Zim Now Reporter
The Reserve Bank of Zimbabwe has confirmed that it is redesigning ZiG banknotes to improve their quality and security, while dismissing speculation that a new currency is being introduced.
RBZ Governor Dr John Mushayavanhu said the central bank had already begun the production process, which is now at an advanced stage.
He explained that the modernisation of the ZiG series was in line with international best practices and part of efforts to make the notes more durable and user-friendly.
“The Reserve Bank is working on the modernisation of the ZiG banknote series as advised in the recent Mid-Term Monetary Policy Statement.
"The new ZiG banknotes will be redesigned, with improved quality and durability for the convenience of the transacting public. The production process has progressed well, and the public will be advised of the expected roll-out at the appropriate time,” Dr Mushayavanhu said.
The RBZ noted that many Zimbabweans had complained about the short lifespan of the current notes, which fade, tear, and quickly become unfit for use. Banks and retailers have also raised concerns, saying the constant replacement of damaged notes is costly and disruptive.
Currently, only the ZiG10 and ZiG20 notes are in circulation, but the redesign will extend to the full range of denominations first announced when the gold-backed currency was launched in April 2024.
Dr Mushayavanhu stressed that the public should not panic, making it clear that this initiative does not signal the introduction of a new currency.
“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. Instead, the Reserve Bank is merely redesigning the current banknotes to enhance quality in line with international standards,” he said.
The ZiG is expected to transition into Zimbabwe’s sole legal tender within the next five years as part of the government’s de-dollarisation strategy.
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