RBZ Says Banks Have Enough ZiG to Meet Public Dema...

RBZ Says Banks Have Enough ZiG to Meet Public Demand

Oscar J Jeke- Zim Now Reporter

The Reserve Bank of Zimbabwe has moved to reassure the public over the availability of ZiG cash, following rising concerns from parts of the country, particularly outside Harare, about limited access to the local currency.

In a press statement on Thursday, RBZ Governor Dr. John Mushayavanhu confirmed that the central bank is disbursing sufficient ZiG cash to meet both current and anticipated demand. As of June 12, 2025, total ZiG deposits in the economy stood at ZiG$16 billion, with over ZiG$207 million held in physical cash by banks deemed adequate to meet the cash needs of the public.

“The Reserve Bank wishes to advise that usage of the local currency, ZiG, has improved significantly in the economy,” the statement read. It noted that the proportion of local currency settlements on the National Payment System rose from ZiG$7.86 billion in April (26% of transactions) to ZiG$6.8 billion as at 30 May (43%), highlighting a sharp increase in domestic currency use.

To address access concerns, the RBZ said it is working closely with banking institutions to improve availability through banking halls and Automated Teller Machines. Some banks have already made ZiG cash available via ATMs, while others are in the process of upgrading their systems to accommodate the new currency.

The central bank attributed the improved uptake of ZiG to confidence in current monetary reforms and efforts to maintain currency and exchange rate stability. It added that measures to reduce inflation and promote use of electronic and mobile payments have also supported increased circulation of the local currency.

Despite early challenges since its introduction in April 2024, the RBZ expressed satisfaction with progress in public acceptance of ZiG and pledged continued efforts to reinforce trust in the currency.

The statement concludes amid public reports of uneven ZiG cash availability across regions, with consumers in smaller towns and rural areas facing limited access to physical cash for day-to-day transactions.