ZiG remains fully legal and operational, says RBZ

The Reserve Bank of Zimbabwe (RBZ) has reassured the public that the Zimbabwe Gold (ZiG) currency remains fully legal and operational, dismissing concerns about potential regulatory gaps. This clarification comes after speculation surrounding the lapse of Presidential Powers (Temporary Measures) that initially introduced the currency under Statutory Instrument 60 of 2024.

In a statement, the RBZ highlighted that currency reform measures, such as the ZiG, are not negated by the expiration of the legal instrument that introduced them. Rather, the central bank emphasized that these reforms remain in effect until specifically repealed by a subsequent legal measure. The Finance Act, recently gazetted into law, upholds the provisions of S.I. 60 of 2024 and does not serve to revalidate them, but rather to reinforce the measures already in place.

"The lapsing of the Presidential Temporary Powers that established the currency does not, therefore, create a gap in the law," the RBZ explained. "Legally, currency reform measures are only revoked by another legal instrument."

As Zimbabwe's legal tender, the ZiG currency aims to provide stability and broaden options for transactions and savings. The RBZ underscored its commitment to maintaining ZiG's role in the economy and will continue efforts to consolidate its use and strengthen its stability in the financial system.