Zimbabwe's Reserve Bank plans to establish the Zimbabwe Gold currency as the nation's exclusive legal tender by 2030, gradually eliminating US dollar usage. Governor John Mushayavanhu announced that foreign currency reserves increased to $731 million by June 2025, rising from $270 million three months earlier. The central bank aims to strengthen these reserves as part of its transition strategy toward a single currency system.
Current reserve levels provide less than one month of import coverage, significantly below the Southern African Development Community requirement of six months and the international standard of three months. Mushayavanhu noted that Zimbabwe's multi-currency framework reduces the importance of these benchmarks since private foreign currency accounts handle approximately 95 percent of import payments. The Reserve Bank intervenes only when necessary, as individuals and businesses maintain their foreign currency holdings independently.
The monetary authority has issued 942.8 kilograms of gold-backed digital tokens to support value storage and reserve accumulation. Physical ZiG notes worth 338 million have entered circulation, supported by reserves exceeding $700 million. The Reserve Bank targets achieving three to six months of import coverage by 2029 through its systematic reserves accumulation plan.
Current reserve levels provide less than one month of import coverage, significantly below the Southern African Development Community requirement of six months and the international standard of three months. Mushayavanhu noted that Zimbabwe's multi-currency framework reduces the importance of these benchmarks since private foreign currency accounts handle approximately 95 percent of import payments. The Reserve Bank intervenes only when necessary, as individuals and businesses maintain their foreign currency holdings independently.
The monetary authority has issued 942.8 kilograms of gold-backed digital tokens to support value storage and reserve accumulation. Physical ZiG notes worth 338 million have entered circulation, supported by reserves exceeding $700 million. The Reserve Bank targets achieving three to six months of import coverage by 2029 through its systematic reserves accumulation plan.
