Zimbabwe's ZiG BiG5 banknote rollout faces public confidence crisis

The Reserve Bank of Zimbabwe's April 2026 launch of the BiG5 ZiG banknote series, featuring wildlife designs, was presented as a significant achievement by RBZ governor John Mushayavanhu, who stated notes were distributed sufficiently. However, a month later, public confidence remains low. Only ZiG10, ZiG20, and ZiG50 denominations were released, with higher values delayed, echoing issues from the 2024 ZiG launch where inflation fears limited larger bills. The parallel market rate for ZiG against the US dollar spiked immediately after the notes' release, indicating a lack of public trust despite the RBZ achieving 3.8% annual inflation by February 2026. Practical challenges include modest weekly withdrawal limits of ZiG10,000 for individuals, insufficient for cash-heavy informal markets, and confusion caused by the indefinite co-circulation of old and new notes. While the ZiG is physically and fiscally stronger than previous currencies, with reserves increasing, 70% of the economy still operates in foreign currency. The article suggests that fiscal discipline, rather than banknote design, is crucial for sustained stability, and the true test of the ZiG's success lies in its acceptance as a store of value by the public.