Reserve Bank of Zimbabwe (RBZ) Breaks Silence on ZiG Cash Shortages
The Reserve Bank of Zimbabwe (RBZ) insists there’s enough ZiG cash in the system to meet demand, even as frustration grows among citizens who say they still can’t get their hands on the country’s new currency.
While RBZ governor Dr. John Mushayavanhu says the situation is under control, the reality on the ground tells a different story. In cities like Bulawayo, Gweru, and even as far south as Beitbridge, many traders and consumers say they haven’t even seen the new notes. Instead, they’ve been forced to continue using US dollars and South African rand to make change.
Even in Harare, people still struggle to find physical ZiG notes to complete basic transactions. It’s a problem that’s persisted since the currency launched in April 2024 — and one that analysts say continues to erode trust in the new money.
In a statement released this week, Mushayavanhu acknowledged these concerns but maintained that the ZiG is being widely used. He said that local currency transactions have grown sharply, from ZWG7.86 billion in April 2024 to over ZWG56.8 billion (about 43% of payments) by the end of May 2025. According to the RBZ, the banking system currently holds ZWG207 million in physical notes, which the central bank says is enough to meet daily withdrawal and deposit needs.
To improve access, the RBZ says it’s now working closely with banks to ensure ZiG cash becomes more visible and available, especially through ATMs and banking halls.
“The RBZ wishes to advise that usage of the local currency, ZWG, has improved significantly in the economy. Precisely, the proportion of local currency settlements on the National Payment System from ZWG7,86 billion in April 2024 to ZWG56,8 billion (43%) as at May 30 2025. In tandem, the Reserve Bank has been disbursing adequate cash to banks in line with demand. As at June 12 2025, the total ZWG deposits in the economy amounted to about ZWG16 billion, of which over ZWG207 million was cash held by banks, which meets optimal requirements and is sufficient to support daily deposits and withdrawals by the public,” he said.
Mushayavanhu added that current exchange rate stability, plus government efforts to boost ZiG usage, should help build more trust in the currency, both in digital and physical form.
“The prevailing currency and exchange rate stability , coupled with measures being taken by the government to increase the usage of ZWG in the economy is expected to result in increased usage of the local currency in both electronic and physical form,” he added.
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