Staff Reporter
Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube, has ruled out an immediate transition to a mono-currency system, citing the need to first meet key economic and financial conditions to ensure stability.

Speaking on the country’s currency framework recently, Minister Ncube emphasized that Zimbabwe requires sufficient foreign currency reserves to support its local currency, the Zimbabwe Gold (ZiG), to withstand external shocks.
“We are not yet ready for a mono-currency system because we need to build adequate reserves to defend the local unit. International best practice requires that we have enough reserves to cover at least six months of imports,” he said.
The Minister also highlighted the importance of addressing Zimbabwe’s external debt burden before shifting to a single currency.
“We have significant foreign debt and arrears, and this creates vulnerabilities for currency stability. Debt clearance is a priority because it will allow us to access international financial support and improve confidence in the economy,” he stated.
Government has maintained the importance of strengthening the economic fundamentals before attempting to introduce the single currency.
Minister Ncube stressed that authorities were working on macroeconomic stabilization measures to ensure that when the time comes, the transition will be smooth.
“We are focused on entrenching economic stability through sound fiscal and monetary policies. A mono-currency system requires the right conditions, and we must get the fundamentals right first,” he explained.
While some businesses and economic players have been calling for a full return to a single currency, Government insists that the current approach is the most pragmatic.
“We are taking a cautious and evidence-based approach. Rushing into a mono-currency system without the necessary conditions in place could be counterproductive,”Professor Ncube reiterated.
Economist Persistence Gwanyanya concurred with Minister Ncube’s assessment, stating that a premature shift to a mono-currency system could disrupt economic progress.
“For a single currency to work, we need strong reserves, controlled inflation, and restored confidence in the local unit. Moving too quickly could create uncertainty and negatively impact the economy,” he said.
Gwanyanya further pointed out that Zimbabwe’s economic structure still relies heavily on foreign currency transactions, making it difficult to immediately abandon the current multi-currency regime.
“The use of multiple currencies has provided stability, and any transition must be carefully managed to avoid market disruptions,” he noted.
Meanwhile, authorities are expected to continue monitoring economic developments while working towards long-term currency stability, with Minister Ncube affirming that Government’s focus remains on strengthening economic fundamentals before any potential shift.