No Forced US Dollar Conversion, Treasury Assures Zimbabweans Ahead Of Mono-Currency Shift
The Government has pledged that Zimbabweans will not be forced to convert their United States dollar savings into local currency when the country eventually transitions to a mono-currency system, offering fresh assurances aimed at boosting confidence in the economy.
Treasury Secretary George Guvamatanga said foreign currency accounts, exporters’ earnings and diaspora remittances would remain protected, stressing that authorities had no plans to interfere with legally held foreign currency balances.
Foreign Currency Holdings To Remain Protected
Speaking at the 2026 Post-Mid-Term Budget Review breakfast meeting in Harare, Guvamatanga dismissed fears that the Government could one day compel individuals and businesses to exchange their US dollar holdings for the local currency.
“You can quote me, we are not going to do that. We are not going to convert all foreign currency into local currency. You can keep your foreign currency and continue to hold it in your foreign currency account,” he said.
He added that the introduction of a mono-currency would not affect ownership of foreign currency, saying Zimbabweans would still be able to retain their savings in foreign currency accounts.
“When we eventually move to a mono-currency system, we will not interfere with people’s foreign currency holdings.”
Exporters And Diaspora Remittances Protected
Guvamatanga said exporters would continue to retain foreign currency accounts under the future monetary system, while people receiving money from relatives abroad would also keep access to their foreign currency.
He said these facilities were essential for trade, investment and economic growth.
“Exporters have always been allowed to open foreign currency accounts, and even when we go to a mono-currency they will continue to be allowed. Individuals who receive foreign currency from the diaspora or other legitimate sources will also continue to keep those funds.”
He stressed that there was no intention to abolish those arrangements because they play a critical role in supporting business activity and international transactions.
Local Currency To Be Used For Domestic Payments
According to Guvamatanga, the main change under a future mono-currency system would be that local transactions would eventually be settled using Zimbabwe’s domestic currency.
However, he said people would still be free to hold foreign currency for savings and use it to meet international payment obligations.
“The only condition is that when you transact within Zimbabwe, you will transact in the local currency. That does not mean you lose ownership of your foreign currency.”
He explained that account holders would be able to convert their foreign currency into local currency whenever necessary while retaining the option to use it for external payments.
Government Wants Market Confidence Before Full Transition
The Treasury Secretary said authorities would not rush the country into a mono-currency system before the necessary economic conditions were firmly in place.
Instead, Government intends to build confidence in the ZiG by maintaining exchange rate stability, keeping inflation under control and strengthening foreign currency reserves.
“We are not prescribing a mono-currency to the market. Our objective is to create an environment where people naturally develop confidence in the local currency.”
Guvamatanga said the Government believed the economy had made significant progress in achieving macroeconomic stability and remained committed to reforms that improve investor confidence, strengthen the financial sector and support long-term economic growth.
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