The Reserve Bank of Zimbabwe (RBZ) says use of the Zimbabwe Gold (ZiG) currency has jumped from 26% in April 2024 to over 40% by June this year, despite lingering public preference for the US dollar.
In its 2025 Mid-Term Monetary Policy Statement released Thursday, RBZ Governor John Mushayavanhu credited the growth to improved macroeconomic stability and tighter exchange rate controls, though he admitted concerns remain over accessibility, cash distribution and trust in the currency.
To address these issues, banks have been directed to keep at least 3% of ZiG deposits as cash for distribution and to roll out ZiG withdrawals via ATMs and banking halls by the end of September. The banking sector currently holds over ZiG200 million in cash awaiting release to clients.
Mushayavanhu also revealed plans to modernise ZiG banknotes, with a redesigned version already in advanced production. The central bank will announce the rollout date in due course.
The RBZ intends to phase out the multicurrency system by 2030, making ZiG the sole legal tender. Stakeholders have raised concerns about the fate of foreign currency deposits and USD-denominated contracts after that deadline. The central bank says these fears will be addressed in a formal de-dollarisation roadmap, set to be incorporated into the National Development Strategy II.
