The Reserve Bank of Zimbabwe (RBZ) has commenced the introduction of new series of ZiG banknotes, as the government seeks to strengthen confidence in the country’s currency.
Rollout Announcement
In a statement, RBZ governor John Mushayavanhu said the upgraded “BiG5” ZiG notes would start circulating following earlier policy guidance and legal provisions.
The move comes after a month-long nationwide awareness campaign in March aimed at preparing the public for the transition and explaining how the new notes would be introduced.
Seamless Rollout Logistics
Mushayavanhu said the central bank, working with commercial banks, had put in place logistics to ensure a “seamless rollout” with banknotes already distributed across the country to meet expected demand.
New Denominations
The new series will be introduced gradually, starting with ZiG10 and ZiG20 notes as well as a newly issued ZiG50 denomination.
Higher-value ZiG100 and ZiG200 notes will follow later depending on demand and broader economic conditions, Mushayavanhu said.
The phased approach is intended to maintain stability in the financial system while ensuring adequate cash supply, he stated.
Existing Coins Remain in Circulation
Existing ZiG coins in denominations of ZiG1, ZiG2 and ZiG5 will remain in circulation to support smaller transactions and ease pressure on low-value notes.
Phase-Out of Older Notes
The central bank also confirmed that older ZiG banknotes will continue to be used alongside the new ones for the foreseeable future before being gradually withdrawn once they are deposited into the banking system.
Access Points
The new notes will be accessible through banks, automated teller machines and HomeLink kiosks, the central bank chief said.
Retailer and Mobile Money Integration
Retailers and service providers have been encouraged to offer cash-back facilities while mobile money operators are expected to resume cash-in and cash-out services in ZiG.
Withdrawal Limits
Under the current framework, individuals will be allowed to withdraw up to ZiG10,000 per week while businesses can access up to ZiG100,000.
Commitment to Monetary Stability
Mushayavanhu said the Reserve Bank remained committed to prudent monetary policy to support price and exchange rate stability.
He urged the public to adopt the new currency series “with pride and confidence”, adding that sufficient banknotes would be available to meet demand.
