The Reserve Bank of Zimbabwe (RBZ) has assured suppliers and contractors in the public sector that they will continue to have access to foreign currency, even with the government’s decision to make payments exclusively in the local currency, the Zimbabwe Gold (ZiG).
RBZ Governor John Mushayavanhu stated that suppliers paid in ZiG will be able to access foreign currency through the interbank foreign exchange market on a voluntary buyer-voluntary seller basis to meet legitimate import needs.
Mushayavanhu’s statement, made on Monday (16), follows a recent announcement by Finance Minister Mthuli Ncube that the government will implement the National Standard Price List (NSPL) to guide public procurement.
Ncube also added that suppliers contracted by ministries and government agencies will now be “paid exclusively in ZiG,” which has caused concern among some suppliers who source materials from abroad.
“The immediate implementation of the NSPL will significantly contribute to promoting demand for and the widespread use of Zimbabwe Gold in the economy, an essential prerequisite for the planned transition to the exclusive use of the national currency,” Mushayavanhu stated.
However, the central bank emphasized that paying suppliers in ZiG does not signal the end of Zimbabwe’s multi-currency system.
The head of the central bank indicated that the country will only move toward the exclusive adoption of the national currency once certain conditions are met, namely increased demand and its wider use in the economy. The RBZ also sought to reassure businesses, assuring them that there is sufficient foreign currency to meet legitimate demand in the economy.
According to the central bank, foreign exchange earnings reached approximately $16 billion in 2025, contributing to the strengthening of strategic reserves and the consistent satisfaction of demand in the foreign exchange market.
The institution also pointed to the slowdown in inflation as a sign of stabilizing expectations regarding prices and the exchange rate. Inflation stood at 4.1% in January and slowed to 3.85% in February 2026.
The RBZ reiterated its commitment to maintaining price and exchange rate stability, with a view to safeguarding the value of the ZiG and strengthening confidence in the national currency.
Source: ZimLive
