CZI Pushes RBZ to Formalise De-Dollarisation Plans
The Confederation of Zimbabwe Industries (CZI) has urged the Reserve Bank of Zimbabwe (RBZ) to back its de-dollarisation plans with clear legal instruments. The industry body says only firm laws, not verbal promises, can build confidence and attract investment.
Why CZI is Urging CZI RBZ to Formalise De-Dollarisation Plans?
CZI’s call comes against the backdrop of the painful 2019 reforms. Back then, through Statutory Instrument 142, the RBZ suddenly scrapped the multi-currency system and introduced the RTGS dollar as the sole legal tender. US dollar balances were forcibly converted at 1:1, wiping out savings and debts and leaving a lasting trust deficit.
Industry leaders warn that unless today’s assurances are formally protected, government could repeat the same mistakes. They argue that businesses need guarantees on three things: the preservation of USD balances, protection of dollar-denominated obligations, and stability in the monetary system.
CZI said while they acknowledge the RBZ’s intentions, verbal commitments alone do not give businesses the certainty they need. They stressed that only a binding legal framework can provide predictability and restore trust with both local industry and foreign investors.
The Government has said the multi-currency system will remain in place until 2030, and the RBZ is preparing a formal de-dollarisation roadmap under National Development Strategy 2 (NDS2). But CZI insists that without strong legal guarantees, such roadmaps remain vulnerable to sudden reversals.
Also read: RBZ Reveals Strategy to Ditch US Dollar by 2030 and Make ZiG Sole Currency
What else did CZI Request From RBZ Before De-dollarisation?
Beyond currency issues, CZI also flagged the urgent problem of government arrears. They warned that overdue payments to contractors and maturing Treasury Bills are threatening the survival of some companies. CZI called for a clear roadmap to settle debts, suggesting priority be given to the oldest arrears or firms in key sectors.
To ease pressure on businesses, CZI also wants currency and tax policies reviewed. Their proposals include: cutting the 30% forex surrender requirement for exporters, noting the recent fall in manufactured exports and making the IMTT tax deductible to reduce the burden on the formal economy.
CZI also urged government to subject the upcoming Zimbabwe National Industrial Development Policy II (2026–2030) to a technical “stress test.” They argue the five-year plan must be thoroughly checked to ensure it can deliver real industrialisation results, not just theory.
Follow Us on Google News for Immediate Updates
The post CZI Pushes RBZ to Formalise De-Dollarisation Plans appeared first on iHarare News.
