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The Reserve Bank of Zimbabwe (RBZ) and economists believe more aggressive measures are required to create super demand and appeal for the domestic currency from total demise, with the United States Dollars transactions now estimated to account for at least 80 percent of the transactions in the economy.
However, the government said it is committed to maintain the dual currency regime until 2030, the Central Bank said it was important to finalise and publicise the de-dollarisation roadmap, stressing authority’s desire to eventually scrap the US dollar dominated regime.
The multi-currency regime was first adopted in February 2009 following hyperinflation in 2008, many attempts to exit dollarisation have been made without success due to re-emergency of inflation.
The RBZ bank Governor, Dr John Mangudya recently cited that beyond the measures authorities instituted earlier this year to tame Zimbabwe dollar volatility, there still a need for more aggressive measures to create what he termed “super demand” and appeal for the local currency.
He further suggested that increasing proportion of taxes payable in local currency as a way through which the government could win the battle.
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