Zimbabwe Stays with US Dollar Amid Inflation Concerns

Zimbabwe's Finance Secretary George Guvamatanga announced on August 5, 2026, that the government will keep using the US dollar until inflation and the exchange rate are stable.

The country's local currency, ZiG, was introduced in April 2024 as the sixth attempt to establish a lasting currency. It is backed by gold, but its value against the dollar has been volatile.

Guvamatanga emphasized that stability, not a specific date, is the priority for switching to the ZiG as the sole currency. He wants to see a stable exchange rate and stronger foreign-currency reserves before making the switch.