RBZ triples ZiG cash withdrawal limits

The Reserve Bank of Zimbabwe (RBZ) is set to more than triple cash withdrawal limits for the country's domestic currency, the Zimbabwe Gold (ZiG), in a move aimed at improving the availability of notes and coins and easing everyday transactions.

RBZ Governor John Mushayavanhu announced the policy shift during the Confederation of Zimbabwe Industries (CZI) Business and Economic Outlook Symposium, saying the central bank wants to deepen the circulation of the local currency while maintaining flexibility under Zimbabwe's multi-currency system.

Under the new framework, individual withdrawal limits will increase to ZWG10,000 from ZWG3,000, while corporate withdrawal thresholds will rise to ZWG100,000 from ZWG30,000.

"The Reserve Bank will increase cash withdrawals for individuals to ZWG10,000 from ZWG3,000 and to ZWG100,000 from ZWG30,000 for corporates to ensure that sufficient and optimal quantities of banknotes and coins are available to meet public demand," Mushayavanhu said.

The adjustment comes amid mounting complaints from businesses and commuters over shortages of ZiG cash in circulation, which have made it difficult for retailers and public transport operators to provide change for routine transactions.

Supermarkets, small retail outlets and commuter omnibus operators have increasingly struggled to give customers change, forcing many transactions to revert to foreign currencies or digital payment platforms even where pricing is denominated in ZiG.

By raising withdrawal thresholds, the central bank hopes to improve the physical availability of the currency and strengthen its role in daily transactions.

The policy shift aligns with the RBZ's strategy outlined in the 2026 Monetary Policy Statement, which acknowledges that confidence in the local currency cannot be imposed through regulation alone but must be built gradually through stable economic conditions and consistent policy implementation.

As part of broader currency management measures, the RBZ has also introduced upgraded ZWG10 and ZWG20 banknotes. The new notes will circulate alongside existing ZWG10 and ZWG20 notes issued under Statutory Instrument 60 of 2024.

Authorities said the older notes will be gradually withdrawn from circulation once they are deposited into the banking system, meaning both versions will coexist during the transition period.

In addition, the central bank will introduce a new ZWG50 denomination for the first time as part of the expanded banknote family.

Higher-value denominations, including ZWG100 and ZWG200, will be released gradually depending on prevailing monetary conditions.

"The Reserve Bank will formally announce the issuance into circulation of the new ZWG100 and ZWG200 denominations at the appropriate time," Mushayavanhu said.

The structured rollout forms part of the upgraded "BiG 5 ZiG" banknote series, which authorities say is designed to strengthen public confidence in the domestic currency while ensuring continuity in everyday transactions.

The central bank emphasised that expanding demand for ZiG remains a key step toward the eventual transition to exclusive use of the local currency.

"To foster increased demand for ZiG in the economy is one of the critical conditions precedent for promoting exclusive use of the local currency," Mushayavanhu said.

"In this context, the Reserve Bank continues to work with Government to implement complementary measures to increase and widen the demand for ZiG through transactional convenience and pricing incentives."

Alongside the rollout of new banknotes, the RBZ is also pursuing a digitisation drive aimed at modernising Zimbabwe's payment systems.

Mushayavanhu said the central bank will enhance the national payment system to support digital forms of money that retain the convenience of cash while leveraging digital infrastructure.

The digital initiative will complement the upgraded ZiG banknotes and align Zimbabwe's payments system with international standards.

To support the transition, the RBZ will also launch a nationwide public awareness campaign to familiarise citizens with the new banknotes and their security features.

The outreach programme will run for more than 30 days beginning in March 2026 and will use multiple communication platforms, including radio, television, newspapers and the RBZ website.

Authorities will also work with banks, retailers, transport operators, community organisations and other stakeholders to ensure the information reaches citizens across the country.

The RBZ says the introduction of the refreshed "BiG 5 ZiG" banknote series is expected to strengthen trust in the domestic currency while improving the convenience and reliability of everyday transactions.