HARARE – The Reserve Bank of Zimbabwe (RBZ) is set to introduce new Zimbabwe Gold (ZiG) banknotes on April 7, marking a significant milestone in the country’s ongoing currency reforms and broader efforts to stabilise the economy.
The latest development forms part of the central bank’s strategy to consolidate the ZiG as Zimbabwe’s anchor currency, following its initial launch in early 2024. The ZiG was introduced to replace the Zimbabwean dollar amid persistent inflationary pressures and exchange rate instability.
Dual Circulation to Safeguard Liquidity
According to monetary authorities, the newly issued notes will circulate alongside existing denominations, including the current 10 and 20 ZiG notes and coins. The dual circulation framework is designed to ensure a seamless transition while preventing cash shortages that have historically disrupted commercial activity.
Banking sector analysts say maintaining adequate liquidity during currency transitions is critical to sustaining consumer confidence and avoiding informal market distortions.
Re-Anchoring Monetary Policy
The introduction of the new notes is part of what the RBZ has described as a broader “re-anchoring” of monetary policy. Authorities have outlined plans to gradually transition towards a mono-currency regime by 2030, under which the ZiG would become Zimbabwe’s sole legal tender.
This long-term objective signals a shift away from the current multi-currency environment, which has seen widespread reliance on the US dollar for transactions, pricing, and savings.
Economists note that achieving a mono-currency system will depend heavily on sustained macroeconomic discipline, fiscal coordination, and consistent exchange rate management.
Structured Currency Backing
The ZiG operates as a structured currency, backed by a composite basket of foreign currency reserves and precious metals, primarily gold, held by the central bank. This reserve-based framework is intended to enhance credibility and provide tangible support for the currency’s value.
Monetary authorities have repeatedly emphasised their commitment to maintaining tight liquidity conditions to defend exchange rate stability and contain inflation.
Inflation and Market Confidence
As of early 2026, the RBZ reports a steady moderation in annual inflation, with policymakers targeting single-digit levels within the year. Analysts caution, however, that the durability of these gains will depend largely on public confidence in the ZiG and the central bank’s ability to resist quasi-fiscal pressures.
For Zimbabwe’s banking sector, the successful rollout of the new notes represents more than a currency update. It is a test of policy consistency and institutional credibility — key ingredients in restoring trust in the financial system and laying the groundwork for sustainable economic recovery.