Zimbabwe Not Ready to De-Dollarize, Says Finance Minister

Zimbabwe’s Finance Minister Mthuli Ncube stated that the country must regain access to credit lines before adopting the Zig as its sole currency. He emphasized the need to restructure $21 billion in debt, as Zimbabwe has been locked out of capital markets since 1999 due to defaulting on its debt. Clearing arrears would enable access to balance of payments support, which is essential for managing imports and defending the currency. The ZiG was introduced in April to replace the dollar but has faced challenges, including a 43% devaluation in September and calls for its abandonment. The central bank has invested over $400 million to support the currency and has tightened liquidity.

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