RBZ unveils new ZiG notes

RBZ unveils new ZiG notes

STAFF WRITER

The Reserve Bank of Zimbabwe has introduced a new “Big Five” series of ZiG banknotes as part of efforts to strengthen the country’s local currency.

The notes, unveiled by RBZ Governor Dr. John Mushayavanhu, will begin circulating on April 7, starting with the ZiG10, ZiG20, and ZiG50 denominations, while higher values will follow later.

Dr. Mushayavanhu said the rollout of physical cash is intended to improve transaction efficiency, emphasizing that the new notes will circulate alongside existing ones.

He added that this move is part of broader currency modernisation efforts.

 Authorities added that the new notes do not represent an increase in the money supply but rather a conversion of electronic balances into cash.

Banks will exchange electronic holdings for physical currency, and old notes will gradually be withdrawn.

Additionally, the central bank is reintroducing ZiG coins to address pricing distortions caused by shortages of small denominations. Meanwhile, withdrawal limits have been increased to enhance access to cash, although digital transactions remain encouraged.

Dr Mushayavanhu noted that economic fundamentals are improving, with stable exchange rates, low inflation, and foreign currency reserves now covering about one and a half months of imports.