The Reserve Bank of Zimbabwe's latest assurance that United States dollar deposits will remain intact under the planned transition to a single-currency system has done little to erase memories of the 2019 currency reforms, as Zimbabweans weigh the central bank's promises against past experiences.

The central bank said the planned transition to a single-currency system would be gradual and conditions-based, with all foreign currency accounts and contracts remaining intact.

RBZ said the only major adjustment would be that domestic transactions would eventually be settled in ZiG.

However, many Zimbabweans said they had heard similar assurances before.

Jenny Stewart Mackay questioned what the policy would mean for people holding United States dollars.

"ZiG for domestic transactions. So, once again, they will clean out our USD for their own international transactions while it sits in our personal bank accounts."

Ernest Mushiyi said the announcement reminded him of Zimbabwe's past currency failures.

"The bearer cheque disaster is looming."

Harper Alderton said Zimbabweans were also assured during the 2019 currency reforms that their United States dollar balances would remain protected.

"In 2019, we were told the bond note was 1:1 with the USD and wouldn't replace our USD balances, then it did."

Mavuto Phiri, however, interpreted the announcement differently.

"It sounds like Mnangagwa is a constitutionalist who is not interested in constitutional manipulation."

James Kasadza said rebuilding confidence would require more than official statements.

"No one keeps money in banks anymore. Money deposited into a Zimbabwean bank account is withdrawn the very same day. Only companies will cry foul, and most of them also withdraw it as soon as possible."

The Mushroom Company said repeated currency reforms had made it difficult for Zimbabweans to trust new monetary policies.

"After all the currency changes we have gone through, people are naturally worried about losing value again."

Tashinga Muzopa welcomed the announcement, saying confidence in ZiG could eventually make it easier for Zimbabweans to pay for services using the local currency.

"If this works, people will be able to use ZiG for local services like passports and fuel without worrying."

The concerns come seven years after the Government introduced Statutory Instrument 33 of 2019, which ended the official one-to-one parity between bond notes, RTGS balances and the United States dollar.

The policy resulted in balances held in local bank accounts being converted into RTGS dollars, triggering widespread legal disputes and public outrage.

The Law Society of Zimbabwe challenged the measure, arguing that the compulsory conversion of United States dollar balances into RTGS dollars amounted to an unconstitutional deprivation of property without compensation.

Another landmark case involved retail company Stone Beattie, which successfully challenged the Reserve Bank's directive separating RTGS Foreign Currency Accounts from Nostro Foreign Currency Accounts.

The High Court ruled that the directive was unconstitutional and ordered that the company's US$142,000 either be paid in United States dollars or transferred into a Nostro Foreign Currency Account.

In another major ruling, the Supreme Court later found in favour of Zambezi Gas Zimbabwe, holding that liabilities denominated in United States dollars before February 22, 2019, were lawfully converted into RTGS dollars under Statutory Instrument 33 of 2019.

Against that backdrop, Reserve Bank Governor John Mushayavanhu said the latest transition would be different.

He said Zimbabwe would only move to a single-currency system once economic agents were indifferent between ZiG and the United States dollar, adding that all foreign currency accounts and contracts would remain intact and continue to be honoured.

"The principal adjustment will be that domestic transactions must be settled in ZiG," he said.

He added that consumers holding United States dollars would continue converting them through banks and licensed bureaux de change at prevailing market rates before making local purchases.

The Governor said the Reserve Bank would continue engaging stakeholders throughout the transition while maintaining financial sector stability and transparency.