Zim Now Writer
The Reserve Bank of Zimbabwe has announced a strategic plan to gradually transition the country from a multi-currency framework to a mono-currency system by 2030, with the Zimbabwe Gold (ZiG) becoming the nation’s sole legal tender.
“The process, which has already begun, will be supported by targeted policy measures aimed at boosting the use and demand for ZiG, ensuring its long-term stability, and maintaining adequate foreign currency availability in the market,” the central bank said.
Under the current multi-currency regime, Zimbabweans conduct transactions in various currencies.
The RBZ’s roadmap aims to strengthen the local unit and restore confidence in the domestic economy. Officials said that the shift to ZiG is not a re-denomination exercise, but a phased approach allowing individuals and businesses to hold both ZiG and foreign currency accounts.
Foreign currency will, however, need to be converted into ZiG for local transactions.
“Banks will continue to meet legitimate foreign currency needs, including payments for imports, medical expenses, and travel,” the RBZ added.
RBZ officials believe that these measures will restore confidence in the Zimbabwe Gold, enhance economic stability, and allow the government greater control over monetary policy.
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