HARARE – The Reserve Bank of Zimbabwe (RBZ) has assured public sector suppliers and contractors that they will continue to have access to foreign currency, even as the government moves to pay them exclusively in the local currency, the Zimbabwe Gold (ZiG).
RBZ governor John Mushayavanhu said suppliers paid in ZiG will be able to access foreign currency through the willing-buyer willing-seller interbank foreign exchange market to meet genuine import requirements.
Mushayavanhu’s statement on Monday follows a recent announcement by finance minister Mthuli Ncube that the government will implement the National Standard Price List to guide procurement.
Ncube also said suppliers engaged by ministries and government agencies would be “solely paid in ZiG,” alarming some suppliers who source materials outside the country.
“The immediate implementation of the NSPL will go a long way in promoting the demand and increased use of ZiG in the economy, a critical condition precedent for the envisaged transition to the exclusive use of the domestic currency,” Mushayavanhu said.
However, the central bank stressed that paying suppliers in ZiG does not signal the end of Zimbabwe’s multi-currency system.
“The stance taken by government to pay its local suppliers and contractors exclusively in ZiG does not signal the end of the multicurrency system,” the RBZ said.
The central bank chief said the country will only transition to the exclusive use of the local currency once certain conditions have been met, including increased demand and wider usage of ZiG in the economy.
The RBZ also sought to reassure businesses that sufficient foreign currency is available to meet legitimate demand in the economy.
According to the central bank, foreign currency receipts reached about US$16 billion in 2025, helping build up strategic reserves and supporting the consistent clearance of foreign currency demand in the market.
The bank also pointed to declining inflation as a sign that price and exchange rate expectations are stabilising. Inflation stood at 4.1 percent in January and eased further to 3.85 percent in February 2026.
The RBZ said it remains committed to maintaining price and exchange rate stability in order to safeguard the value of the ZiG and support confidence in the domestic currency.
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