RBZ injects ZiG600m into economy

The Reserve Bank of Zimbabwe (RBZ) injected about ZiG600 million into circulation during the first half of 2026 as it seeks to deepen the use of the local currency and ease cash-related challenges, including shortages of change in the transport sector.

The central bank said the availability of ZiG coins through banking halls would help address change shortages affecting commuters and transport operators, while uptake of the upgraded BiG5ZiG banknote series continues to increase.

In his Mid-Term Monetary Policy Review Statement issued on Thursday, RBZ Governor Dr John Mushayavanhu said the central bank successfully introduced the upgraded BiG5ZiG banknote series on April 7.

"Leveraging improved price, currency and exchange rate stability, the Reserve Bank successfully introduced the upgraded BiG5ZiG Banknote Series with a modern look and feel as well as enhanced durability and quality on 7 April 2026," Mushayavanhu said.

He said the positive response to the new notes had resulted in about ZiG600 million being issued into circulation during the first six months of the year.

"Reflecting positive uptake of the upgraded BiG5ZiG Banknote Series, a total of about ZiG600 million was issued into circulation during the first half of 2026," he said.

The upgraded ZiG10, ZiG20 and ZiG50 banknotes, together with ZiG coins, were introduced as part of efforts to improve transactional convenience and encourage wider use of the local currency.

Mushayavanhu said growing adoption of ZiG was also reflected in electronic transactions, with the proportion of local-currency transactions processed through the National Payment System continuing to rise.

"The increased use and uptake of ZiG in the economy is also shown by an increase in the proportion of ZiG-based transactions on the National Payment System. The value of ZiG transactions processed through the RTGS system steadily increased during the first half of 2026 to above 40% in May and June 2026," he said.

The RBZ governor urged members of the banking public to make greater use of ZiG coins, which are available at banking halls, particularly to help address change shortages in public transport.

"The banking public is also advised that ZiG coin is available in banking halls, and that they should access these to alleviate change challenges, especially in the transport sector," Mushayavanhu said.

Meanwhile, consultations conducted by the central bank showed that an increasing number of banks were offering ZiG savings and time deposit products.

However, the RBZ noted that public awareness of available local-currency savings and investment products remained limited.

"To promote pooling of funds, the Reserve Bank encourages banking institutions to regularly promote the available savings and investment products to their customers," Mushayavanhu said.

He urged banks to ensure customers were adequately informed about the terms and conditions attached to such products.

"Specifically, banks are reminded to communicate the terms and business conditions of the available savings and investment products at least once a month," he said.

The renewed push for ZiG savings products comes as monetary authorities seek to deepen financial intermediation, encourage savings and increase the use of the local currency across Zimbabwe's economy.