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The Reserve Bank of Zimbabwe (RBZ) has officially unveiled a new physical currency series, dubbed the Big Five, as the central bank intensifies efforts to stabilize the nation’s monetary system and enhance transaction efficiency.
The new Zimbabwe Gold (ZiG) banknotes, announced by RBZ Governor Dr. John Mushayavanhu, represent a pivotal step in the country’s broader currency modernization strategy.
The New ZiG Notes
The physical notes are scheduled to enter circulation on April 7, beginning with the ZiG10, ZiG20, and ZiG50 denominations. Higher-value notes are expected to follow in a subsequent phase of the rollout. To mitigate market disruption.
Dr. Mushayavanhu confirmed that the new currency will circulate alongside existing notes, ensuring a gradual transition for businesses and consumers alike.
Importantly, monetary authorities emphasized that this issuance does not constitute an expansion of the money supply. Instead, the process involves a direct conversion of existing electronic balances into physical cash. Financial institutions will facilitate the exchange of electronic holdings for the new notes, while older currency will be systematically withdrawn from the market.
Beyond banknotes, the RBZ is reintroducing ZiG coins to resolve critical shortages of small denominations, which have historically fueled pricing distortions and forced rounding in the retail sector.
While the central bank continues to encourage digital payments, it has simultaneously increased cash withdrawal limits to provide the public with greater liquidity and ease of access.
The currency unveiling comes at a time when Dr. Mushayavanhu describes the nation’s economic fundamentals as improving.
The RBZ reports that exchange rates have reached a period of relative stability, supported by low inflation and strengthened foreign currency reserves. Current reserves are estimated to cover approximately one and a half months of imports, providing a buffer that was largely absent in previous currency iterations.
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