The Reserve Bank of Zimbabwe (RBZ) has intensified its push toward a mono-currency system anchored on the local unit, the Zimbabwe Gold (ZiG), as authorities seek to strengthen the domestic currency and stabilise the economy.
Speaking in Mutare during a provincial Monetary Policy Presentation on Wednesday, RBZ Governor John Mushayavanhu said the central bank is working toward a system where all domestic transactions are conducted in ZiG.
Under the proposed framework, individuals and companies will still be allowed to hold United States dollar accounts, and foreign currency loans will continue to be repaid in the currency in which they were borrowed. However, day-to-day local transactions will eventually be conducted in ZiG.
“If you want to make a purchase, you will need to exchange your US dollars for ZiG at a bureau de change,” Mushayavanhu said.
The governor noted that Zimbabwe is progressing toward the mono-currency goal but has not yet reached the necessary conditions. These include foreign currency reserves covering between three and six months of imports.
“Currently we are at about 1.5 months and are steadily building reserves, with the target of reaching the required threshold by 2028,” he said.
During the presentation, the central bank also announced sweeping reforms to banking fees aimed at protecting consumers.
From April 1, 2026, cash withdrawal fees at banks and automated teller machines will be capped at two percent of the withdrawn amount. Point-of-Sale (POS) charges will be limited to 1.5 percent of the transaction value, with a maximum ceiling of US$20 or the ZiG equivalent.
Transactions below US$5 will attract no charges, while fees on cash deposits and bank card renewals have been scrapped.
The event also marked the launch of a campaign in Manicaland Province to promote the use of newly redesigned ZiG banknotes.
Mushayavanhu said the upgraded “Big Five” series – ZiG10, ZiG20, ZiG50, ZiG100 and ZiG200 – incorporates modern security features and cultural elements reflecting Zimbabwe’s heritage.
The first batch of ZiG10, ZiG20 and ZiG50 notes will be released on Saturday, while ZiG100 and ZiG200 denominations will be introduced later.
The notes, printed on 100 percent cotton-based paper, feature the country’s iconic Big Five animals and incorporate advanced anti-counterfeiting technologies, including intaglio printing that produces raised textures.
The central bank will also reintroduce ZiG coins to address shortages of small denominations that have caused rounding challenges in retail pricing.
To improve transactional convenience, RBZ has increased cash withdrawal limits. Individuals can now withdraw up to ZiG10 000 per week, while corporate entities can withdraw up to ZiG100 000 weekly.
Authorities are also tightening regulations on lending and digital financial services. Mobile network operators have been instructed to clean up their databases and link every mobile line and wallet to a valid national identity card by June 30, 2026, in a move aimed at combating fraud and money laundering.
According to Mushayavanhu, the central bank has already injected ZiG600 million into the economy through lending facilities and plans to increase the amount to ZiG1.2 billion to support productive sectors at below-policy interest rates.
Meanwhile, Mischeck Mugadza, Minister of State for Manicaland Provincial Affairs and Devolution, urged citizens to support the campaign promoting the local currency.
He said strengthening ZiG is aligned with Zimbabwe’s national development goals, particularly the country’s economic transformation strategy.
“For Manicaland, the significance of the ZiG is profound. Our province hosts diverse economic activities in agriculture, mining, tourism, manufacturing and cross-border trading. An accessible local currency enhances business confidence, reduces transactional uncertainties and strengthens value chains,” Mugadza said.
Authorities say the broader objective is to increase confidence in the local currency, reduce reliance on foreign currencies and create a more stable financial environment for long-term economic growth.
Source – The Herald