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Mutare – President Emmerson Mnangagwa today announced his intention to establish the Zimbabwe Dollar (ZiG) as the country’s sole currency. The move is aimed at ensuring widespread circulation and adoption of the ZiG as the sole legal tender.
If implemented, the policy change would overturn Statutory Instrument 218, published in October 2023, which guarantees a multi-currency system until 2030.
The assurances provided by SI218/2023 alleviate some of the uncertainty surrounding the government’s monetary policy, leading to a more stable economic environment in which banks are more confident in extending credit.
President Mnangagwa’s proposal marks a key development in Zimbabwe’s economic landscape, with potential implications for financial institutions, businesses and citizens. As Zimbabwe prepares for this possible transition, the government will need to address a variety of challenges to ensure the smooth implementation of the single currency system.
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