ZiG banknotes begin circulating in Gwanda

The Reserve Bank of Zimbabwe (RBZ) is carefully drip-feeding more ZiG banknotes into the economy, so no bank customer entitled to withdraw ZiG notes within some very generous limits has ever been refused notes.

Sukulwenkosi Dube-Matutu [email protected]

AUTOMATED teller machines (ATMs) in Gwanda on Tuesday began dispensing the upgraded Big5 Zimbabwe Gold (ZiG) banknotes, marking a key step in the Government’s broader monetary policy reforms aimed at stabilising the economy and restoring confidence in the domestic currency.

However, major supermarkets in the town indicated that they were yet to receive the new notes, highlighting early distribution gaps as the rollout gains momentum.

The upgraded ZiG banknotes, which are backed by a combination of precious minerals and foreign currency reserves, are designed to be more durable and of higher quality than the earlier series. Authorities say the improvements are meant to enhance public trust and usability of the currency.

Residents in Gwanda expressed anticipation, saying they were eager to see the new notes in circulation.
“I haven’t seen the new notes but we are waiting for them to start circulating in our town. We hope that once we start using them all service providers will accept them as that’s where we normally face a challenge,” said Ms Thokozile Moyo.

An official at a local bank, who requested anonymity, confirmed that the upgraded notes were already available and being issued to clients. The official said early feedback from customers had been positive, particularly regarding the improved quality of the notes.

Retailers, however, said they were still waiting to receive the new currency.
“It’s the first day of the use of the updated notes but so far we haven’t had a customer coming in to buy with the new money. If a customer comes with the ZiG we will serve them because the currency is a legal tender. We have also notified our staff that new and old ZiG notes should be accepted,” said a manager at a local supermarket.

According to the Reserve Bank of Zimbabwe, the new notes will circulate alongside the existing ZiG notes, with worn-out notes being gradually withdrawn from the market over time.

The central bank has also urged retailers to offer cashback services to customers to improve access to smaller denominations and ensure smoother day-to-day transactions.

@DubeMatutu