THE Reserve Bank of Zimbabwe (RBZ) has unveiled its new and upgraded ZiG notes, as it strives to improve cash availability in the country and to entrench the wider use of the domestic currency in the economy.
In addition, the central bank will introduce higher denominations of the ZiG, to enhance transactions and to engender public confidence in the local unit.
Presenting his latest monetary policy statement (MPS) in Harare yesterday, RBZ governor John Mushayavanhu, also stressed that old ZiG notes would remain legal tender pending their automatic phasing out once they were deposited into the banking system.
“In terms of Statutory Instrument 37 of 2026, the Reserve Bank is proud to introduce on this day, 27 February 2026, the upgraded ZiG banknote series of ZiG10, 20, 50, 100 and 200 — which shall be available for circulation with effect from April 7, 2026.
“The Reserve Bank will issue into circulation the upgraded ZiG10 and ZiG20 banknotes which shall co-circulate with the ZiG10 and ZiG20 banknotes issued under Statutory Instrument 60 of 2024 for an indefinite period.
“The ZiG10 and ZiG20 banknotes issued in terms of Statutory Instrument 60 of 2024 will automatically be phased out of circulation once they are deposited into the banking system.
“This means that banks will continue to issue the old ZiG notes until 7 April 2026,” Mushayavanhu said further.
He also revealed that that the amount of coins in circulation would also be increased, while the issuance of the ZiG 100 and 200 denominations would be introduced gradually.
“The higher ZiG100 and ZiG200 denominations will be gradually issued into circulation in due course, guided by transactional demand, and monetary and financial conditions in the domestic economy.
“The Reserve Bank will formally announce the issuance into circulation of the new ZiG100 and ZiG200 at the appropriate time.
“This structured roll-out of the upgraded BiG 5 ZiG banknote series by the Reserve Bank ensures smooth transition of the domestic currency.
“In order to support small-value transactional convenience and reduce pressure on low-denomination banknotes, the ZiG coins already in circulation in terms of Statutory Instrument 60 of 2024 — which include the ZiG2 and ZiG5 denominations — will remain in circulation,” Mushayavanhu said further.
“The Reserve Bank has maintained a prudent monetary policy stance to durably entrench price, currency and exchange rate stability in the economy without compromising economic growth.
“In the outlook, the stance will be reviewed based on inflation dynamics as well as incoming data on monetary and financial conditions, and economic activity.
“The Reserve Bank has achieved single-digit local currency inflation of 4.1 percent in January for the first time in over three decades.
“ZiG monthly inflation remains low and stable — averaging 0.4 percent in 2025.
“The exchange rate remained stable in 2025, between ZiG25 and ZiG27 per US dollar, and the parallel market premium was contained below 20 percent,” Mushayavanhu added.
“Foreign currency receipts increased to US$16.2 billion in 2025, from US$13.3 billion in 2024 — an increase of 21.8 percent.
“The improvement in foreign currency inflows supported a smooth interbank market and contributed to the build-up of foreign reserves to 1.5 months of import cover,” he also said.
All this comes after both consumers and businesses implored Mushayavanhu to consolidate the economic gains which had been made in the past year.
Speaking to the Daily News — the country’s most influential newspaper — the secretary general of the Zimbabwe Congress of Trade Unions (ZCTU), Tirivanhu Marimo, also said earlier this week that workers expected a “decisive review” in the MPS of the high bank charges that ordinary people were having to pay.
“We have always said excessive bank charges are retrogressive and discourage people from putting their money in banks.
“Instead of people getting interest every month from their savings, they are getting deductions. There is thus no point in saving money in banks these days.
“At one time, the authorities promised that banks would be compelled to effect interest on savings, but we have not seen that,” Marimo said.
He added that keeping the ZiG steady and maintaining the current price stability was also key.
“Building strong foreign currency reserves through gold holdings, United States dollar balances and export earnings will reassure the market that the authorities can defend the local currency when pressure arises.
“Without adequate reserves, confidence in the currency will remain fragile and speculative behaviours will increase.
“Managing inflation expectations is also equally important … Similarly, facilitating more cross-border trade is vital, as smoother trade processes can improve foreign currency inflows, and enhance,” Marimo also said.
The secretary general of the Zimbabwe Confederation of Public Sector Unions (ZCPSTU), David Dzatsunga, said more needed to be done to promote greater confidence in, and wider use of the ZiG.
“Over the past year, we have witnessed a refreshing level of stability in our currency, which has greatly improved predictability in economic planning and business decision-making.
“This stability provides a strong foundation for sustainable growth — and it is, therefore, important for the central bank to build on this progress.
“Needed measures could include strengthening monetary policy frameworks, supporting domestic production, improving foreign exchange management and enhancing digital payment systems that make local currency transactions more convenient and efficient,” Dzatsunga added.
“Workers want the RBZ to introduce policies that protect the value of wages and savings, ensure price stability and prevent speculative behaviour that undermines confidence in the local currency.
“Such measures may include tight monetary discipline, improved transparency in currency management, support for local production, and consistent foreign exchange supply mechanisms.
“These steps are essential to ensure that the ZiG becomes a reliable store of value and a preferred medium of exchange in everyday transactions,” Dzatsunga also said.
The chief executive officer of the Bankers Association of Zimbabwe (BAZ), Fanwell Mutogo, said the RBZ needed to promote formal banking by encouraging greater use of formal financial services.
“The Bankers Association of Zimbabwe acknowledges the significant interest surrounding the Reserve Bank of Zimbabwe governor’s upcoming 2026 monetary policy statement.
“We wish to highlight that the banking sector was invited to provide input into the MPS process prior to its pronouncement.
“Consequently, the upcoming policy will be the product of a wider, inclusive consultation between the RBZ, BAZ and other relevant stakeholders, ensuring that the measures adopted are grounded in the practical realities of the market.
“At present, BAZ is actively engaged in comprehensive consultations with our constituency members to consolidate our formal submission,” Mutogo added.
“Our recommendations reflect the collective insights of our members to ensure that they are both robust and impactful for the nation.
“While we are currently finalising these submissions, several priority areas … remain critical for the sector, specifically promoting formal banking by exploring ways to encourage the use of formal financial services.
“There is also need to ensure market and exchange rate stability by supporting policy interventions that ensure a predictable exchange rate system to maintain the stability of the operating environment.
“Lastly, we need sector growth through addressing structural issues that affect both the banking industry and the nation’s economic health,” Mutogo also said.
Brighton Muronzereyi
