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Zimbabweans will begin lining up outside banks and ATMs from today as the country introduces a new series of ZiG banknotes. The Reserve Bank of Zimbabwe (RBZ) is releasing 10, 20 and 50 ZiG notes into circulation today, with 100 and 200 ZiG denominations to follow later based on demand. The new notes feature the Zimbabwe bird emblem and enhanced security markings designed to meet international standards.
Authorities have distributed sufficient quantities nationwide to meet expected withdrawal limits, set at ZiG 10,000 for individuals and ZiG 100,000 for corporates per week. Crucially, the RBZ reports that as of March 31, the ZiG enjoys full backing of US$1.3 billion in foreign currency reserves, nearly double the total value of ZiG deposits in the banking system.
“Accordingly, the Reserve Bank assures the public of the availability and adequacy of ZiG banknotes to meet cash demand”, said RBZ Governor Dr John Mushayavanhu in a statement.
“We strongly encourage the public to embrace and use the upgraded BiG5 ZiG banknote series with pride and confidence”.
The central bank will introduce the new notes in an orderly, phased manner. ZiG coins in 1, 2 and 5 denominations, first issued in April 2024 will remain in circulation to support small transactions, addressing a long-standing complaint that retailers often forced consumers to accept sweets or higher price rounding instead of proper change.
Old ZiG banknotes will continue to co-circulate indefinitely but will be phased out naturally as they return to the banking system. The new notes will be available through banking halls, ATMs, and HomeLink kiosks. The RBZ has also encouraged retailers and mobile money operators to resume cash-in and cash-out services in ZiG.
The launch follows a nationwide public awareness campaign throughout March and aligns with a Staff-Monitored Programme agreed with the International Monetary Fund in February, which demands greater use of the local currency. Inflation has remained in single digits, while the gap between official and parallel exchange rates has narrowed significantly. Factors analysts see as critical to the new notes’ credibility.
Still, the transition represents a high-stakes gamble. Zimbabwe has a traumatic history with hyperinflation, having abandoned its dollar in 2009. With tight liquidity controls and a gradual rollout, authorities hope this time marks a step toward stability rather than a return to chaos.
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