HARARE – The Reserve Bank of Zimbabwe (RBZ) on Friday unveiled redesigned ZiG banknotes, but governor John Mushayavanhu moved to dampen speculation that the country is edging closer to a return to a mono-currency regime.
A new family of ZiG10, ZiG20 and ZiG50 notes will enter circulation on April 7, with ZiG100 and ZiG200 denominations to follow later.
Although the central bank had previously set 2030 as a target for ending Zimbabwe’s multi-currency system, Mushayavanhu said in his 2026 Monetary Policy Statement that the transition would no longer be tied to a fixed date.
“The transition to the exclusive use of ZiG for settling all domestic transactions will be a gradual process anchored on macroeconomic stability,” he said. “As such, the transition is not date-based but is dependent on the achievement of the conditions precedent.”
In a move aimed at easing the cost of doing business, Mushayavanhu ordered sweeping reductions in banking charges, including the scrapping of fees for balance enquiries and cash deposits. The directive also applies to mobile network operators offering financial services.
Banks were instructed to cap cash withdrawal charges—both over the counter and at automated teller machines—at a maximum of 2 percent of the withdrawn amount, down from levels approaching 4 percent.
Point-of-sale (POS) transaction fees were set at a maximum of 1.5 percent of the transaction value for both local and international cards, capped at US$20 or the ZiG equivalent.
“No minimum charge shall be levied on any POS transaction, and institutions are expressly prohibited from imposing a minimum fee,” Mushayavanhu said.
He added that fees for issuing new bank cards or replacing lost or damaged ones “shall not exceed cost recovery levels.”
Mushayavanhu said the reduction in bank charges was intended to promote ease of doing business, encourage the use of formal banking channels and deepen financial inclusion.
Outlining the RBZ’s policy focus for the year, he said the central bank’s thrust in 2026 would be to “entrench price and exchange rate stability through disciplined monetary targeting and enhanced market-based instruments.”
“The bank will maintain a prudent reserve money growth trajectory consistent with the objective of sustaining low and stable inflation,” he said.
Monthly ZiG inflation was 3.8 percent this month, Mushayavanhu said, hailing the currency’s new found resilience.
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