Online Reporter
Moffat Mungazi
Post Reporter
THE upgraded BiG5 ZiG banknotes have started circulating in the economy today (Tuesday) following successful nationwide awareness exercises by the Reserve Bank of Zimbabwe (RBZ) in February before their rollout, with both businesses and the public embracing them for transactions.
With necessary operational modalities already in place, the new bank notes are now available at banks and financial institutions, especially the ZiG10 and ZiG20 in sufficient quantities to meet expected demand.
A snap survey this morning by The Manica Post showed that the public has embraced the upgraded notes and are already using them in Mutare.
The BiG5 ZiG notes are also being accepted and already circulating in supermarkets, among vedors and other traders.
Godfrey Sithole of Hobhouse said after seamlessly withdrawing the new notes from the bank he managed to use them to buy refreshments on the street.
“The new ZiG notes are here and we have already embraced them. Vendors on the street also have no problem accepting them as I managed to buy maheu for freshement.
“The good thing is that the money is backed by gold reserves at the central bank and its value will not be eroded by inflation,” he said.
A youthful Tinotenda Mawomeke also bought yoghurt over a city supermarket counter using the notes.
*The money is now in circulation and I am actually using it together with the old notes to buy yoghurt here in TM Pick n Pay Supermarket,” he said.
For city vendor Nancy Sachimbo, the upgraded ZiG notes have improved the ease of transactions.
“We are already transacting using the new notes and are also accepting the old ones from our customers. From their physical appearance, the new notes look more durable,” she said.
The upgraded BiG5 ZiG banknotes are being introduced in circulation in a phased manner, starting with Zig10, Zig20 and ZiG50.
“The higher ZiG100 and ZiG200 denominations will gradually be introduced in due course, guided by transactional demand and monetary and financial conditions in the domestic economy. The ZiG coins, introduced on April 5, 2024 and have since been re-issued in sufficient quantities, which include the ZiG1, Zig2 and ZiG5 denominations, will remain in circulation to support small-value transactions and reduce [pressure on low denomination notes,” said RBZ governor Dr John Mushayavanhu.
He added that old ZiG bank notes will continue in circulation alongside the new ones.
“The old ZiG banknotes will naturally and automatically be phased out of circulation once they are deposited into the banking system. The upgraded ZiG banknotes will be available through normal banking platforms, including banking halls, automated teller machines (ATMs) and HomeLink kiosks. RBZ encourages merchants and retailers such as supermarkets, pharmacies, hardware shops, among others, to offer ZiG cashback facilities to their customers on demand mobile money operators (MNOs) to resume cash-in and cash-out provisions in ZiG,” said Dr Mushayavanhu.
He said RBZ remains committed to prudent monetary policy management to uphold present and future critical sustained prices, currency, and exchange rate stability.
RBZ urged the public to embrace and use the upgraded Big5 ZiG banknotes with confidence, he added.
