Zimbabwe: RBZ Moves to Ease ZIG Cash Concerns, Assures Public of Ample Supply
The Reserve Bank of Zimbabwe (RBZ) has moved to allay growing public concern over the availability of physical ZiG currency especially outside the capital saying the local currency is gaining significant traction across the economy.
In a statement issued this week, Reserve Bank Governor Dr. John Mushayavanhu acknowledged the concerns raised by citizens but said the monetary authority has been working with banks to ensure wider access to cash.
“The Reserve Bank of Zimbabwe (The Reserve Bank) has noted concerns coming from the transacting public relating to the availability of ZiG cash and its usage, particularly from areas outside Harare,” Mushayavanhu said.
He said usage of the Zimbabwe Gold (ZiG) currency has increased sharply since April, with figures showing a jump in local currency transactions from ZiG7.86 billion (26%) in April 2024 to ZiG56.8 billion (43%) as of May 30, 2025.
“The usage of the local currency, ZiG, has improved significantly in the economy,” Mushayavanhu said.
According to the central bank, total ZiG deposits across the banking sector currently stand at ZiG16 billion, with over ZiG207 million held in cash by banks–a level described as “sufficient to support daily deposits and withdrawals by the public.”
To boost access, the Reserve Bank has collaborated with financial institutions to enhance distribution of physical ZiG notes.
Several banks have already activated their ATMs to dispense ZiG with others expected to complete system upgrades soon.
“The Reserve Bank, in collaboration with banking institutions, has put in place measures to ensure the wider availability and distribution of ZiG cash through banking halls and Automated Teller Machines (ATMs),” Mushayavanhu said.
The bank attributed this growing momentum to a combination of currency stability and government initiatives aimed at increasing confidence in the local currency.
“The prevailing currency and exchange stability, coupled with measures being taken by Government to increase the usage of ZiG in the economy is expected to result in increased usage of the local currency in both electronic and physical form,” the Governor said.
“The Reserve Bank… assures the transacting public that there is enough ZiG in both electronic and physical cash to meet the current and future demand for ZiG. The Reserve Bank also remains strongly committed to maintaining the prevailing price and currency stability to safeguard the current and future ZiG purchasing power at all costs,” he said.
The statement comes as the central bank continues efforts to re-establish trust in the local currency and stabilize the economy after years of hyperinflation and currency volatility.
By 263Chat.
