Zimbabwe: We Are Not Rushing to End USD Dollar Use - RBZ Says
The Reserve Bank of Zimbabwe has stated that the transition to a mono-currency system will be gradual and market-driven. Officials emphasized that there is no immediate rush to abandon the multicurrency framework and that existing foreign currency deposits will not be forcibly converted.
Why it matters
This provides clarity for businesses and citizens concerned about monetary stability and the potential loss of foreign currency assets in Zimbabwe's volatile economy.
Reserve Bank of Zimbabwe (RBZ) Deputy Governor Dr Innocent Matshe has assured businesses and the public that Zimbabwe's transition towards a mono-currency system will be gradual and market-driven, ruling out any rushed move to abandon the multicurrency framework.
Matshe said the central bank and Treasury would only advance towards a single-currency system when economic conditions support the transition, with eight publicly announced preconditions guiding the process.
He made the remarks during the Pre-Budget Seminar in Bulawayo, where he stressed that while a national currency was important for supporting domestic industry and the broader economy, the transition had to be handled cautiously.
"For an economy that effectively supports its industry, it needs to have its own currency. However, it is not prudent to rush into mono-currency," Matshe said.
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