RBZ confirms readiness as new ZiG banknotes enter circulation

ALL is set for the smooth rollout of a new family of ZiG bank notes tomorrow after the Reserve Bank of Zimbabwe (RBZ) confirmed that adequate quantities have already been distributed countrywide to meet expected cash demand, paving the way for an orderly introduction of the upgraded currency.

RBZ Governor Dr John Mushayavanhu said the banknotes had been distributed in line with the stipulated daily and weekly cash withdrawal limits.

Weekly cash withdrawal limits are set at ZiG10 000 for individuals and ZiG100 000 for corporates.
In a statement yesterday, Dr Mushayavanhu said the central bank was “pleased to advise the public that the upgraded BiG5 ZIG banknotes will commence circulation in the economy” from tomorrow.

The rollout is consistent with the announcement made in the February 2026 Monetary Policy Statement and in line with Statutory Instrument (SI) 37 of 2026.

“The issuance and circulation of the new series of ZiG banknotes was preceded by a successful nationwide ZiG educational and awareness campaign undertaken by the Reserve Bank from 1 to 31 March 2026, wherein the issuance and rollout plan was also comprehensively articulated by Reserve Bank staff.

“The Reserve Bank and banking institutions have put in place all the necessary logistics and operational modalities for the seamless rollout of the upgraded BiG5 ZiG Bank notes. Accordingly, the family of new BiG5 ZiG banknote series have since been distributed throughout the whole country in sufficient quantities to meet anticipated cash demand, consistent with the stipulated daily and weekly cash withdrawal limits,” said Dr Mushayavanhu.

The upgraded ZiG bank notes will be introduced in a phased and orderly manner, starting tomorrow with the ZiG10, ZiG20 and ZiG50 denominations. Higher denominations — the ZiG100 and ZiG200 — will be rolled out gradually, guided by transactional demand as well as prevailing monetary and financial conditions in the domestic economy.

Authorities say the phased approach is critical in sustaining public confidence and avoiding panic driven economic behaviour.

Dr Mushayavanhu said the ZiG coins, first introduced on April 5, 2024, have been re issued in sufficient quantities, including ZiG1, ZiG2 and ZiG5 denominations. The coins will remain in circulation to facilitate small value transactions and ease pressure on lower denomination banknotes.

The re issuance of coins is expected to address long standing challenges around small change, where consumers were often compelled to forgo balances or accept high priced substitutes such as sweets and chocolates.

In some cases, retailers would round prices to the nearest whole figure. For example, an item that could reasonably be sold at ZiG45 was instead priced at ZiG50, ostensibly to avoid the inconvenience of sourcing ZiG5 change — a practice that disadvantaged consumers.

Dr Mushayavanhu also advised the transacting public that the old ZiG banknote series will continue to co circulate with the new “BiG5 ZiG” bank notes indefinitely.

He said the existing bank notes will “naturally and automatically be phased out of circulation once they are deposited into the banking system”.

“The upgraded ZiG bank notes series will be available through normal banking platforms, including banking halls, Automatic Teller Machines (ATMs) and HomeLink kiosks.

“The Reserve Bank has also encouraged merchants and retailers, such as supermarkets, pharmacies and hardware shops, among others, to offer ZiG cash back facilities to customers on demand and Mobile Money Operators (MNOs) to resume cash in and cash out provisions in ZiG.

“Accordingly, the Reserve Bank assures the public of the availability and adequacy of ZiG banknotes to meet cash demand,” he said.

The RBZ reaffirmed its commitment to “stay the course” with prudent monetary policy management, which it said remains critical to sustaining price stability, currency confidence and exchange rate stability.

In this context, the central bank “strongly” encouraged the public to embrace and use the upgraded BiG5 ZiG banknote series “with pride and confidence”.

With tight controls, phased implementation and a clear policy stance, authorities insist that the introduction of the new ZiG notes represents not a return to instability, but a further step in consolidating a stable and predictable monetary environment.

Economic analysts say the timing of the rollout is critical, coming at a point when inflation has remained in single digits and monetary authorities have maintained strict liquidity controls.

The ZiG has also been supported by rising foreign currency reserves and a narrowing gap between official and parallel exchange rates, reinforcing confidence in the domestic currency.

Economic analyst Mr Titus Mukove recently said the upgraded notes are expected to consolidate recent gains.

“The introduction of the new banknotes is expected to strengthen the ZiG’s position against the United States dollar, particularly in the context of global shocks and volatility. This optimism is anchored on the current macroeconomic stability, which includes single-digit inflation and a convergence between the parallel and official exchange rates.

“The Reserve Bank has maintained tight monetary policies, and this consistency has helped stabilise the currency. The growth in foreign exchange reserves further supports ZiG’s resilience, enabling it to absorb external shocks. In my view, the sustainability of this stability is highly likely, given the market driven exchange rate and genuine demand within a liberalised system,” he said.