Online Reporter
Nqobile Bhebhe, [email protected]
THE Reserve Bank of Zimbabwe (RBZ) has assured the public that there is no need to rush to exchange existing currency notes ahead of the introduction of new ZiG banknotes, saying the transition will be smooth and carefully managed.
Speaking during a State of the Economy engagement in Bulawayo on Thursday, RBZ Deputy Governor Dr Innocent Matshe said the central bank is taking a measured approach to the rollout to maintain stability and avoid unnecessary panic in the market.
“The new ZiG notes will be in the market late this quarter or in the second quarter and will strong durable features” he said.
“There is no need for people to rush to exchange the current notes with new ones. They will remain a legal tender,” said Dr Matshe.
His remarks come amid growing public interest over the impending release of the ZiG notes, which authorities say form part of broader monetary policy measures aimed at strengthening confidence in the local currency framework.
Officials have previously indicated that the rollout will be gradual and systematic, strictly aligned with economic developments and genuine cash demand for transactions.
This means the introduction of the notes will be paced to reflect actual market requirements rather than flooding the economy with excess liquidity.
The RBZ has also moved to allay fears that the introduction of the new notes could trigger inflationary pressures.
Authorities say injection of the ZiG notes into circulation will not translate into an increase in money supply.
Instead, banks will exchange the ZiG cash with their electronic bank balances (RTGS) held at the Reserve Bank, ensuring that the move represents a change in the form of money rather than an expansion of overall liquidity in the economy.
Economists say the approach reflects the central bank’s continued emphasis on monetary discipline and stability, key pillars in Zimbabwe’s ongoing economic stabilisation efforts.
By emphasising that existing notes will remain legal tender and that the process will be demand-driven, the RBZ is seeking to prevent speculative behaviour and unnecessary disruptions to normal banking and trading activities.
The central bank has urged members of the public and businesses to continue transacting as usual, with further details on the rollout expected to be communicated as the process advances.
