Business Reporter
Economic analysts and banking professionals have broadly welcomed the Reserve Bank of Zimbabwe’s (RBZ) 2026–2030 Strategic Plan, describing it as a more structured, transparent and market-oriented roadmap that could anchor currency stability and help restore confidence if implemented with discipline.
The five-year plan, unveiled by RBZ Governor Dr John Mushayavanhu, places the consolidation of price, currency and exchange rate stability at the centre of monetary policy, while setting out clear conditions precedent for a gradual, market-driven transition to a mono-currency system. In an Executive Summary of the central bank’s 5-year strategy plan, Dr Mushayavanhu said the central bank would “stay the course” in pursuing price and exchange rate stability, stressing that policy credibility would remain non-negotiable.
“The Reserve Bank will work on the timely achievement of the conditions precedent for a smooth transition to mono-currency,” he said, noting that sustained low inflation, adequate reserve buffers, sound financial systems and policy alignment between fiscal and monetary authorities were critical building blocks.
Economic analyst Mr Malone Gwadu said the plan was notable for clearly sequencing reforms, particularly regarding currency management and the institutional restructuring of the central bank.
“I think this is a robust strategic plan, clearly articulating the intended outcomes, especially around currency management as well as the institutional restructuring of the bank,” he said.
Mr Gwadu said.noted that several milestones had already been achieved, including improved exchange rate stability, lower inflation and progress in foreign reserve accumulation, alongside the transfer of quasi-fiscal operations to the Treasury.
“That has de-stressed the RBZ balance sheet and re-oriented it towards supporting the preset five-year strategy,” he said. “Importantly, it acts as a critical guide for the intended mono-currency by 2030, with assurances that the process will be market-driven.”
The RBZ strategy identifies sustained disinflation as the cornerstone of its policy framework.
Inflation, which fell to 15 percent in 2025, is projected to reach single digits in 2026.
The Bank says it will avoid premature policy loosening, opting instead for data-dependent decisions to keep inflation expectations anchored. Dr Mushayavanhu said the shift from a tight to a more prudent monetary policy stance would be carefully calibrated.
“A tight monetary policy served the country well in taming inflation,” he said. “Going forward, our focus will be disciplined money supply management that responds to emerging risks without undermining hard-won stability.”
Economist Ms Victoria Ncube said the emphasis on cleaning up the RBZ balance sheet and strengthening governance frameworks was critical for restoring long-term policy effectiveness.
“For years, monetary policy transmission was weakened by quasi-fiscal activities and balance sheet constraints,” Ms Ncube said. “Completing the restructuring creates policy space and strengthens the Bank’s independence, which is essential if markets are to trust future signals.”
She welcomed the planned transition from direct controls to market-based monetary instruments, arguing that this would improve liquidity management and deepen financial markets. “The move towards inflation targeting, supported by better data, forecasting systems and clearer communication, is a positive step,” she said.
“What matters now is consistency because credibility is built over time, not through announcements.”
The strategy outlines three Strategic Key Focus Areas led by the consolidation of price, currency and exchange rate stability to support the Zimbabwe Gold (ZiG).
Measures include improving the quality and circulation of ZiG banknotes, deepening the foreign exchange market through the willing-buyer willing-seller system and building reserves to cover three to six months of imports by 2030.
From a banking perspective, Mr Raymond Madziwa said the commitment to exchange rate stability and reserve accumulation would be closely watched by investors and financial institutions.
“Banks and businesses plan better in a predictable environment,” Mr Madziwa said. “The RBZ’s clear stance on moderating volatility and accumulating reserves sends a signal that currency stability is not a short-term objective, but a sustained policy goal.”
He said plans to modernise payment systems, strengthen Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) frameworks and adopt international supervisory standards such as Basel III would support financial sector resilience.
“The focus on financial inclusion, SMEs and digitalisation also aligns the monetary agenda with real economic activity,” he said.
The RBZ’s enabling focus areas include an ambitious digitalisation drive, the development of a fintech innovation hub, the exploration of a central bank digital currency (CBDC), and strengthened risk management frameworks.
The Bank has also published its inaugural Stakeholder Service Charter, committing to higher standards of transparency and accountability.
For analysts, the strategy’s strength lies not only in its breadth, but in its acknowledgement that stability must precede ambition.
As Mr Gwadu noted that the gradual disclosure of the roadmap reassures the public, builds buy-in from market participants and supports acceptance of the ZiG.
Whether the strategy ultimately delivers a successful transition to a mono-currency will depend on policy consistency, fiscal restraint and the RBZ’s ability to maintain credibility in an increasingly complex global environment.
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