De-Dollarisation on track:RBZ

The Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya said Zimbabwe is making progress towards enforcing the de-dollarisation in the economy, the use of the local currency for transacting purposes  continue to go up, reaching a total amount of ZW$459.6 billion from 189 million.

“The measurements of the proportion of the use of the local currency in the economy show that the country is on a right trajectory to de-dollarisation,” he said.

He also added that the RBZ will continue to provide incentives to “promote and defend the use of the local currency within the economy in order to support the de-dollarisation process”.

“The bank would like to reassure all holders of free funds that their funds are very safe and secure in Zimbabwe,” he said.

Dr Mangudya said complete de-dollarisation would be done gradually over a five-year period, based on other countries’ experiences.

Dr Mangudya’s assertion was supported by economist Mr Eddie Cross, who said the country was on the right path to de-dollarisation given the number and value of transactions that were completed in Zimdollars last year.