Reserve Bank Of Zimbabwe Launches New ‘Big 5 ZiG Banknotes Series’

New ‘Big 5 ZiG Banknotes Series’ To Enter Circulation April 7 As RBZ Unveils 2026 Monetary Policy

Harare – The Reserve Bank of Zimbabwe (RBZ) today launched the new ‘Big 5 ZiG Banknotes Series’, introducing a fresh family of local currency notes as part of its 2026 Monetary Policy Statement announced in Harare this morning.

Governor John Mushayavanhu unveiled the new currency series during his address to stakeholders, confirming that the notes will enter circulation on April 7, 2026. The ‘Big 5 ZiG Banknotes Series’ will initially be available in ZiG10, ZiG20, and ZiG50 denominations, with the central bank indicating that ZiG100 and ZiG200 notes will be issued at a later stage.

Economic Fundamentals Strengthen On Higher Gold Reserves

Presenting his policy statement to stakeholders, Governor Mushayavanhu struck a confident note on the economy’s trajectory, pointing to improved reserves and stable prices as evidence that recent reforms are yielding results.

“The situation on the ground is looking good,” Mushayavanhu said. He reported that inflation remains low, the exchange rate has stabilised, and foreign currency reserves now cover 1.5 months of imports.

Underpinning this stability is a significant build-up in the country’s gold holdings. Zimbabwe now holds 4.2 tonnes of gold in reserve, a substantial increase from the 1.5 tonnes recorded in April 2024. This accumulation follows a 2022 legislative change that requires miners to pay a portion of their royalties in physical gold rather than cash.

On interest rates, the Governor opted for caution despite slowing inflation. The Monetary Policy Committee maintained the benchmark interest rate at 35%, resisting calls for a cut even as inflation trends below 10%.

Policy Adjustments Target Deeper ZiG Adoption

Beyond the currency launch, the monetary policy statement contained several significant adjustments aimed at deepening the use of the local currency in transactions and strengthening the financial system’s integrity.

In a notable shift affecting the gold sector, the RBZ has revised its payment structure for small-scale miners, who contribute the bulk of Zimbabwe’s gold deliveries. Under the new framework, these miners will receive 90% of their payment in US dollars and 10% in ZiG when selling gold to Fidelity Printers and Refiners, the central bank’s exclusive buying agent. Previously, they received 100% in foreign currency.

Exporters will continue to receive 30% of their earnings in ZiG, with no change to that requirement.

In a significant long-term policy shift, the central bank has abandoned the fixed 2030 deadline for moving to a mono-currency system. Instead, the transition to ZiG as the sole currency will now be condition-based.

Mushayavanhu outlined specific targets that must be met, including sustained low inflation, building import cover to between three and five months, and developing an efficient foreign exchange market with strong demand for ZiG.

“Even if Zimbabwe eventually switches fully to ZiG, USD contracts will still be paid in US dollars,” Mushayavanhu said. “Foreign currency accounts will remain unchanged.”

New Notes and Coins Aim To Improve Transaction Efficiency

The physical currency launch addresses practical challenges that have emerged since ZiG’s introduction, particularly around small-value transactions and the availability of change.

The new notes will feature the Big Five animals. The ZiG10, ZiG20, and ZiG50 notes will be the first to circulate from April 7. The central bank will introduce ZiG100 and ZiG200 notes at a later, unspecified date.