Dr Mushayavanhu breakfast meeting, points to note

The Zimbabwe Dollar (ZimDollar) remains legal tender until April 30, 2024 when ZiG comes into circulation.

No more 10 percent trading margin charged by businesses.

The 21-day transitional period prior to the issuance of the ZiG is meant to facilitate extensive educational and awareness campaigns.

ZiG actually strengthened on Tuesday by 0.2 percent compared to opening exchange rate of 13.5611 on Friday.

The RBZ’s reserve asset holdings comprises of US$100 million cash and 2,522 kg of gold worth US$185 million to back the ZiG.

Reversing dollarization will be a gradual process.

RBZ to create demand for ZiG, 50 percent quarterly payment dates (QPDs) payable in ZiG.

Retailers should keep their ZiG and use USDs because they will need them come next QPD.

“We are on the 80-20 ratio, when we get to 70-30, certain things will also be allowed too then we gravitate towards ZiG. When we get to 60-40 towards ZiG and by the time we get to 50-50, you can do what you want,” said Dr Mushayavanhu.

Finance, Economic Development and Investment Promotion Permanent Secretary, George Guvamatanga said ZiG will accelerate de-dollarisation.

Multi-currency regime was an agreed position between Government and industry.

“So, within that journey, there will be a point where fuel will be fully sold in ZiG and all duties will be payable in ZiG. There shall be a point where all government, ministries, departments and agencies are actually forced to accept the currency. In fact, we are going to be forcing them very soon,” Guvamatanga.

Treasury working on a circular to stop government, ministries, departments and agencies demanding payments in US dollar.

“We have not de-dollarised and we are still in a multi-current system. It is a journey,” he said.-ebusinessweekly