Reserve Bank of Zimbabwe says CBDC project is progressing ‘steadily’

Its call for public opinion on the project had received 2,286 responses as of January 2023.

Reserve Bank of Zimbabwe says CBDC project is progressing ‘steadily’
Design by Ifeoluwa Awowoye for exclusively for Mariblock | Asset credit: Freepik; Reserve Bank of Zimbabwe

Zimbabwe’s move to launch a central bank digital currency (CBDC) is progressing steadily in line with its envisaged roadmap, the country’s central bank said in its February 2023 monetary policy statement.

The details

  • The Reserve Bank of Zimbabwe (RBZ) first announced plans to explore the viability of launching a CBDC in February 2022.
  • In August, the bank said it had created a public consultation paper on CBDC following “study tours” to countries ahead in CBDC development.
  • It also announced that it would conduct consumer perception surveys on CBDC which it started in November.
  • The survey had received 2,286 responses as of Jan. 23, the bank said in last February’s monetary policy statement. It appears that the survey is now closed, with the Microsoft Forms platform used to collect the survey saying, “This form is currently not accepting responses.”
  • Meanwhile, RBZ Deputy Governor Innocent Matshe is expected to explain how the proposed CBDC would affect the private industry at a digital conference next month, reports Zimbabwean outlet Bulawayo24.

Key quote

  • John Mangudiya, Governor of the RBZ said:
“The bank’s CBDC project continued to progress steadily in line with the envisaged CBDC road map. In this regard, in November 2022, the bank rolled out a consumer survey that intends to solicit opinions on the design and nature of the CBDC and its overall acceptance/acceptability by stakeholders.

“As of 23 January 2023, the consumer survey had received 2286 responses since its launch on 10 November 2022. The bank is encouraged by the positive responses received so far which will be critical in informing the CBDC adoption.”

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