Andile Tshuma, Zimpapers Writer
THE Reserve Bank of Zimbabwe (RBZ) has assured the public that the planned transition to a mono-currency system will not affect hard currency savings or existing financial contracts denominated in foreign currencies.
RBZ Deputy Governor Dr Innocent Matshe, who was representing Governor Dr John Mushayavanhu at the 2027 National Budget Pre-Budget Seminar in Bulawayo, said foreign currency savings would continue to be honoured in their original denominations when the transition takes place.
The assurance comes amid public interest in the future of Zimbabwe’s multi-currency system and the role of the Zimbabwe Gold (ZiG) currency in the country’s long-term economic strategy.
“May I reiterate that the monocurrency shift will not touch on people savings and other financial contracts in hard currency. Those will be honoured by their original currency. People will be able to keep their hard currency. And despite the shift to monocurrency, the ZIG will not depreciate by anything more than 5 percent according to our projections,” said Dr Matshe.
He said the transition to a single domestic currency would not be tied to an arbitrary deadline but would instead be guided by market conditions and economic indicators, including macro-economic stability.
Dr Matshe reiterated that foreign currency accounts (FCAs) and hard currency reserves held within the banking sector would remain secure and accessible in their original denominations.
The planned transition forms part of the country’s broader monetary policy direction, with the timing dependent on prevailing economic conditions.
