Banks should be allowed to maintain deposits in both currencies.
In a statement following its mission, which started on 4 June and ended today, the IMF team said as part of its transition to a mono-currency by 2030, Zimbabwe should put measures to enhance the ZiG in the domestic economy by, for example, increasing the share of treasury’s operations, that is revenues and expenditure, in ZiG.
“To reduce any uncertainty weighing on financial intermediation, the authorities should provide more clarity on the operational implications of the transition plan, including clarifying that the use of a mono-currency will be limited to domestic transactions, allowing for bank deposits to remain denominated in both currencies,” the statement says.
Below is the IMF’s statement:
IMF Staff Completes 2025 Article IV Mission to Zimbabwe June 18, 2025
Harare, Zimbabwe: An International Monetary Fund (IMF) staff team led by Mr. Wojciech Maliszewski visited Harare from June 4 to June 18, 2025, to conduct the 2025 Article IV Consultation.
At the conclusion of the IMF mission, Mr. Maliszewski issued the following statement:
“Zimbabwe is experiencing a degree of macroeconomic stability despite lingering policy challenges. Following successive bouts of hyperinflation over the past few years, more disciplined policies—including halting and transferring to the Treasury the quasi-fiscal operations (QFOs) of the Reserve Bank of Zimbabwe (RBZ) and tighter monetary policy despite fiscal pressures—have helped stabilize the local currency (the ‘ZiG’) and reduce inflation. Growth this year is recovering following a sharp slowdown in 2024, which was affected by a drought that lowered agricultural output by 15 percent. Electricity production also fell, and declining prices for platinum and lithium weighed on the mining output. During the first half of 2025, better climate conditions and historically high gold prices have boosted agricultural and mining activity, strengthening the current account and contributing to the recovery, with growth projected at 6 percent in 2025.
“Buoyed by the growth recovery and policy measures—a reduction in VAT tax reliefs, increased fees and levies, taxation of the COVID public servant allowance, and steps to reduce smuggling—revenue ratio increased sharply to 18 percent of GDP. That said, fiscal pressures intensified in 2024 and in the first months of 2025 as higher revenues proved insufficient to meet growing spending needs. These came notably from higher public sector wages, capital outlays related to a SADC summit, debt servicing costs on past QFOs by the RBZ taken over by the Treasury, and servicing liabilities related to the acquisition of assets for the Mutapa Investment Fund. The fiscal deficit was financed by T-bills issuance and direct borrowing from the RBZ’s overdraft facility to service debt, contributing to the expansion of domestic liquidity and an overnight drop in the value of the ZiG in September
2024, and a significant buildup of expenditure arrears that continued into 2025.
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To Zimbabwe Central Bank a great strategy to get the international community and your locals to believe in the Zim Currency completely is to accept ALL forms of your currency again for a specific period of time such as the Zim Dollar, RTGS and the Zig which will show everyone that you’re willing to honor what was before before moving forward to one sole currency. Your country has all the resources needed to be successful and I believe you can and will be. Please consider recollecting all the notes for Zimbabwe and see what success that brings!