Zimbabwe Gold 2.0 notes launched to boost public confidence in local currency
via NewsDay Zimbabwe6 min read
The Reserve Bank of Zimbabwe RBZ has introduced upgraded Zimbabwe Gold ZiG notes, including ZiG10, ZiG20, and a new ZiG50 denomination, with ZiG100 and ZiG200 to follow. These new notes will circulate alongside existing ones, which will be gradually phased out. This move, coinciding with the gold-backed currency's second anniversary, aims to strengthen public confidence in the ZiG. The RBZ is promoting accessibility through banking halls, ATMs, and HomeLink kiosks, and encouraging merchants to offer ZiG cashback while mobile money operators are urged to resume cash-in and cash-out services. Unlike the initial ZiG launch, this rollout includes public awareness campaigns and roadshows to educate citizens on the new banknotes and their security features. While the ZiG currently accounts for about 40% of transactions, primarily for small change, its true test will be its adoption for larger transactions. Government plans to pay suppliers in ZiG could accelerate this, provided suppliers can access foreign currency through formal channels to avoid reliance on the alternative market. The RBZ emphasizes that consistent and transparent monetary policy, reliable foreign currency access, and disciplined money supply control are crucial for the ZiG's success and for earning public trust.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
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