Source: New ZiG notes hit the market – herald
Herald Reporters
THE new series of upgraded ZiG notes hit the market yesterday, with banks saying they will be prioritising distribution of coins to ease change woes being faced by the transacting public, particularly in the retail sector.
The Reserve Bank of Zimbabwe (RBZ) released new and upgraded BiG5 ZiG notes, which came in 10, 20 and 50 ZiG denominations, with higher denominations of ZiG100 and ZiG200 to be gradually introduced to meet changing demand.
The ZiG coins in ZiG1, ZiG2 and ZiG5, introduced in April last year, have been re-issued in sufficient quantities.
It was a hive of activity yesterday across the country at financial institutions, retail businesses and market stalls, with members of the public using the new and upgraded ZiG notes for the first time.
All banks were dispensing the money both in their banking halls and at automated teller machines.
The Bankers Association of Zimbabwe said it did not encounter any challenges on the first day, adding that it will be prioritising coins and smaller denominations to help in the provision of change to the transacting public.
“The banking sector is fully ready and has been working closely with the Reserve Bank of Zimbabwe throughout the planning period to ensure a seamless rollout, starting today. Our members have finalised the necessary modalities, including the collection of ZiG cash allocations and the configuration of ATM networks to dispense and accept the new notes,” said BAZ in a statement responding to inquiries from The Herald.
“We have prioritised the distribution of coins to specifically address the ‘change’ challenges within the retail sector, ensuring that the transacting public has immediate access to a functional and efficient medium of exchange.”
Banks have since agreed on a structured cash injection to ensure seamless operations.
“To support this transition, banks have integrated a structured cash injection into their operations, ensuring that the new notes are available across our branch networks and service points nationwide. While it is early days, we are encouraged by the initial reception. We continue to apply standard KYC protocols for currency swaps to maintain financial integrity and remain in constant dialogue with the Central Bank to monitor the impact on the market and ensure that the needs of the transacting public are met with the highest level of service,” said BAZ.
A survey carried out by our news team across the country showed that the new notes had been received well.
In Harare, commuter omnibus operator Mr Brighton Masbelela said the availability of new notes had brought relief to both operators and passengers.
“For a long time, we struggled with change, and that created unnecessary conflicts with passengers. Now with these new notes, we can give proper change, and it means we are now charging the correct fares without disputes,” he said.
Mr Masbelela noted that the situation had often forced operators to either round up fares or offer alternatives such as mobile transfers, which were not always convenient for all commuters.
Another operator, Tinashe Sarupinda, said the introduction of the upgraded BiG5 ZiG notes was a welcome move that would improve efficiency in the transport sector.
“This is a positive development for us as operators. It makes transactions faster and smoother, especially during peak hours when there is pressure to move quickly. We hope the supply of these notes remains consistent so that the benefits can be sustained,” he said.
Bindura University of Science Education lecturer Dr David Makwerere said the move reflects Government’s broader policy direction aimed at restoring economic stability.
He added that the development tells a broader story of Zimbabwe’s reform trajectory, from the Transitional Stabilisation Programme (TSP), through the National Development Strategy 1 (NDS1), and now into the National Development Strategy 2 (NDS2).
“It is a sovereign question. You cannot be seen to be enjoying full sovereignty in the absence of your own sovereign currency. This is steady progress towards reclaiming economic, financial and monetary sovereignty for the country.”
Residents of Gweru in the Midlands Province said they were excited to access new notes from ATMs for the first time. Customers at major banking institutions in the city were among the earliest to receive the new family of ZiG notes.
A branch manager at one of the banks, who declined to be named, said the rollout proceeded without disruptions.
“The rollout was smooth and there was no pressure at all. We witnessed some of our customers accessing ZiG notes around midday,” said the bank official.
Members who received the new notes said the upgraded currency appeared stronger and more durable than the one issued earlier.
Mr McDonald Sita, a local resident, welcomed the improved quality, saying the previous notes wore out quickly.
“The old ZiG notes were not as durable as they were easily worn out, but the new ones appear more durable. We urge the Reserve Bank of Zimbabwe to also avail smaller denominations to ease change challenges,” he said.
In Bulawayo, automated teller machines were dispensing the new notes, with residents welcoming the improved quality of the local currency and calling for wider circulation measures.
The new notes, backed by a blend of precious minerals and foreign currency reserves, are designed to be more durable and of higher quality than the earlier series.
In interviews, Bulawayo residents commended the improved appearance and texture of the notes.
“This is real money, but here in Bulawayo, we have a challenge of commuter omnibus operators not accepting the local currency for fares, which is affecting its circulation. We urge the Government to address this issue,” said a street vendor who declined to be named.
“It is good that we are now using our own currency. Continued dependence on foreign currency is not tenable.”
Small-scale traders in the city said they are ready to accept the upgraded notes as circulation expands.
“The quality is good, and we wish to see this local currency stability being sustained. This is our own money, we cannot reject it,” said Ms Monica Ndlovu, a local trader.
Another street vendor operating at the corner of 9th Avenue and Jason Moyo Street said recent exchange rate stability had helped improve confidence in the local currency.
“We have been using ZiG for some time now. We wish to see an end to the parallel market because these are the people who manipulate exchange rates,” she said.
According to the Reserve Bank of Zimbabwe, the new notes will circulate alongside existing ZiG notes while worn-out notes are gradually withdrawn from the market.
The central bank has also encouraged retailers to provide cashback services to customers to improve access to small denominations and support smoother transactions.
The ZiG, introduced in April 2024, remains a key component of the Government’s efforts to tame exchange-rate volatility, curb inflation and strengthen confidence in the financial system.
In its statement, the RBZ said individuals will be able to withdraw up to ZiG10 000 per week, while corporates will access up to ZiG 100 000 per week.
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