Winky D, Buffalo Souljah up for an award in Nigeria

📅 Published: August 26, 2025

Curated by AllZimNews.com

His assurances come against the backdrop of growing unease in Zimbabwe’s financial sector after the government last year announced that the multicurrency regime, under which the U.

S dollar and other foreign currencies circulate alongside the local unit, would end in December 2030.

The plan was part of President Emmerson Mnangagwa’s long-term strategy to restore the Zimbabwean dollar as the sole legal tender.

The 2030 timeline has been a source of nervousness in an economy scarred by nearly two decades of currency collapses, bouts of hyperinflation, and forced policy reversals.

Some banks had already been reluctant to issue loans and lines of credit with maturities extending beyond the deadline, fearing repayment uncertainties.

The uncertainty harked back to 2019, when the government abruptly outlawed the use of foreign currency under Statutory Instrument 142, forcing businesses to transact in a rapidly weakening local dollar.

The decision triggered widespread panic, a collapse in confidence, and a surge in parallel market activity, scars that still run deep across the economy.

The central bank’s latest intervention seeks to prevent a repeat of that instability.

By affirming that contracts in U.

S dollars would be honoured even after 2030, the Reserve Bank hopes to calm investors, banks, and businesses that rely on dollar-denominated obligations for trade, imports, and credit lines.

In October 2023, President Mnangagwa bowed to pressure from the business community and extended the multicurrency system’s lifetime to 2030 through Statutory Instrument 218 of 2023.

The decree reversed his earlier plan to end dollarisation by 2025, a timeline that had already unsettled markets. “Settlement of any transaction or payment for goods and services in foreign currency shall be valid until the 31st December 2030,” read part of the government gazette.

Economists estimated that nearly 80% of transactions in Zimbabwe were conducted in U.

S. dollars, a reflection of waning confidence in the Zimbabwe dollar and its new iteration, the Zimbabwe Gold (ZiG).

RBZ Governor Dr John Mushayavanhu recently defended the government’s broader de-dollarisation agenda, insisting that Zimbabwe will have the necessary economic fundamentals in place to support a transition to a mono-currency regime by 2030. “The de-dollarisation roadmap will be crystalised in the National Development Strategy II.