ZiG is closer to becoming Zimbabwe's only currency, but there is no firm date for the change. The Reserve Bank of Zimbabwe (RBZ) gave the plan a 54.9% progress score, up from 50.1%. Out of eight key tests, six have been met. Still not quite there.
Foreign cash reserves hit US$1.9 billion, giving the bank more funds to help keep the currency stable. A single US dollar cost between ZiG25 and ZiG27 through the quarter. Even the extra charge on the parallel market fell under 15%. Pretty decent signs on that side.
Inflation had a less upbeat result, though. Its yearly rate went from 2.9% to 3.7%. That rise came despite the gains in cash reserves and a fairly steady exchange rate.
RBZ chief John Mushayavanhu says each test carries a weight based on how much it matters. The 54.9% figure is just a way to track how far things have come. It does not mean an instant switch is due.
And the bank is not keen on picking a deadline just yet. Economic health and market trends will guide the move. Until the last conditions are met, Zimbabwe will keep using its mix of currencies.
Foreign cash reserves hit US$1.9 billion, giving the bank more funds to help keep the currency stable. A single US dollar cost between ZiG25 and ZiG27 through the quarter. Even the extra charge on the parallel market fell under 15%. Pretty decent signs on that side.
Inflation had a less upbeat result, though. Its yearly rate went from 2.9% to 3.7%. That rise came despite the gains in cash reserves and a fairly steady exchange rate.
RBZ chief John Mushayavanhu says each test carries a weight based on how much it matters. The 54.9% figure is just a way to track how far things have come. It does not mean an instant switch is due.
And the bank is not keen on picking a deadline just yet. Economic health and market trends will guide the move. Until the last conditions are met, Zimbabwe will keep using its mix of currencies.
