Zanu-PF couple Chris and Monica Mutsvangwa.

Zimbabweans remains sceptical and ambivalent on sustainability of ZWG stability after the experience of the bond notes.

The currency maintained its stability for several months then went into free fall until it was replaced in April this year.