RBZ Sets Key Milestones for Transition to Mono-Currency ZiG Use by 2030

Zimbabwe to Adopt Mono-Currency System by 2030, Anchored on ZiG

The Reserve Bank of Zimbabwe (RBZ) has revealed that the country is on course to move towards a mono-currency regime by 2030.

Under this system, the Zimbabwe Gold (ZiG) will become the sole legal tender for all domestic transactions.

Currently, Zimbabwe operates under a multi-currency system where ZiG is used alongside foreign currencies. The RBZ emphasized that by 2030, all local transactions will only be conducted in ZiG.

Also Read: RBZ Tests Public Confidence in ZiG One Year After Launch

Clarification on Foreign Currency Holdings

The central bank clarified that transitioning to a mono-currency does not mean a re-denomination exercise. Citizens and businesses will continue to hold both ZiG accounts and foreign currency accounts. However, those who hold foreign currency will need to convert it into ZiG to carry out domestic transactions.

Banks will still honor legitimate foreign currency needs, including imports, travel, and medical expenses.

Gradual Market-Driven Transition

According to RBZ, the shift towards a single currency will be supported by policy interventions to ensure stability and confidence in ZiG. The process will focus on widening its use, boosting demand, and ensuring long-term stability.

“With stability holding and expanded use and demand for ZiG, individuals, businesses and all economic agents will progressively start to use and accept ZiG indifferently as we move towards 2030,” the RBZ said in its statement.

Key Milestones to Achieve the Goal

RBZ outlined several benchmarks critical to achieving a successful mono-currency system. These include:

Growing foreign reserves to reach the regional best practice of 3–6 months of import cover.
Reducing inflation to 30% by December 2025, with a target of single-digit inflation into 2026 and beyond.
Maintaining exchange rate stability, with the parallel market premium contained below 30%.

The central bank stressed that this market-driven, policy-supported transition will gradually usher Zimbabwe into the exclusive use of ZiG as the national currency by 2030.

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