Online Reporter
Debra Matabvu
Herald Reporter
RESERVES backing the Zimbabwe Gold (ZiG) currency, comprising foreign currency and gold, have risen to US$1 billion for the first time since the introduction of the local currency, providing the equivalent of 1,2 months import cover, the Reserve Bank of Zimbabwe (RBZ) has announced.
In addition, Zimbabwe’s export receipts reached US$13 billion in the first 10 months of 2025, a historic high that signals strengthening foreign currency inflows, which provide the economy with a solid foundation for stability and growth
The latest monetary policy statement released after the Monetary Policy Committee met this Monday highlighted that the positive developments are bold strides towards the conditions of transitioning to a monocurrency by 2030.
“In the 10 months to October 2025, total foreign currency inflows amounted to more than US$13 billion, over 21 percent increase compared to the same period in 2024,” the statement read in part.
“Reflective of the sustained foreign currency inflows, foreign currency reserves backing the ZiG reached current levels of about US$1 billion, equivalent to more than 1.2 months of import cover. “This has underpinned the smooth functioning of the foreign exchange market under the Willing-Buyer Willing-Seller (WBWS) arrangement.
“Notably, the increase in foreign currency inflows ensured that the foreign exchange market fully met all bona-fide import and foreign payment requirements.
“Importantly, the MPC noted that the aforestated positive monetary and financial developments show that the country is making bold strides towards meeting the Conditions Precedent (CPS) for transitioning to a monocurrency by 2030 as announced in the 2026 National Budget and National Development Strategy 2 (NDS2).”
The statement also said the committee welcomed the announcement of the 2026 National Budget, specifically the downward review of the Intermediated Money Transfer Tax (IMTT) on the ZiG- ZiG-denominated transactions, from 2 percent to 1.5 percent.
“This measure is critical to complement monetary policy measures aimed at promoting the wider use of the domestic currency and financial inclusion in support of the eventual transition to monocurrency,” the statement added.
“The MPC also noted the launch of the National Development Strategy 2 (2026-2030) under which macro-economic stability and financial sector deepening will be critical for the realisation of Vision 2030 of an Empowered and Prosperous Upper-Middle Income Society.”
