HARARE – Zimbabwe’s central bank has completed printing higher-denomination ZiG banknotes, with the Reserve Bank of Zimbabwe (RBZ) expected to announce the circulation date for new ZiG100 and ZiG200 notes in the coming months as authorities continue efforts to deepen adoption of the domestic currency.
Reserve Bank Governor Dr John Mushayavanhu on Wednesday presented the first printed copies of the new denominations to President Emmerson Mnangagwa at State House, alongside the existing ZiG10, ZiG20 and ZiG50 notes that are already in circulation.
The presentation marked the completion of the full “Big Five” ZiG banknote series, with each denomination displayed bearing the serial number 0001 as the inaugural print.
“The 10, 20 and 50 ZiG notes are already in circulation. Regarding the 100 and 200 denominations, we will advise in due course on their release,” Dr Mushayavanhu said.
The forthcoming higher-value notes are intended to improve cash transaction efficiency as economic activity expands, while reducing the volume of notes required for larger payments. They also form part of the RBZ’s broader strategy to modernise Zimbabwe’s cash infrastructure through enhanced durability and internationally recognised anti-counterfeiting security features.
The new banknotes retain the Zimbabwe Bird national emblem and incorporate wildlife-inspired designs, continuing the central bank’s branding of the ZiG currency introduced in April 2024.
According to the RBZ, the expansion of the banknote family supports wider policy objectives aimed at increasing confidence in the local currency and encouraging its greater use in domestic transactions.
The move also aligns with commitments under Zimbabwe’s Staff-Monitored Programme (SMP) with the International Monetary Fund, which includes measures to strengthen monetary policy credibility and expand the use of the domestic currency within the economy.
Central bank data indicates that, as at the end of March, the ZiG was backed by approximately US$1.3 billion in foreign currency reserves, exceeding the total value of ZiG deposits held within the banking sector. Authorities have repeatedly argued that maintaining adequate reserve backing is fundamental to preserving confidence in the currency.
The rollout of the higher denominations comes as Zimbabwe continues pursuing a gradual de-dollarisation strategy aimed at restoring the local currency as the primary medium of exchange over the medium term.
In May, President Mnangagwa toured the RBZ’s vaults to inspect the country’s gold reserves, which government said stood at 4.48 tonnes. Authorities maintain that the country’s gold and foreign currency reserves provide a strong asset base supporting the ZiG and enhancing monetary stability.
The RBZ has not yet announced the official date when the ZiG100 and ZiG200 notes will enter circulation. The Herald first reported the presentation of the new banknotes to the President.
