Calls for Zimbabwe to accelerate its transition from the multi-currency system to a single domestic currency gained momentum at the Zimbabwe Economic Development Conference (ZEDCON) this week, as regional economists rallied behind the Reserve Bank of Zimbabwe’s (RBZ) 2030 dedollarisation roadmap.
In a sideline interview with Harare Post on the margins of the conference, Prof. Charlotte Buitendag, Independent Non-Executive Director at the South African Reserve Bank, said Zimbabwe must urgently escape what she termed the “dollar trap” and work towards building an economic environment where a local currency can thrive.
“There is an urgency to move away from dependence on the US dollar. It’s not just about eliminating dollar usage; it’s about building the structural foundations that support a credible and stable domestic currency,” Prof. Buitendag said.
Prof. Buitendag stressed that for Zimbabwe’s dedollarisation efforts to succeed, authorities must prioritise market confidence through transparent monetary policy, institutional credibility, and regulatory reform.
“Currency reform is not just technical; it is about trust. If Zimbabwe builds credibility and aligns macroeconomic fundamentals, ZiG can become a strong symbol of national economic sovereignty,” she said.
Her remarks come as the RBZ rolls out a phased strategy to establish the Zimbabwe Gold (ZiG) as the sole legal tender for domestic transactions by 2030.
In a recent statement, the RBZ confirmed that Zimbabwe remains under a multi-currency regime where the ZiG circulates alongside foreign currencies, chiefly the US dollar. However, the central bank reiterated that by the end of the decade, all local transactions are expected to be conducted exclusively in ZiG.
“This is not a re-denomination exercise. Citizens and businesses will continue to hold both ZiG and foreign currency accounts, but domestic payments will eventually be made exclusively in ZiG,” said the RBZ.
The central bank added that foreign currency accounts would remain operational for legitimate external payments — including imports, medical services, and international travel — while local use of foreign currency will be gradually phased out. Individuals and businesses holding foreign currency will be required to convert balances into ZiG for domestic use.
ZEDCON 2025, held under the theme “Macroeconomic and Sectoral Policies for Broad-based Economic Transformation”, brought together policymakers, economists, development partners, and private sector leaders to chart inclusive and sustainable development pathways.
