The government has reiterated that there will be no compulsory conversion of United States dollar deposits into local currency when Zimbabwe eventually adopts a mono-currency, saying there is no intention to confiscate or convert foreign currency balances held by individuals and businesses.
Speaking at a 2026 post-Mid-Term Budget Review breakfast meeting in Harare on Wednesday, 5 August 2026, Ministry of Finance, Economic Development and Investment Promotion Permanent Secretary George Guvamatanga said the eventual move to a mono-currency would not affect foreign currency accounts (FCAs), exporters’ retention of export proceeds or diaspora remittances.
He said the government’s priority remained preserving macroeconomic stability while creating conditions for the local currency to become the dominant medium of exchange through market confidence rather than compulsion.
“You can quote me, we are not going to do that. We are not going to convert all foreign currency into local currency,” said Guvamatanga.
“You can keep your foreign currency and continue to hold it in your foreign currency account.
“What we are saying is that when we eventually move to a mono-currency system, we will not interfere with people’s foreign currency holdings.”
He said exporters would continue to operate foreign currency accounts, while Zimbabweans receiving diaspora remittances and other foreign currency earnings would retain access to their funds.
“Exporters have always been allowed to open foreign currency accounts, and even when we go to a mono-currency they will continue to be allowed,” said Guvamatanga.
“Individuals who receive foreign currency from the diaspora or other legitimate sources will also continue to keep those funds.
“There is no intention whatsoever to remove those facilities because they are essential for trade and investment.”
Guvamatanga said the government was deliberately avoiding rushing into a mono-currency system before the necessary macroeconomic fundamentals had been firmly established.
“We are not prescribing a mono-currency to the market. Our objective is to create an environment where people naturally develop confidence in the local currency,” he said.
“We want to reach a point where it no longer matters whether one holds ZiG or US dollars because the economy itself will have created that confidence through stability and sound fundamentals.
“Stability is fully in place and fully intact. We know where the leakages were in the economy, and we did not merely close them; we removed them.
“Going back to the instability of the past is simply not an option because the policy weaknesses that created those problems have already been addressed.”
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