Tinotenda Hove – The Reserve Bank of Zimbabwe has stirred fresh debate after indicating that the country’s transition to a mono-currency system will not be tied to any specific deadline, but rather to a list of economic conditions that must first be satisfied.

Presenting the 2026 Monetary Policy Statement on 27 February, RBZ Governor John Mushayavanhu said the shift toward exclusive use of the ZiG for domestic transactions would only occur once the economy achieves sustained stability under the National Development Strategy 2 (NDS2).

“The move to the exclusive use of ZiG for all domestic transactions will not be driven by a fixed date, but by the fulfilment of specific economic conditions,” Mushayavanhu said.

He outlined several benchmarks that must be achieved before full implementation, including durable macroeconomic stability marked by low, single-digit inflation and foreign currency reserves sufficient to cover at least three to six months of imports.

He also cited the need for a more efficient foreign exchange management system that eliminates market distortions and improves access to foreign currency for legitimate transactions.

Among other requirements mentioned were stable exchange rate movements with minimal over- or undervaluation of the ZiG, stronger demand for the local currency through adjustments in the portion of taxes payable in ZiG, and wider use of the currency for public sector goods and services.

Mushayavanhu further stressed the importance of maintaining financial sector stability, an efficient and secure national payment system to ensure smooth ZiG transactions, and close coordination between fiscal and monetary authorities supported by low and sustainable budget deficits.

Under the proposed mono-currency framework, all domestic goods and services would be priced and paid for exclusively in local currency, while foreign currency would be reserved strictly for external trade.

However, the absence of a clear timeline has raised questions about when — or if — Zimbabwe will fully adopt a ZiG-only system.