Mnangagwa says govt will ban US$ for a ZiG mono-currency

MUTARE – President Emmerson Mnangagwa announced today his intention to establish the Zimbabwean dollar (ZiG) as the sole currency of the nation. This move aims to ensure the ZiG’s widespread circulation and adoption as the exclusive legal tender.

If implemented, this policy change would reverse Statutory Instrument 218 of 2023, which was gazetted in October and guaranteed the continuation of the multicurrency system until 2030.

The assurance provided by SI218/2023 had mitigated some of the uncertainty surrounding the government’s currency policy, leading to a more stable economic environment where banks felt more confident in extending credit.

President Mnangagwa’s proposal marks a pivotal development in Zimbabwe’s economic landscape, with potential implications for financial institutions, businesses, and citizens. As the country prepares for this possible transition, the government will need to address various challenges to ensure a smooth implementation of the single currency system.