Zimbabwe Eyes Full De-Dollarization by 2030, President Mnangagwa Hints
By Kwedu News
Harare, Zimbabwe – President Emmerson Mnangagwa has indicated that Zimbabwe may adopt the Zimbabwe Gold (ZiG) currency as the sole legal tender before 2030, phasing out the US dollar and other foreign currencies currently in use.
Speaking in Mutare, Mnangagwa emphasized the importance of the ZiG, backed by 2.5 tons of gold and $100 million in foreign-currency reserves, replacing the US dollar as the dominant currency.
He expressed confidence in the ZiG’s potential to strengthen against the US dollar, citing the need for Zimbabwe to have its own currency and reduce reliance on foreign currencies, especially from countries with “negative reservations” against Zimbabwe.
The President’s remarks come as the country gradually introduces the ZiG, launched in April 2024, aimed at reducing the widespread use of US dollars in daily transactions.
Zimbabwe has extended the use of foreign currencies until 2030, but Mnangagwa’s statement suggests a possible earlier transition to a sole legal tender.
The move is seen as a significant step towards economic development and stability, with the President urging citizens to support the local currency and reduce reliance on foreign currencies.
The ZiG has been trading at 13.69 per US dollar, with the country’s central bank officials expecting it to strengthen against the greenback.
Zimbabwe’s de-dollarization journey began with the introduction of the ZiG, marking a significant milestone in the country’s economic development and currency stabilisation.
