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.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
Must ReadZimbabwe has commissioned a specialized honey testing laboratory, a move aimed at enhancing the country's export competitiveness in the honey market. This initiative is expected to support local honey producers in meeting international quality standards and accessing global markets.
Must ReadStanbic Bank has committed US$30,000 to support clean-up initiatives in Victoria Falls. Separately, former legislator Dubeko has filed a challenge with the Constitutional Court regarding President Mnangagwa's term extension. Other news includes government efforts to revive the cotton industry, rising confidence in the Zimbabwe Mercantile Exchange ZMX with trades reaching US$1.28 million, and a report on ART operations being affected by power outages and raw material shortages, leading to a 6% decline in exports and a 26% decline in paper division volumes in the third quarter to June 2022. Additionally, Zimbabwe has commissioned a specialized honey testing laboratory to enhance export competitiveness.
Must ReadFormer CCC Member of Parliament Prince Dubeko Sibanda has filed an application with the Constitutional Court ConCourt to nullify recent constitutional amendments that would grant President Emmerson Mnangagwa a two-year term extension. Sibanda argues that the extension of the term of office for the President and legislators from five to seven years should not benefit current incumbents, citing section 3287 of the Constitution. This section prohibits the application of a term extension amendment to any person who held the relevant public office before the amendment. Sibanda's application names Parliament, the President of Zimbabwe, and the Minister of Justice, Legal and Parliamentary Affairs as respondents. He contends that section 5b of the Constitution of Zimbabwe Amendment Act No. 6 of 2026, which inserted section 952a into the Constitution, is inconsistent with section 3287 and therefore invalid. Sibanda previously attempted to challenge these provisions when they were still a Bill, but the application was struck off as the dispute had not yet crystallized. Now that the Bill has been enacted and promulgated as Act No. 6 of 2026, Sibanda asserts that the impugned clauses have assumed legislative form, and their constitutionality can now be measured against section 3287.