NEW QUALITY ZIG NOTES TO BE UNVEILED
The Reserve Bank of Zimbabwe (RBZ) has begun redesigning ZiG banknotes to improve their quality and durability, in line with international standards.
The redesigned notes will have enhanced security features to combat counterfeiting.
Current ZiG notes, which were introduced in April last year, are prone to wear and tear.
The transacting public has noted that the bank notes quickly fade and become frayed and difficult to handle. Merchants and banks have also indicated that there are challenges in maintaining the usability of worn-out notes.
The central bank has only released the ZiG10 and ZiG20 notes into circulation.
It is standard practice for central banks globally to periodically redesign currency to prevent counterfeiting, incorporate more durable materials and extend the lifespan of banknotes, thereby reducing replacement costs.
RBZ Governor Dr John Mushayavanhu told The Sunday Mail that the rollout date of the improved high-quality ZiG notes will be announced in due course.
“The redesign of the ZiG notes incorporates valuable feedback received from stakeholders during the 2025 Monetary Policy Statement and Reserve Bank 2025-2029 strategy formulation stakeholder consultations,” said Dr Mushayavanhu.
“Stakeholders noted that the ZiG had been generally accepted by consumers and businesses, and it was crucial to improve the quality and durability of the current notes, in line with international standards.
“For clarity, the public is advised that the redesign of ZiG notes does not signify redenomination or any form of currency reform.
“This initiative is solely focused on enhancing the quality of the notes.”
Dr Mushayavanhu added that the redesigned notes will be issued in the same denominations as those introduced when ZiG was launched.
“As initially communicated in my maiden Monetary Policy Statement of April 5, 2024, ZiG notes will be issued in denominations made up of ZiG1, ZiG2, ZiG5, ZiG10, ZiG20, ZiG50, ZiG100 and ZiG200.
“In this regard, the redesign of ZiG notes will only consider the current family of ZiG notes and developments in the use of ZiG in the market.”
The redesigned notes, he added, should not be misconstrued as the issuance of a new currency. “I must reiterate that the Reserve Bank is not going to issue a new currency, and in this regard, the public should not be apprehensive,” said Dr Mushayavanhu.
“Instead, the Reserve Bank is merely redesigning the current banknotes to enhance quality, in line with international standards.
“The rollout of the improved high-quality ZiG notes will be communicated to the public in due course.”
Higher-denomination notes will be introduced only in response to demand in the economy, he said. *_-Sunday Mail_*
