The Reserve Bank of Zimbabwe (RBZ) announced that the country will phase out its multi-currency system and adopt a fully local currency by 2030, assuring businesses and the public that the transition will be smooth and will not disrupt the economy.

Currently, Zimbabwe operates under a multi-currency regime, dominated by the US dollar and the gold-backed Zimbabwe Gold (ZiG). This system was introduced after years of hyperinflation and currency instability and is legally set to remain until 2030.

The RBZ believes that by then, Zimbabwe will have established strong economic foundations capable of sustaining a stable and reliable local currency.

Zimbabwe first adopted a multi-currency system in 2009 after the Zimbabwe dollar lost value amid hyperinflation. While the US dollar brought stability, it also posed challenges, including reduced competitiveness for Zimbabwean exports and limited government control over the economy.

Questions remain about the fate of foreign currency deposits after 2030. Stakeholders have requested legal guarantees to protect their savings. The RBZ has acknowledged these concerns and said it will address them in future policy updates.