Zimbabwe’s foreign currency reserves rose to 1.1 billion US dollars in December from 276 million US dollars in April, providing roughly 1.2 months of import cover, central bank governor John Mushayavanhu said. The accumulation comes as the country seeks to adopt the ZiG as its sole currency by 2030, Bloomberg reported.

The Reserve Bank of Zimbabwe (RBZ) plans to continue building reserves in 2026 through strategic mineral purchases, export surrender enforcement and a strong external sector, Mushayavanhu wrote in an opinion piece. He said the aim is to reach an optimal reserve level of three to six months of import cover, which would support a smooth transition to a mono-currency system and strengthen the ZiG’s stability.

Zimbabwe has pursued aggressive reserve accumulation strategies in recent years, including mandatory mining royalties, direct purchases of gold, and leveraging rising global gold and platinum prices. Under current law, mining and exporting companies may retain 70% of earnings in dollars, with the remainder paid in local currency. Since October 2022, half of mining royalties are required to be paid in commodities to the central bank, with the remainder in cash.

The ZiG, introduced in April 2024, now accounts for around 40% of daily transactions. Mushayavanhu noted that Zimbabwe has faced repeated currency failures over the past two decades, with hyperinflation and savings collapse prompting dollarisation in 2009. The current policy represents the latest attempt to restore a viable national currency while strengthening external reserves.