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By Ross Moyo
Stakeholders are pressing the Reserve Bank of Zimbabwe (RBZ) for a clear “de-dollarisation” roadmap amid growing concerns over the future of foreign currency deposits and contracts beyond 2030.
Speaking during his 2025 midterm Monetary Policy Statement, RBZ Governor Dr. John Mushayavanhu said the ZiG currency was flourishing, with electronic transactions rising from 26% in April 2024 to over 40% by June 2025 a 14 percentage point jump.
*By Ross Moyo*
“The improved macroeconomic stability has seen increased usage of ZiG as reflected by the rise in the proportion of electronic ZiG in the National Payments System from 26% in April 2024 to over 40% in June 2025,” Mushayavanhu said.
While the Governor assured stakeholders of “business continuity and certainty” including the preservation of foreign currency accounts and USD-denominated contracts he did not present a detailed post-2030 plan. This omission has raised calls for clarity on Zimbabwe’s currency future.
Since its launch on April 5, 2024, ZiG uptake has been steadily growing, accompanied by a rise in demand for physical cash. The RBZ has directed commercial banks to hold at least 3% of their ZiG deposits as cash and to expand distribution through ATMs and banking halls. Banks not already dispensing ZiG via ATMs must comply by the end of September.
At present, banks reportedly hold over ZiG200 million in vaults ready for release, and a redesigned series of “modernised” banknotes is at an advanced stage, with a rollout date to be announced soon.
Despite the progress, economists caution that Zimbabwe’s currency history from bearer cheques to bond notes has left deep public scepticism. While the uptick in ZiG usage is seen as a positive signal of market confidence, long-term stability, they say, will depend on consistent policy and sustained trust-building measures.
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