RBZ releases ZiG669 million in new banknotes

The Reserve Bank of Zimbabwe has released new local currency banknotes worth ZiG669 million into circulation as part of efforts to improve cash availability and encourage wider use of the ZiG currency.

According to RBZ Governor John Mushayavanhu, the amount released represents about 3 percent of total ZiG deposits in the banking sector, which stood at ZiG22,3 billion at the end of April 2026.

Dr Mushayavanhu said demand for ZiG in both electronic and cash forms has increased significantly following a nationwide awareness and education campaign conducted by the central bank.

"Following the successful nationwide ZiG awareness and educational campaign, the public expressed great enthusiasm to accept and use ZiG banknotes," he said.

"The Reserve Bank accordingly availed the requisite ZiG banknotes in sufficient quantities to meet demand, consistent with the stipulated cash withdrawal limits."

The new banknotes, introduced last month, are now being distributed through banking halls, automated teller machines and HomeLink kiosks. Denominations currently in circulation include ZiG10, ZiG20 and ZiG50 notes.

Under current RBZ regulations, individuals are permitted to withdraw up to ZiG10 000 per week, while corporates can access up to ZiG100 000 weekly.

Dr Mushayavanhu said the public education campaign reached all 64 districts across Zimbabwe's 10 provinces, engaging more than 1,55 million people at approximately 3 800 centres.

"The Reserve Bank has witnessed widespread acceptance and usage of the ZiG in both electronic and cash forms across all the 10 provinces of the country," he said.

The RBZ says it will continue monitoring financial institutions to ensure adequate cash supplies, including in remote areas, while also conducting regular public confidence and perception surveys on the ZiG.

The surveys are intended to assess levels of trust in the currency, identify challenges affecting usage and guide policy adjustments aimed at strengthening currency stability.

Authorities view growing use of ZiG as a key requirement for Zimbabwe's long-term goal of transitioning towards a mono-currency system in which the local currency becomes the dominant medium of exchange.

Dr Mushayavanhu said the RBZ would continue issuing banknotes in line with deposit levels and broader economic activity while maintaining transparency with the public.

The local currency is currently backed by approximately US$1,3 billion in foreign currency reserves, which monetary authorities say provides support for currency stability.

Early signs indicate that improved availability of ZiG cash is helping restore use of the currency in sectors such as transport, retail and small everyday transactions, particularly in urban areas.