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Zimpapers Writers
THE Reserve Bank of Zimbabwe (RBZ) has rolled out a new series of Zimbabwe Gold (ZiG) notes, which officially entered circulation yesterday as part of broader efforts to strengthen confidence in the domestic currency and support monetary stability.
The upgraded notes form part of the Government’s ongoing monetary policy reset aimed at stabilising prices, improving note durability and advancing the country’s gradual de-dollarisation roadmap toward a mono-currency system.
The new notes are backed by a mix of precious minerals and foreign currency reserves, and feature enhanced security elements, improved print quality and stronger material designed to meet international standards.
RBZ said the upgraded notes will circulate alongside the existing ZiG family while worn-out notes are gradually withdrawn from the market.
The central bank has also encouraged retailers to provide cashback services to improve access to small denominations and ease day-to-day transactions.
The Bankers Association of Zimbabwe (BAZ) said they did not encounter any challenges on the first day, adding that they will be prioritising coins and smaller denominations to help in the provision of change to the transacting public.
“The banking sector is fully ready and has been working closely with the Reserve Bank of Zimbabwe (RBZ) throughout the planning period to ensure a seamless rollout starting today. Our members have finalised the necessary modalities, including the collection of ZiG cash allocations and the configuration of ATM networks to dispense and accept the new notes,” said BAZ.
“We have prioritised the distribution of coins to specifically address the ‘change’ challenges within the retail sector, ensuring that the transacting public has immediate access to a functional and efficient medium of exchange.”
Banks have since agreed on a structured cash injection to ensure seamless operations.
To support this transition, banks have integrated a structured cash injection into their operations, ensuring that the new notes are available across our branch networks and service points nationwide.
“While it is early days, we are encouraged by the initial reception. We continue to apply standard KYC protocols for currency swaps to maintain financial integrity and remain in constant dialogue with the Central Bank to monitor the impact on the market and ensure that the needs of the transacting public are met with the highest level of service,” said BAZ.
In Bulawayo, automated teller machines yesterday began dispensing the upgraded Big5 ZiG banknotes, with residents welcoming the improved quality and appearance of the local currency.
“This is our own money, we cannot reject it. We are currently waiting to see people bringing it to us because we can only have it if customers start to withdraw it from banks and bring it to us,” said local trader Ms Monica Ndlovu.
“The quality is good, and we wish to see this local currency stability being sustained.”
A street vendor said wider acceptance of ZiG remained important, particularly among commuter transport operators.
“This is real money, but here in Bulawayo, we have a challenge of commuter omnibus operators not accepting the local currency for fares, which is affecting its circulation. We urge the Government to address this issue,” he said.
Another trader operating at the corner of 9th Avenue and Jason Moyo Street said recent exchange rate stability had improved public confidence.
“We have been using ZiG for some time now. We wish to see an end to the parallel market because these are the people who manipulate exchange rates,” she said.
In Gweru, residents also accessed the new notes through ATMs, with banking institutions reporting a smooth rollout.
A branch manager at one of the banks said customers began withdrawing the new notes around midday without disruption.
“The rollout was smooth and there was no pressure at all. We witnessed some of our customers accessing ZiG notes around midday,” said the bank official.
Members of the public, who spoke to Zimpapers’ news crew after receiving the new notes said the upgraded currency appeared stronger and more durable than the earlier issue.
Mr McDonald Sita, a resident, welcomed the improved quality, saying the previous notes wore out quickly.
“The old ZiG notes were not as durable as they were easily worn out, but the new ones appear more durable. We urge the Reserve Bank of Zimbabwe to also avail smaller denominations to ease change challenges,” he said.
Mr Sita said the enhanced BiG5 notes will improve day-to-day transactions by strengthening note durability while supporting wider public confidence in the ZiG currency.
In Gwanda, banks also began dispensing the new notes while supermarkets indicated they were ready to accept them as circulation expanded.
Residents said they expected the improved notes to ease transaction challenges if accepted by all service providers.
“I haven’t seen the new notes yet, but we are waiting for them to start circulating in our town. We hope that once we start using them, all service providers will accept them, as that’s where we normally face a challenge,” said Ms Thokozile Moyo.
An official at a local bank said the upgraded notes are available at their bank and were being issued to clients. The bank official who preferred anonymity said clients were impressed by the quality of the notes.
Shops were also accepting the new notes.
“It’s the first day of using the updated notes, but so far, we haven’t had a customer coming in to buy with the new money. If a customer comes with the ZiG, we will serve them because the currency is a legal tender,” said a manager at a local supermarket.
“We have also notified our staff that new and old ZiG notes should be accepted.”
RBZ said sufficient quantities of the new ZiG notes have already been distributed nationwide to meet anticipated cash requirements, saying that the currency was distributed in line with stipulated daily and weekly cash withdrawal limits.
The central bank believes the introduction of the upgraded notes will help increase the use of the local currency, a key condition under the Staff Monitored Programme (SMP) agreed between the Government and the International Monetary Fund (IMF) in February.
The rollout will be phased, with ZiG10, ZiG20, and ZiG50 becoming available at automated teller machines (ATMs) and banking halls this week.
Cash withdrawal limits are set at ZiG10 000 per week for individuals and ZiG100 000 for corporates.
According to the RBZ, as of March 31, the ZiG currency was backed by US$1,3 billion in foreign currency reserves, nearly twice the total value of ZiG deposits in the banking system.
The ZiG, introduced in April 2024, remains a key component of the Government’s efforts to tame exchange-rate volatility, curb inflation and strengthen confidence in the financial system.
