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Reserve Bank of Zimbabwe Governor, Dr. John Mushayavanhu, has reassured the public that the central bank is not introducing a new currency, but rather redesigning the existing Zimbabwe Gold (ZiG) banknotes to meet international standards, this move aims to enhance the quality of the currency, addressing concerns about the current notes.
“I must reiterate that the Reserve Bank is not going to issue a new currency, and in this regard, the public should not be apprehensive,” said Dr. Mushayavanhu. “Instead, the Reserve Bank is merely redesigning the current banknotes to enhance quality, in line with international standards.”
“The rollout of the improved high-quality ZiG notes will be communicated to the public in due course,” he added.
Higher-denomination notes will be introduced only in response to demand in the economy, he said. The ZiG, introduced in April 2024, is backed by a composite basket of foreign currency reserves, gold, and precious minerals. This structured currency is designed to foster simplicity, certainty, and predictability in monetary and financial affairs.
The introduction of the ZiG is part of Zimbabwe’s efforts to tackle hyperinflation and stabilize the economy. The country has experienced a long-running currency crisis, with the Zimbabwe dollar collapsing in 2009 amid inflation rates of 5 billion percent.
As the Reserve Bank of Zimbabwe continues to work on enhancing the ZiG, the public can expect improved quality banknotes that meet international standards. The central bank’s cautious approach to introducing higher-denomination notes should help maintain economic stability and prevent inflationary pressures.
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