RBZ eyes 2030 for complete currency transition
SAMANTHA MADE
Reserve Bank of Zimbabwe (RBZ) Governor Dr. John Mushayavanhu has expressed strong confidence that Zimbabwe will have the economic fundamentals in place to support a full transition from the current multicurrency system to a domestic monetary regime by 2030.
The planned transition forms part of the country’s formal de-dollarisation roadmap, which will be embedded in the National Development Strategy 2 (NDS2) — the government’s economic blueprint for the 2026–2030 period. NDS2 will succeed NDS1, which runs until December 2025, and is aimed at guiding Zimbabwe towards upper-middle-income status by 2030.
Dr. Mushayavanhu said the RBZ, which chairs the NDS2 Thematic Working Group on Macroeconomic Stability and Financial Deepening (MESFIND), is already conducting stakeholder consultations on the matter.
“The de-dollarisation roadmap will be crystalised in the National Development Strategy II… The roadmap will undoubtedly encapsulate the need to maintain the current stability, preserve the foreign currency accounts and the existing USD-denominated contracts. I am confident all the necessary fundamentals will be in place to support the transition,” he said.
The government’s de-dollarisation push is aimed at gradually reducing reliance on the US dollar for transactions and shifting towards the local currency, the Zimbabwe Gold (ZiG).
The RBZ chief revealed that the need for a clear and transparent de-dollarisation plan was one of the dominant issues raised during the Mid-Term Monetary Policy Review consultations.
“Specifically, the stakeholders raised concerns that all contracts in USD, including bank loans, are now capped or limited to 2030. Stakeholders also relayed fears and concerns pertaining to the fate of their foreign currency deposits at the end of the multicurrency system in 2030,” Dr. Mushayavanhu noted.
He stressed that the roadmap will address these concerns by ensuring the protection of foreign currency accounts and honouring existing contractual obligations.
On the performance of the local currency, Dr. Mushayavanhu said improved macroeconomic stability has driven a notable increase in the use of ZiG in transactions.
The proportion of electronic ZiG in the National Payments System rose from 26% in April 2024 to over 40% in June 2025. This has been accompanied by a surge in demand for ZiG cash.
“The Reserve Bank has been working with banking institutions to ensure that at least 3% of their ZiG deposits — the regional optimal benchmark for cash-in-circulation against deposits — are held and available for distribution as cash,” he said.
To further boost public access to ZiG, the RBZ has directed banks to expand its availability through both Automated Teller Machines (ATMs) and banking halls.
“The Reserve Bank will ensure that banking institutions that have not already started distributing ZiG cash through ATMs have done so by the end of September 2025. Currently, the banking sector is holding in their vaults a total of over ZiG200 million in cash awaiting distribution to banking clients in need,” Dr. Mushayavanhu said.
The RBZ’s measures, he added, are designed to ensure the smooth adoption of ZiG as Zimbabwe moves towards a mono-currency framework, while maintaining stability and public confidence in the financial system.
