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.