Source: Business welcomes new series of ZiG notes – herald
Richard Muponde-Zimpapers Politics Hub
THE business community has welcomed the decision by the Reserve Bank of Zimbabwe to introduce new ZiG notes, saying the issuance will enhance the ease of doing business and restore confidence in the domestic currency.
Confederation of Zimbabwe Retailers president, Dr Denford Mutashu, said the upgraded ZiG presents an opportunity for businesses and consumers alike to embrace a more efficient and dignified mode of transacting anchored on a strong national currency.
“As business, we embrace the upgraded ZiG for seamless transacting by members of the public. We embrace the new ZiG with pride because it’s durable and is set to accepted widely by the people,” he said.
“The ZiG coins will alleviate change problem that has been a nightmare to consumers. Let us eradicate coupons and sweets as change.”
He added that the retail sector had already demonstrated confidence in the currency from its inception and stood ready to deepen its usage across all transactions.
“The Confederation of Zimbabwe Retailers wishes to thank the wider retail and wholesale sector for accepting the ZiG currency from inception in April 2024,” he said.
Zimbabwe National Chamber of Commerce president, Mr Tapiwa Karoro, reinforced the call, describing the upgraded ZiG as a cornerstone for economic stability, competitiveness and long-term growth.
He urged the business sector to actively participate in its utilisation.
“The Zimbabwe National Chamber of Commerce notes the forthcoming release of the upgraded ZiG by the Reserve Bank of Zimbabwe. As the representative body of Zimbabwe’s private sector, ZNCC views a stable and credible domestic currency as a critical pillar for sustainable economic growth, price stability, and long-term national competitiveness.
“Our message to the ZNCC membership and the broader business community is clear: the success of any national currency ultimately depends on the confidence and participation of its users, particularly the productive private sector,” said Mr Karoro.
He emphasised that adoption of the local currency would unlock multiple benefits for the economy, ranging from improved liquidity circulation to enhanced monetary sovereignty and stronger domestic financial systems.
“We therefore encourage our members to support the responsible and practical use of ZiG in commercial transactions where appropriate. The widespread adoption of the local currency has several important benefits for our economy,” Karoro said.
“Strengthening monetary sovereignty by reducing excessive dependence on foreign currency in domestic transactions. Improving liquidity circulation within the productive sectors of the economy. Enhancing price discovery and economic planning in local currency terms. Supporting the development of domestic capital markets and financial intermediation.”
If the policy environment remains stable and predictable, he said, Zimbabwean businesses will progressively integrate ZiG into their operations, contracts, and pricing structures.
“The Chamber therefore calls upon its members to engage constructively, transact responsibly, and contribute to building confidence in Zimbabwe’s monetary system,” Karoro said.
“A credible and widely accepted local currency is not only a policy objective, it is a strategic national asset that underpins industrial growth, investment attraction, and long-term economic sovereignty.”
He said ZNCC will continue to work closely with the monetary authorities and Government to ensure that the interests of business are represented and that the monetary framework supports enterprise growth, competitiveness, and economic prosperity for Zimbabwe.
The central bank has also maintained that the upgraded ZiG will coexist with existing notes while gradually phasing them out through the banking system, ensuring stability and avoiding disruptions.
Economic analysts have welcomed the move, pointing to prevailing macroeconomic stability, including controlled inflation and improved foreign currency reserves, as key pillars supporting the currency’s resilience.
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