Zimbabwe's central bank says US dollar savings will remain safe if the country switches to one currency. The Reserve Bank of Zimbabwe (RBZ) has assured account holders that their foreign cash won't be seized or swapped into local money against their wishes.
And the pledge covers more than bank balances. Any deal or financial contract made in foreign currency will still be honored in that same currency, according to the bank.
Innocent Matshe, the RBZ Deputy Governor, shared the assurance during a pre-budget meeting in Bulawayo. He spoke on behalf of Governor John Mushayavanhu as officials discussed Zimbabwe's plans for a single-currency system.
For people keeping their cash in US dollars, the message was simple. They would retain access to that money rather than wake up to find their deposits changed into ZiG.
But there's an important detail about the proposed switch. The RBZ hasn't set a firm date for it. Officials want the economy to meet certain targets before making such a move.
Matshe explained that market trends and broader economic conditions will guide the decision. A stable economy is one of the key factors the bank wants to see before any change takes place.
The Zimbabwe Gold (ZiG) also came up in the discussion. Central bank forecasts suggest its value should fall by no more than 5 percent, although that remains a projection rather than a firm promise.
For people with dollar accounts or contracts, the main point is that the RBZ says their funds and agreements will keep their original currency terms. The wider shift remains a plan, with its timing tied to economic conditions.
And the pledge covers more than bank balances. Any deal or financial contract made in foreign currency will still be honored in that same currency, according to the bank.
Innocent Matshe, the RBZ Deputy Governor, shared the assurance during a pre-budget meeting in Bulawayo. He spoke on behalf of Governor John Mushayavanhu as officials discussed Zimbabwe's plans for a single-currency system.
For people keeping their cash in US dollars, the message was simple. They would retain access to that money rather than wake up to find their deposits changed into ZiG.
But there's an important detail about the proposed switch. The RBZ hasn't set a firm date for it. Officials want the economy to meet certain targets before making such a move.
Matshe explained that market trends and broader economic conditions will guide the decision. A stable economy is one of the key factors the bank wants to see before any change takes place.
The Zimbabwe Gold (ZiG) also came up in the discussion. Central bank forecasts suggest its value should fall by no more than 5 percent, although that remains a projection rather than a firm promise.
For people with dollar accounts or contracts, the main point is that the RBZ says their funds and agreements will keep their original currency terms. The wider shift remains a plan, with its timing tied to economic conditions.
