RBZ reassures suppliers on forex access amid ZiG payments push

The Reserve Bank of Zimbabwe (RBZ) has assured public sector suppliers and contractors that they will continue to access foreign currency, even as government payments transition to the local currency, the Zimbabwe Gold (ZiG).

Governor John Mushayavanhu said on Monday that suppliers paid in ZiG will still be able to obtain foreign currency through the willing-buyer willing-seller interbank market to meet legitimate import needs.

The assurance follows a recent announcement by Finance Minister Mthuli Ncube that government procurement will now follow the National Standard Price List (NSPL), with suppliers engaged by ministries and agencies to be paid exclusively in ZiG—a move that raised concerns for businesses sourcing materials internationally.

"The immediate implementation of the NSPL will go a long way in promoting the demand and increased use of ZiG in the economy, a critical condition precedent for the envisaged transition to the exclusive use of the domestic currency," Mushayavanhu said.

The central bank emphasised that paying suppliers in ZiG does not mark the end of Zimbabwe's multi-currency system. The RBZ stated that the country will only move to exclusive use of ZiG once certain conditions, including increased demand and broader circulation of the currency, are met.

Mushayavanhu also reassured businesses about foreign currency availability, noting that receipts in 2025 reached around US$16 billion, bolstering strategic reserves and supporting consistent foreign currency allocations in the market.

The RBZ highlighted improving economic indicators, including declining inflation, as a sign of stabilising price and exchange rate expectations. Inflation fell from 4.1 percent in January to 3.85 percent in February 2026.

"The Reserve Bank remains committed to maintaining price and exchange rate stability to safeguard the value of the ZiG and support confidence in the domestic currency," the central bank said.

The announcement is seen as part of broader efforts to strengthen the local currency while ensuring businesses retain access to the foreign exchange necessary for essential imports.