Zimbabwe is making progress in its plan to phase out the US dollar and adopt the Zimbabwe Gold (ZiG) as its sole currency. According to Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu, the use of ZiG has grown significantly since its launch in April last year. The local currency now accounts for 30% of total transactions, up from 20% previously.
The growth in ZiG usage is a positive development for the country’s economy. While 70% of transactions are still conducted in US dollars, the shift towards ZiG is evident. The RBZ governor dismissed claims that the ZiG has not been widely accepted, citing the increase in its usage as evidence of its growing popularity.
The ultimate goal is to have all transactions in Zimbabwe done in ZiG by 2030. The RBZ aims to achieve a target ratio of 100% ZiG and 0% foreign currency. This ambitious plan is part of the country’s efforts to strengthen its economy and reduce its dependence on foreign currencies.
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