Zimbabwe drops 2030 deadline for monocurrency

The Reserve Bank of Zimbabwe (RBZ) has announced that Zimbabwe will no longer adhere to a fixed 2030 deadline for ending the multi-currency system and fully adopting the Zimbabwean dollar (ZiG).

Governor John Mangudya said the transition will now depend on achieving key macroeconomic conditions rather than a calendar date. These conditions include maintaining low inflation, building import cover to 3–5 months (up from the current 1.5 months), developing an efficient foreign exchange market, and ensuring a stable ZiG supported by strong demand.

"The focus is on conditions that create a sustainable environment for a monocurrency," Mangudya said.

Even when a full transition to the ZiG occurs, US dollar-denominated contracts will continue to be settled in USD, and foreign currency accounts will remain operational. The shift signals a cautious approach aimed at avoiding disruptions to trade, investment, and savings, while gradually strengthening the local currency's credibility.

Analysts note that abandoning a hard 2030 deadline provides the central bank flexibility to respond to economic realities, particularly given Zimbabwe's history of high inflation and currency volatility.