RBZ Admits Reserve Shortfall Delays Zimbabwe's Mono-Currency Pivot

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu moved to reassure foreign-currency holders that the transition to a mono-currency will not trigger confiscation or forced conversion. The central bank implicitly acknowledged that insufficient hard currency reserves have stalled the full implementation of the Zimbabwe Gold (ZiG) as the sole legal tender. The admission confirms a widening gap between ambitious de-dollarization rhetoric and the bank's actual liquidity position. The Financial Times reported that persistent trade deficits have kept the economy hooked on the US dollar, undermining the state's ability to force a clean break. The RBZ has effectively conceded that the state cannot back its own currency mandate.