Road to Monocurrency; from my vantage On the road to mono-currency, the RBZ has developed its own self-assessed roadmap and milestones. On the face of it, these look credible. But that is not necessarily how markets and other stakeholders will determine whether Zimbabwe is ready for mono-currency. Ultimately, credibility cannot be self certified. That is why, for example, we have independent credit rating agencies assessing countries and their debt issuances. A country cannot dictate to the market the interest rate and tenor at which investors should buy its debt. The market prices the risk. The RBZ must remember the same principle when thinking about mono-currency. Mono-currency cannot simply be forced into existence. Single digit inflation is laudable, but it needs to persist through several annual cycles before markets regard it as durable. It is also worrying when money supply is growing at nearly 60%. Never mind that a significant portion of this liquidity is being coercively withdrawn from the market through zero-interest NNCDs and the 30% export surrender proceeds that remain unpaid. This is occurring in a financial system which, by the RBZ’s own admission, remains roughly 80% dollarised, while dollarisation across the broader economy is probably closer to 90%. The real test for mono-currency will come when the RBZ and Treasury finally accept the discipline of a robust, market-driven domestic debt market. Treasury should operate on a proper accrual accounting basis, with its arrears and other obligations transparently recognised and ultimately represented by securities whose prices and yields are determined by the market. Treasury must be able to issue ZiG-denominated Treasury bills and bonds that banks, pension funds and eventually international investors are willing to buy because the instruments are correctly priced, not because institutions are compelled to hold them. The RBZ must establish the conditions for a credible ZiG yield curve extending not merely six months or a year, but ultimately towards 10 and 20 years. More importantly, that market must function consistently for several years so investors become confident that its rules will be respected. This requires Treasury and the RBZ to work together. Monetary stability cannot be credible if fiscal liabilities remain opaque, while fiscal credibility cannot develop without a functioning monetary and debt market. When Zimbabwe has a deep, voluntary and properly priced market for long-term ZiG debt, we will have a much stronger signal that trust and confidence in the currency have returned. That, rather than a self-assessed checklist, will tell us when Zimbabwe is genuinely ready for mono-currency.

Did I say that ZiG in circulation has increased or I said that annual inflation has dropped to 2.9% - the lowest since independence? In July 2025, annual ZiG inflation was 95.8% and ZiG in circulation was lower than what it is today but it made sense to you because inflation was high right? The reality of the matter is that the economy is turning around - it’s massive and disruptive but the majority of you can’t see because of toxicity and economic blindness. The sad thing is that some of you will see it too late when the economic spaces are already occupied by progressive Zimbabweans, Chinese, European and other western countries.

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If we create a model or scenario, would the single digit inflation be possible or sustainable, ceteris paribus?

The Reserve Bank Governor has outlined 8 conditions for de-dollarization including achieving durable macroeconomic stability with low single-digit inflation. According to the RBZ, annual ZiG inflation stood at 2.9% in August 2026, the lowest single-digit inflation outturn since 1980. 🎙️In our latest clip, @GeorgeNhewe asks a fundamental question: why did Zimbabwe dollarize in the first place? "The reason for Zimbabwe’s initial decision to dollarize was to combat local currency inflation. And now local currency inflation has gone down." So, is Zimbabwe now closer to de-dollarization than we thought? 📽️ Watch @dziya_mya and @GeorgeNhewe discuss de-dollarization, ZiG and the road to monocurrency. Sponsored by @fincentcapital