CZI Demands Legal Backing on De-dollarisation: No More “2019 Shocks”

The Logo for the CZI (image source)

Zimbabwe’s largest business lobby, the Confederation of Zimbabwe Industries (CZI), has called on the Reserve Bank of Zimbabwe (RBZ) to stop relying on verbal assurances and instead formalise its de-dollarisation roadmap through legally binding instruments. The memory of the 2019 Statutory Instrument 142, which abruptly abolished the multi-currency system and converted US dollar deposits into RTGS dollars at 1:1, remains fresh. That move wiped out corporate savings, destabilised contracts, and shattered trust.

“Clear legal instruments will provide certainty and build trust with industry and investors,” the CZI said in submissions to the Ministry of Industry and Commerce this week.

The RBZ has repeatedly pledged to maintain the multi-currency system until 2030, but without statutory backing, businesses fear reversals could happen overnight. According to CZI, formalisation should cover protection of USD balances in bank accounts, guarantees on USD-denominated obligations (loans, contracts, salaries) and monetary stability safeguards against arbitrary policy changes.

“Assurances in speeches are not enough. We need guarantees in law.” — CZI

Economists say the trust deficit created in 2019 continues to haunt Zimbabwe’s financial system, with businesses hoarding forex and consumers preferring USD cash over banking channels.

Professor Gift Mugano, a Harare-based economist, noted:“Unless backed by law, RBZ promises are like sandcastles—washed away by the next policy tide.”

The RBZ has hinted that a formal de-dollarisation bill may be tabled under National Development Strategy 2 (NDS2), but timelines remain vague. Meanwhile, businesses warn that investment will stall unless confidence is restored. This debate mirrors Zimbabwe’s larger dilemma: balancing sovereignty over currency policy with the need for predictability in global markets. Without reforms, analysts warn, the country risks perpetuating a vicious cycle of policy shocks, capital flight, and informalisation.

“2019 was an earthquake. Industry cannot afford another aftershock.”

As Zimbabwe positions itself for Vision 2030, the message from industry is clear: only law, not rhetoric, can rebuild confidence.