Online Reporter
Nqobile Bhebhe,Zimpapers Business Hub
The Reserve Bank of Zimbabwe (RBZ) has reassured the public about the sufficiency of the ZiG currency in both physical and electronic forms.
As of Thursday, ZiG deposits in the economy totaled approximately ZiG16 billion, with over ZiG207 million held in cash by banks, which is deemed adequate to support daily transactions.
The reassurance comes amid concerns particularly from areas outside Harare about the availability and usability of the local currency.
ZiG was introduced on 5 April 2024.
In a statement on Friday, the central bank acknowledged the feedback from members of the public regarding limited access to ZiG cash, especially in remote regions.
However, it emphasised that robust measures have already been implemented to support and enhance access to the local currency through formal banking channels.
“The Reserve Bank of Zimbabwe (The Reserve Bank) has noted concerns coming from the transacting public relating to the availability of ZiG cash and its usage, particularly from areas outside Harare,” said RBZ Governor Dr John Mushayavanhu.
“The Reserve Bank wishes to advise that usage of the local currency, ZiG, has improved significantly in the economy. Precisely, the proportion of local currency settlements on the National Payment System increased from ZiG7.86 billion (26 percent) in April 2024 to ZiG56.8 billion (43 percent) as at 30 May 2025.”
This upward trend in usage is being supported by active disbursement of cash by the RBZ to financial institutions based on demand.
According to the Governor, as of 12 June 2025, total ZiG deposits in the economy stood at approximately ZiG16 billion, of which over ZiG207 million was held as cash by banks—adequate to facilitate daily transactions.
“In tandem, the Reserve Bank has been disbursing adequate cash to banks in-line with demand. As at 12 June 2025, the total ZiG deposits in the economy amounted to about ZiG16 billion, of which over ZiG207 million was cash held by banks, which meets optimal requirements and is sufficient to support daily deposits and withdrawals by the public,” added Dr Mushayavanhu.
To improve accessibility, the Reserve Bank, in conjunction with banking institutions, has also instituted measures to ensure wider distribution of ZiG cash via banking halls and Automated Teller Machines (ATMs).
“Encouragingly, some banks have already made ZiG cash available through ATMs, while other banks are in the process of configuring their ATMs to disburse ZiG cash in due course,” said the central bank.
The Bank expressed optimism that continued currency and exchange rate stability—together with Government initiatives aimed at promoting the local currency—will further bolster the confidence and usage of ZiG in everyday transactions.
“The prevailing currency and exchange stability, coupled with measures being taken by Government to increase the usage of ZiG in the economy is expected to result in increased usage of the local currency in both electronic and physical form,” said Dr Mushayavanhu.
“The Reserve Bank, therefore, assures the transacting public that there is enough ZiG in both electronic and physical cash to meet the current and future demand for ZiG. The Reserve Bank also remains strongly committed to maintaining the prevailing price and currency stability to safeguard the current and future ZiG purchasing power at all costs.”
The central bank reiterated its call for the public to utilise formal banking channels for accessing and transacting in ZiG, as efforts continue to deepen the functionality and acceptability of the currency in both urban and rural areas.
The central bank re-assurance comes days after the International Monetary Fund (IMF) mission chief Mr Wojciech Maliszewski said the ZiG is presently stable and would like to see it fully become a national currency in the sense that it is not only stable, but also widely used.
“For this, there are several measures that need to be in place, but first and foremost, we would like to see a deeper forex market that would make sure that there is a full price discovery in the market.
“Right now, we see good stability in the official market, and we also see a convergence between the parallel market rate and the official rate, but ideally and ultimately, we would like to see an elimination of this gap,” said Mr Maliszewski.
