Zimbabwe closer to ZiG-only currency – RBZ

The Reserve Bank of Zimbabwe (RBZ) says the country has made further progress towards adopting the Zimbabwe Gold (ZiG) as its sole currency, although the transition will depend on economic conditions rather than a fixed date.

The central bank said its conditions-precedent score rose to 54.9 per cent in September from 50.1 per cent in August, reflecting progress towards meeting the requirements for a sustainable shift from the current multi-currency system.

Six of the eight conditions identified by the RBZ have so far been met.

In its latest snapshot of monetary, currency, price and financial developments for the third quarter of 2026, the central bank said the improvement was mainly driven by stronger foreign currency reserves and relatively subdued inflation.

Foreign currency reserves rose to US$1.9 billion by the end of September, strengthening the country’s capacity to support currency stability.

During the quarter, the ZiG traded relatively steadily at between ZiG25 and ZiG27 to the US dollar, while the premium on the parallel market narrowed to below 15 per cent.

However, annual inflation increased to 3.7 per cent in September from 2.9 per cent in August.

RBZ Governor John Mushayavanhu said the 54.9 per cent score was an objective measure of progress towards meeting the conditions required for the transition and should not be interpreted as a signal that the multi-currency system would end soon.

“The overall weighted score of 54.9 per cent was determined by a weighted average of progress on each of the CPs, with the weights reflecting the overall importance of each CP supporting the transition to mono-currency,” he said.

Mushayavanhu said the transition will be “conditions-based and not date-dependent”, with the timing ultimately determined by economic conditions.

“The barometer seeks to provide an objective and indicative measure of the status of achievement of the CPs and does not signal an immediate transition to mono-currency, which remains a market-driven process,” he said.

More: The Herald

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