RBZ to rollout new ZiG banknotes

CLOUDINE MATOLA
The Reserve Bank of Zimbabwe (RBZ) will introduce a new series of Zimbabwe Gold (ZiG) banknotes in the coming months, fitted with enhanced security features and improved durability, in a move the authorities say is critical to restoring confidence in the domestic currency and anchoring macroeconomic stability.
The banknotes, according to the central bank, will be released towards the end of the first quarter or early in the second quarter, as authorities intensify efforts to entrench monetary discipline and steer the economy towards a mono-currency regime after more than a decade of dollarisation.
Speaking at the State of the Economy and 2026 Economic Outlook breakfast meeting in Harare on Thursday, RBZ deputy governor Dr Innocent Matshe, representing Governor Dr John Mushayavanhu, said the rollout of modern, secure notes was a necessary step in rebuilding trust and competitiveness in the economy.
The event was organised by regional think tank Africa Economic Development Strategies (AEDS) in partnership with Business Times, a market leader in business, financial and economic reportage.
“First of all, we are introducing durable, modern, secure notes and those notes are on their way.Towards the end of the first quarter or early next quarter, those notes will be available. And I want to invite all Zimbabweans to embrace our currency. That’s the only way we can make our economy competitive and grow in export business,” he said.
For more than ten years, Zimbabwe has relied on a multi-currency system, dominated by the US dollar, following repeated bouts of currency collapse and hyperinflation.
While the framework stabilised prices in the short term, it constrained monetary policy and limited the authorities’ ability to use exchange-rate tools to support exports and domestic production.
RBZ argued that the reintroduction of a credible local currency is now unavoidable if Zimbabwe is to compete regionally and globally.
“Let me say and emphasise that for our exports to remain competitive, for our economy to be competitive, we need to have our own currency. The reserve bank is playing its part. I would like to invite, and the governor of the reserve bank would like to invite all economic agents to play their part in making this a reality,” Dr Matshe said.
The new ZiG notes will form part of a broader policy thrust aimed at entrenching macroeconomic stability and supporting the transition from a broadband to a mono-currency system, aligned with the National Development Strategy 2 (NDS2).
The government’s long-term objective is to transform Zimbabwe into a prosperous, empowered upper-income society by 2030.
Dr Matshe said the central bank would continue to fine-tune its monetary policy stance to sustain low inflation, boost national savings and accumulate foreign currency reserves.
“Against this backdrop though, the Reserve Bank will continue to calibrate its monetary policy stance to sustain low and stable inflation through positive real interest rates, growing national savings, accumulating forex reserves, deepening and broadening financial and capital markets,” he said.
Dr Matshe insisted that Zimbabwe no longer suffers from foreign currency shortages and warned against hoarding hard currency.
“Ladies and gentlemen, it is crucially important to start thinking about the future. If you look at foreign currency receipts and payments, it gives you the trajectory of this economy. In broad terms, the country has been generating more foreign currency than it needs to pay for imports. What that means is this economy has no foreign currency problems,” he said.
“I said this two years ago, and people didn’t believe me. I am saying it again. This country has no foreign currency problems. So hoarding foreign currency is not necessary for businesses and for individuals. If you want to import legally anything, you will get foreign currency.”
He added: “If you want to go on holiday, if you want to invest abroad, you are assured of enough foreign currency.”
Supporting the RBZ’s narrative of stabilisation, Professor Gift Mugano, Executive Director of AEDS, presented the Zimbabwe Economic Pulse (ZEP), a flagship analytical report jointly produced by AEDS and Business Times, projecting a sharp deceleration in inflation in the months ahead.
Professor Mugano said annual inflation is expected to fall below 8% by April 2026, underpinned by tight monetary policy and improved coordination between fiscal and monetary authorities.
“The introduction of the Zimbabwe Gold (ZWG) currency in April 2024 marked a watershed turning point of Zimbabwe’s economy (ZWG), ending hyperinflation,” Professor Mugano said.
“Resultantly, from end of September 2024 to present, authorities have exceptionally managed to foster a stable exchange rate which significantly contributed to the disinflation process which has seen month on-month ZWG inflation receding to 0.23% and annual ZWG inflation plummeting to 15.4% by December 2025 from 95.8% in July 2025.
“This has largely driven by tight monetary policy and coordination with fiscal authorities which has seen treasury managing its own fiscal affairs without resorting to the RBZ,” he said.
“Based on our own estimates, we anticipate annual inflation to fall below 8% by April 2026.”