Zimbabwe is gearing up for a major change in how people pay for everyday goods and services.
The country’s central bank has unveiled plans to move away from its current multi-currency system and fully embrace the Zimbabwe Gold (ZiG) as the only legal tender for domestic transactions by 2030.
This marks a significant moment for a nation that has long relied on a mix of currencies, including the US dollar and South African Rand, alongside the local ZiG.
From Multi-Currency to ZiG-Only
At present, Zimbabweans can use ZiG as well as foreign currencies to make payments and conduct business.
But the Reserve Bank of Zimbabwe (RBZ) has stressed that this arrangement is temporary.
The goal is to strengthen confidence in the ZiG so that it eventually becomes the go-to currency for all local trade.
Importantly, the RBZ clarified that this isn’t a re-denomination—citizens and businesses can still hold both ZiG and foreign currency accounts.
However, for daily transactions within the country, foreign money will need to be converted into ZiG.
The central bank explained:
“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.”
A Gradual, Market-Driven Transition
Zimbabwe won’t flip the switch overnight.
According to the RBZ, the shift to a ZiG-only system will be gradual and largely market-driven, supported by policies designed to boost demand for the currency while keeping prices stable.
Key milestones along the way include:
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Building foreign reserves to cover 3–6 months of imports.
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Reducing inflation to single digits by 2026.
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Narrowing the gap between official and parallel market exchange rates.
The bank believes that as confidence grows and more businesses accept ZiG, the currency will naturally become the preferred choice for Zimbabweans.
IMF Weighs In on the Plan
The International Monetary Fund (IMF) has taken note of Zimbabwe’s 2030 target.
While the organization acknowledges that the plan could work, it emphasizes that success depends on credible economic policies, strong management, and tackling existing challenges such as low reserves and lingering mistrust in the local currency.
Can Zimbabwe End Dollar Dependence?
The move raises a big question: can Zimbabwe finally break free from its reliance on foreign currencies? Many analysts believe that if implemented carefully, the ZiG could restore a sense of monetary independence.
But building trust in a homegrown currency is never easy.