The Reserve Bank of Zimbabwe (RBZ) has outlined a roadmap to phase out the multi-currency system by 2030, with the ZiG currency expected to become the sole legal tender for local transactions.
In a statement, the central bank said Zimbabwe currently operates under a multi-currency regime where ZiG coexists with foreign currencies such as the US dollar. By the end of the decade, however, all domestic transactions will be conducted exclusively in ZiG.
“This is not a re-denomination exercise,” the RBZ clarified, stressing that individuals and businesses will still be allowed to hold both ZiG and foreign currency accounts. However, balances intended for local use will eventually need to be converted into ZiG. Banks will continue to process foreign currency payments for imports, medical expenses and travel.
The transition plan rests on three key pillars:
• Growing foreign reserves to cover between 3–6 months of imports
• Achieving low and stable inflation, capped at 30% by December 2025, with a path to single-digit levels in later years
• Ensuring exchange rate stability, with the gap between the official and parallel market rates kept below 30%
According to the bank, the shift will be “gradual and organic,” supported by policies designed to widen ZiG’s usage, build confidence, and maintain access to foreign currency.
“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 RBZ said.
The ZiG, introduced in April 2024, was touted as a stabilising measure after years of currency volatility and inflation-driven collapses. Economists, however, have warned that Zimbabwe’s troubled monetary history has eroded public trust, making acceptance of a mono-currency system a long-term challenge.
Despite the scepticism, the RBZ remains confident that confidence in ZiG will strengthen with time.
“This organic market-driven process, supported by relevant policy interventions, is expected to gradually usher Zimbabweans into the mono-currency regime,” the central bank said.
