RBZ says there is enough ZWG supply

The Reserve Bank of Zimbabwe (RBZ) has assured the public that there are sufficient stocks of the Zimbabwe Gold (ZWG) notes in circulation to meet current demand, despite widespread complaints across the country about the unavailability of the local currency in physical form.

In a statement responding to growing concerns, RBZ Governor Dr John Mushayavanhu acknowledged reports from various regions, particularly outside the capital Harare, where many citizens say they have never even seen or handled the new ZWG notes since their introduction on April 5, 2024.

In areas such as Bulawayo, the Midlands, and as far south as Beitbridge, traders and consumers have largely resorted to using the US dollar and South African Rand for transactions and as change, due to a scarcity of the local currency in hard cash. Even in Harare, access to physical ZWG notes remains limited, leaving many unable to withdraw or transact in local currency.

This persistent shortage has dented public confidence in the currency and fuelled skepticism about the central bank's commitment to making the ZWG accessible and usable for everyday transactions.

However, Governor Mushayavanhu dismissed the notion of a cash shortfall, claiming that the RBZ has disbursed adequate supplies of ZWG notes to the banking sector.

"As of June 12, 2025, total ZWG deposits in the economy stood at around ZWG16 billion, of which over ZWG207 million was held in cash by banks," Mushayavanhu said. "This amount meets optimal requirements and is sufficient to support daily deposits and withdrawals by the public."

He also reported that usage of the ZWG has increased significantly, with local currency settlements on the National Payment System rising from ZWG7.86 billion in April 2024 to ZWG56.8 billion by the end of May 2025 - now accounting for 43 percent of all transactions.

Mushayavanhu said the central bank is collaborating with financial institutions to improve the distribution of the ZWG across the country, especially through banking halls and Automated Teller Machines (ATMs).

"The prevailing currency and exchange rate stability, coupled with measures being taken by the government to increase the usage of ZWG in the economy, is expected to result in increased usage of the local currency in both electronic and physical form," he added.

Despite these assurances, many Zimbabweans remain skeptical, with analysts noting that unless the RBZ significantly improves cash availability across provinces, the ZWG's credibility as a viable national currency will remain in question.