Tinotenda Hove – HARARE – The Reserve Bank of Zimbabwe (RBZ) has declared that the country is on an irreversible path towards a mono-currency system, sparking alarm among businesses and ordinary citizens who fear the forced abandonment of the US dollar will trigger economic instability.

Unveiling its presentation titled Path to a Mono-Currency by 2030, the RBZ outlined its vision to phase out the current multi-currency system—where the Zimbabwe Gold (ZiG) operates alongside the US dollar and other foreign currencies—and replace it with ZiG as the sole medium of exchange for all domestic transactions.

“By 2030, Zimbabwe will have transitioned fully to a mono-currency system anchored on the ZiG,” the central bank said. “Foreign currency will only be used for critical imports, travel, and medical expenses.”

The bank insisted that its strategy will be backed by key milestones, including the growth of foreign reserves to cover three to six months of imports, the reduction of inflation to 30 percent by December 2025, and the targeting of single-digit inflation from 2026 onwards. It also pledged to stabilize the exchange rate, vowing to maintain the parallel market premium below 30 percent.

Despite these assurances, critics remain deeply skeptical. Business leaders warn that phasing out the US dollar could reignite hyperinflation, while ordinary citizens fear losing the stability they have come to rely on through dollar-based transactions.

“People still trust the US dollar more than anything the government has introduced,” one Harare shop owner said. “We’ve seen this movie before—every time they remove the dollar, prices skyrocket, and savings are wiped out.”

Economic analysts also questioned whether the government has the discipline to hit its targets. “The RBZ is talking about stable inflation and a strong ZiG, but without genuine reforms, this is just political rhetoric,” one economist told reporters. “The danger is we end up forcing a weak currency on the population and driving more transactions into the black market.”

For now, the US dollar remains in circulation, but with the central bank declaring there will be “no going back,” Zimbabweans fear the countdown to another financial crisis has already begun.