RBZ Increases ZiG Cash Supply as Uptake of Local Currency Improves
The Reserve Bank of Zimbabwe (RBZ) has stepped up circulation of ZiG banknotes after recording increased public demand for the local currency across the country.
Central bank governor John Mushayavanhu said ZiG669 million worth of notes has so far been released into the economy through banks, ATMs and HomeLink kiosks as authorities work to improve access to cash and strengthen confidence in the currency.
Also Read: RBZ Says ZiG Undervalued By Half, Should Be ZiG15 To US$1
RBZ Reports Improved Public Confidence in ZiG
According to Dr Mushayavanhu, the central bank has seen stronger acceptance of ZiG after carrying out a nationwide awareness and education campaign across the country.
“Following the successful nationwide ZiG awareness and educational campaign, the public expressed great enthusiasm to accept and use ZiG banknotes,” he said.
He noted that even businesses and institutions that had previously been reluctant to transact in ZiG were now increasingly accepting the currency.
The RBZ said the banknotes have been distributed through banking halls, automated teller machines (ATMs) and HomeLink kiosks nationwide.
New Notes Improving Access to Cash
The new ZiG10, ZiG20 and ZiG50 denominations introduced last month are now reportedly circulating more widely in both urban and rural areas.
Dr Mushayavanhu said the central bank has maintained sufficient cash supplies in line with withdrawal limits set for individuals and businesses.
Individuals are currently allowed to withdraw up to ZiG10 000 per week, while corporates can access up to ZiG100 000.
“Economic agents have been accessing ZiG banknotes through banking halls, automated teller machines and HomeLink kiosks without challenges,” he said.
Awareness Campaign Reaches Millions
The RBZ said its awareness drive covered all 10 provinces and reached more than 1,55 million people through about 3 800 centres nationwide.
The campaign targeted both urban and remote communities as authorities sought to address concerns about the currency and improve confidence levels.
“The Reserve Bank has witnessed widespread acceptance and usage of the ZiG in both electronic and cash forms across all the 10 provinces of the country,” Dr Mushayavanhu said.
He added that the central bank would continue monitoring banks and financial institutions to ensure adequate cash supplies, particularly in underserved areas.
Push Towards Wider Use of ZiG
Authorities believe the growing use of ZiG is an important step towards Zimbabwe’s long-term goal of transitioning to a mono-currency system centred on the local unit.
The RBZ also plans to continue conducting public confidence and perception surveys to assess usage patterns, identify challenges and guide future policy adjustments.
Zimbabwe’s local currency is currently backed by approximately US$1,3 billion in foreign currency reserves, which monetary authorities say provides additional support for stability.
Early signs, according to the RBZ, indicate that improved cash availability is helping restore the use of ZiG in sectors such as transport, retail and other low-value transactions.
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