PHOTOS: Zimbabwe's new bank notes

Zimbabwe’s central bank has announced that a new series of ZiG notes will be introduced on April 7, initially in denominations of ZiG10, 20, and 50, with the 100 and 200 notes to follow later.

Governor John Mushayavanhu said the move will include a reissuance of ZiG coins to ensure smooth transactions and to prevent price distortions caused by a lack of small change.

The Reserve Bank also confirmed that the previously stated 2030 deadline to end the multi-currency system and fully transition to ZiG has been abandoned. The timing of a complete transition will now depend on meeting key macroeconomic conditions, including low inflation, adequate import cover, an efficient forex market, and strong domestic demand for the ZiG.

The central bank emphasized that even after a full transition to ZiG, contracts denominated in US dollars will continue to be settled in USD, and existing foreign currency accounts will remain unchanged.

The announcement reflects a cautious approach to currency unification, prioritizing economic stability and market readiness over a fixed timeline.