Staff Reporter
The Reserve Bank of Zimbabwe (RBZ) has reaffirmed its commitment to the de-dollarisation roadmap, despite growing concerns from industry stakeholders who argue that the policy requires fine-tuning to ensure economic stability.
At a Post-Monetary Policy Statement Breakfast Meeting held in Harare yesterday, discussions centred on the continuity of the multi-currency regime. While stakeholders acknowledged that de-dollarisation is a noble policy, many emphasised the need for adjustments, given the dominance of foreign currency in daily transactions.
Speaking at the meeting, property developer, Ken Sharpe, pointed out that while the RBZ remains firm on its policy, the Zimbabwe Gold (ZiG) currency accounts for only 10% of money in circulation.
“The RBZ underlined that there is no going back on that policy measure, but certainly looking at the current situation, the ZiG is only about 10% of the money in circulation,” Sharpe noted.
Chairperson of Africa Roundtable, Oswell Binha, stressed the importance of addressing exchange rate distortions before transitioning to a mono-currency system.
“The industry is not opposed to a mono-currency regime, but several factors must be considered. Exchange rate distortions remain a major challenge, and the timelines for de-dollarisation should not disrupt the current economic trajectory,” Binha said.
Despite these concerns, RBZ Deputy Governor Dr. Innocent Matshe maintained that the 2030 de-dollarisation target is the best path to economic independence and growth.
“This economy is affected by low liquidity, especially of the United States dollar, which we cannot control. Hence, we will continue on this path to ensure we have full control over our monetary policy to dictate the growth of the economy,” he stated.
A key component of the de-dollarisation strategy is promoting local procurement.
Buy Zimbabwe Executive Alois Burutsa highlighted that the government’s renewed focus on supporting local firms aligns with this roadmap.
“President Emmerson Mnangagwa has emphasised the need to remove bureaucratic barriers for local businesses. Strengthening local procurement will help reduce imports, making the transition away from the US dollar smoother,” Burutsa explained.
Stakeholders also raised concerns about the complex tax system, urging authorities to simplify taxation as part of the broader economic reform agenda. The business community commended President Mnangagwa’s commitment to streamlining tax policies, which they believe will encourage investment and economic stability.
As Zimbabwe moves forward with its de-dollarisation roadmap, industry players continue to call for measured, market-driven policies to ensure smooth economic transition and sustained growth.
