The Confederation of Zimbabwe Industries (CZI) has urged the Reserve Bank of Zimbabwe (RBZ) to formalise its proclamations on de-dollarisation through clear legal instruments.
The business lobby group said such a move is critical to restoring business confidence and attracting investment.
This call comes against the backdrop of lingering concerns stemming from the 2019 currency reforms, which left many companies financially exposed.
In its submissions to the Ministry of Industry and Commerce during an engagement meeting with Business Member Organisations this week, the CZI stressed that while verbal assurances are welcome, they are insufficient to provide the certainty businesses require.
The organisation highlighted three key areas that need legal protection: the preservation of United States dollar balances, the safeguarding of US dollar-denominated obligations, and guarantees of monetary stability.
The push for formalisation is a direct response to the turbulence of 2019, when the RBZ, through Statutory Instrument 142 of 2019, abruptly abolished the multi-currency system and declared the RTGS dollar the sole legal tender.
That decision effectively converted existing US dollar balances into local currency at a 1:1 rate—a move that wiped out savings and disrupted obligations for many businesses and individuals, leaving behind a deep trust deficit. The CZI said:
Clear legal instruments will provide certainty and build trust with industry and investors.
Without formal legal backing, current assurances could be reversed, potentially repeating the 2019 currency shock and destabilising the market.
The industry maintains that a clear and legally binding framework is the only way to ensure long-term predictability and rebuild the trust essential for sustainable economic growth.
The government plans to maintain a multi-currency system until 2030. The RBZ has also indicated its intention to introduce a formal de-dollarisation roadmap as part of the National Development Strategy 2 (NDS2), which will succeed the current NDS1.
More: The Herald
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