Source: All set for rollout of new ZiG notes – herald
Africa Moyo-Deputy National Editor
ALL is in place for the seamless rollout of a new family of ZiG banknotes tomorrow after the Reserve Bank of Zimbabwe confirmed that sufficient quantities have already been distributed countrywide to meet anticipated cash demand, setting the stage for a smooth and orderly introduction of the upgraded currency.
RBZ Governor Dr John Mushayavanhu said the money had been distributed in keeping with the stipulated daily and weekly cash withdrawal limits.
Weekly cash withdrawal limits have been set at ZiG10 000 for individuals and ZiG100 000 for companies.
In a statement yesterday, Dr Mushayavanhu said the central bank was “pleased to advise the public that the upgraded BiG5 ZIG banknotes will commence circulation in the economy” from tomorrow.
This is consistent with the announcement made in the February 2026 Monetary Policy Statement and in line with Statutory Instrument (SI) 37 of 2026.
“The issuance and circulation of the new series of ZiG banknotes was preceded by a successful nationwide ZiG educational and awareness campaign undertaken by the Reserve Bank from March 1 to 31, 2026, wherein the issuance and rollout plan was also comprehensively articulated by Reserve Bank staff,” said Dr Mushayavanhu.
“The Reserve Bank and banking institutions have put in place all the necessary logistics and operational modalities for the seamless rollout of the upgraded BiG5 ZiG Banknotes.
“Accordingly, the family of new BiG5ZiG banknote series have since been distributed throughout the whole country in sufficient quantities to meet anticipated cash demand, consistent with the stipulated daily and weekly cash withdrawal limits.”
The upgraded ZiG banknotes series will be availed in a phased and orderly manner, starting tomorrow with the ZiG10, ZiG20 and ZiG 50 denominations.
Higher denominations – the ZiG100 and ZiG200 – would be gradually introduced guided by transactional demand and monetary and financial conditions in the domestic economy.
This gradual transition is seen as critical in maintaining public confidence and preventing panic-driven economic behaviour.
Dr Mushayavanhu said the ZiG coins, introduced on April 5, 2024, have been re-issued in sufficient quantities, including the ZiG1, ZiG2 and ZiG5 denominations.
These will remain in circulation to support small-value transactions and reduce pressure on low-denomination notes.
Critically, the coins will be useful as small change, which consumers were being forced to forgo by retailers or asked to get highly priced products such as sweets and chocolates.
In some cases, retailers would peg their prices to the nearest whole number. For instance, something that could easily be sold for ZiG45, ended up being sold for ZiG50, supposedly to spare till operators from the burden of running around in search for ZiG5 change, a move that disadvantaged consumers.
Dr Mushayavanhu also advised the transacting public that the old ZiG banknote series will continue to co-circulate with the new “BiG5 ZiG” banknotes indefinitely.
He said the old ZiG banknotes will “naturally and automatically be phased out of circulation once they are deposited into the banking system”.
“The upgraded ZiG banknotes series will be available through normal banking platforms, including banking halls, Automatic Teller Machines (ATMs) and HomeLink Kiosks.
“The Reserve Bank has also encouraged merchants and retailers, such as supermarkets, pharmacies, hardware shops, among others, to offer ZiG cashback facilities to their customers on demand and Mobile Money Operators (MNOs) to resume cash-in and cash-out provisions in ZiG.
“Accordingly, the Reserve Bank assures the public of the availability and adequacy of ZiG banknotes to meet cash demand,” he said.
The RBZ reaffirms its strong commitment to “stay the course” with prudent monetary policy management, which is critical for sustained price, currency and exchange rate stability now and in the future.
In this context, the RBZ “strongly” encouraged the public to embrace and use the upgraded BiG5ZIG banknote series “with pride and confidence”.
With tight controls, phased implementation and clear policy direction, authorities maintain that the new ZiG notes mark not a return to instability, but a step forward in consolidating a stable and predictable monetary environment.
Economic analysts have said the timing of the new ZiG banknotes rollout was critical, as they come at a period when inflation has remained in single digits and monetary authorities have maintained tight liquidity management.
The ZiG has also benefited from growing foreign currency reserves and a convergence between the parallel and official exchange rates, reinforcing confidence in the domestic currency.
An economic analyst, Mr Titus Mukove, recently said the upgraded notes would consolidate the ZiG’s gains.
“The introduction of the new banknotes is expected to strengthen the ZiG’s position against the United States dollar, particularly in the context of global shocks and volatility,” he said.
“This optimism is anchored on the current macroeconomic stability, which includes single-digit inflation and a convergence between the parallel and official exchange rates.
“The Reserve Bank has maintained tight monetary policies, and this consistency has helped stabilise the currency. The growth in foreign exchange reserves further supports ZiG’s resilience, enabling it to absorb external shocks. In my view, the sustainability of this stability is highly likely, given the market-driven exchange rate and genuine demand within a liberalised system.”
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