HARARE – The Reserve Bank of Zimbabwe (RBZ) is undertaking a comprehensive review of transaction costs and digital payment infrastructure as part of ongoing efforts to promote the use of the Zimbabwe Gold (ZiG) and strengthen confidence in the local currency.
In an interview with The Chronicle, RBZ Governor Dr John Mushayavanhu said the central bank was focused on building long-term trust in the ZiG through consistent monetary reforms and transparent communication.
“The Reserve Bank recognises that confidence-building is not an event but a process,” said Dr Mushayavanhu. “We are addressing it through consistent policy communication, improved liquidity management, and increased use of the ZiG in government transactions.”
He said the central bank is also reviewing transaction costs and payment infrastructure to make the local currency more convenient and attractive for both businesses and consumers.
“The Reserve Bank is also reviewing transaction costs and payment infrastructure to enhance the attractiveness of local currency usage,” Dr Mushayavanhu told the state media outlet.
According to Dr Mushayavanhu, the current economic environment — characterised by low and stable inflation, a steady exchange rate, and healthy foreign currency reserves — offers a solid foundation for a gradual transition toward greater reliance on the ZiG.
“These developments create fertile conditions for the gradual and phased transition to the sole use of the local currency within the next five years,” he said.
Zimbabwe has operated under a multi-currency regime since 2009, following the collapse of the Zimbabwe dollar. The government has since been working toward restoring monetary sovereignty through a phased reintroduction of a local currency anchored by gold and other reserves.
The RBZ has indicated that the transition to a mono-currency system is being guided by a strategic roadmap expected to reach full implementation by 2030, with increased transparency, policy consistency, and public engagement forming key pillars of the plan.
Economists say the review of transaction costs could help encourage broader adoption of the ZiG, especially if supported by stable exchange rate management and efficient payment systems.
— Source: The Chronicle (Zimbabwe State Media)
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