Zimbabwe to unveil de-dollarization roadmap in November

Zimbabwe's central bank has announced its decision to launch a de-dollarization roadmap in November, along with the new five-year economic blueprint.

HARARE, Aug. 9 (Xinhua) -- Zimbabwe's central bank has announced its decision to launch a de-dollarization roadmap in November, along with the new five-year economic blueprint.

In his 2025 mid-term monetary policy statement on Thursday, Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu said the bank is currently engaged in consultations on the issue, following concerns raised by stakeholders that all contracts denominated in U.S. dollars, including bank loans, are now capped or limited to 2030.

Mushayavanhu said the de-dollarization roadmap will encompass the need to maintain current stability, preserve foreign currency accounts, and the existing U.S. dollar-denominated contracts, with considerations made to ensure business continuity and certainty.

He also said the improved macroeconomic stability prevailing in the country has resulted in increased usage of the Zimbabwe Gold (ZiG).

The increase in the usage of ZiG has also been accompanied by an increase in the demand for ZiG cash, Mushayavanhu said.

The governor added that the RBZ is working to modernize the ZiG banknotes, with re-designing and production of the improved banknotes progressing well and at an advanced stage. ■