Online Reporter
Stanford Chiwanga
THE Reserve Bank of Zimbabwe has reassured the public of the availability of ZiG notes following concerns over their scarcity, particularly in areas outside Harare.
In a statement issued yesterday, RBZ Governor Dr John Mushayavanhu said the usage of ZiG, the country’s local currency, has “improved significantly in the economy”, presenting a positive outlook.
According to the central bank’s data, the proportion of local currency settlements through the National Payment System surged from ZiG7,86 billion (26 percent) in April 2024 to ZiG56,8 billion (43 percent) as of May 30 this year.
To address the public’s access issues, the RBZ highlighted that it has consistently been disbursing adequate cash to banking institutions in line with demand.
The statement further detailed that as of June 12, the total ZiG deposits amounted to about ZiG16 billion, of which over ZiG207 million was cash held by banks.
Despite some public perception, officials firmly insist that this amount is “sufficient to support daily deposits and withdrawals by the public”.
Further, in a proactive bid to enhance accessibility, the RBZ is actively working alongside financial institutions to ensure a wider distribution of ZiG cash.
Encouragingly, the statement confirmed that “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”.
Looking ahead, authorities believe that the present currency and exchange stability, coupled with concerted Government efforts to enhance the usage of ZiG, will naturally lead to increased circulation of the currency in both electronic and physical forms.
Reiterating the institution’s commitment to financial stability, Dr Mushayavanhu said there is enough ZiG in circulation to meet current and future demand. As the country continues its transition towards broader use of the local currency, the RBZ says it remains steadfast in its stance to safeguard the ZiG’s purchasing power “at all costs”.
