RBZ Governor Dismisses Claims of ZiG Currency Rejection

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has refuted claims that the public has widely rejected the Zimbabwe Gold (ZiG) currency, insisting that its usage has increased since he assumed office.

Speaking on ZTN’s Beyond the Dollar podcast on Friday, Mushayavanhu revealed that transactions in ZiG had risen from 20% to 30% of total financial exchanges. He acknowledged that Zimbabwe still operates under a multi-currency system but emphasized the goal of achieving full adoption of ZiG by 2030.

“It’s incorrect to say that ZiG has not gained traction,” he said. “We currently operate in a multi-currency environment where people can transact in US dollars or ZiG. At the moment, 30% of all transactions in Zimbabwe are conducted in ZiG, up from 20% when I took office, while 70% remain in US dollars.”

Mushayavanhu reiterated the government’s long-term vision: “By 2030, we aim to have 100% of transactions in ZiG and eliminate reliance on foreign currencies. The adoption rate is steadily rising.”

Despite these claims, certain sectors of the economy continue to operate exclusively in foreign currency. Fuel prices, for example, are pegged in US dollars, and some government departments—such as the passport office—only accept foreign currency for services.

Meanwhile, civil servants receive a portion of their salaries in ZiG, pushing them to use the local currency. Similarly, small-scale traders and businesses handling low-value transactions frequently rely on ZiG for change, further driving its circulation.

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