Ahmad 
The Zimbabwean government has approved a “roadmap” to abandon the U.S. dollar in favor of the official national currency, the “Zig,” backed by bullion in transactions, a strategy that Finance Minister Mthuli Ncube may unveil next week.
“Bloomberg” agency quoted Zimbabwe’s Minister of Information, Jenfan Muswere, as saying in a press statement on Tuesday after a cabinet meeting in the capital, Harare, that “in terms of the means necessary to operate the “Zig” currency as legal tender for use in the economy, the roadmap for de-dollarization is now ready.”
This comes while a Treasury spokesman said that “Ncube may make an announcement next week, without providing a specific date.”
According to the agency, Zimbabwe, the African country located in southern Africa, is trying to get rid of its heavy reliance on the dollar, which has been the focus of most economic activity over the past 15 years.
It is worth noting that the U.S. currency currently represents about 70% of all economic transactions in the country, according to central bank data. When the national currency, “Zig,” was launched last April, 85% of official transactions were based on the dollar.
President Emmerson Mnangagwa has hinted that the “Zig” could be adopted as the sole currency as early as 2026, ahead of the 2030 deadline, a proposal supported by bankers, according to Bloomberg.
Meanwhile, the authorities are planning to increase penalties for those involved in “unfair price increases, manipulation of the “Zig”, smuggling and all forms of unfair trade practices” to boost its use, according to Information Minister Jenfan Muswere.
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