HARARE – The Reserve Bank of Zimbabwe (RBZ) has acknowledged the poor quality of its recently introduced currency, the Zimbabwe Gold (ZiG), and says it is taking steps to address the issue.
The ZiG, backed by alleged multi-millions in gold and foreign currencies, was introduced on the 5th of April 2024, to stabilise the economy and boost confidence in the local currency.
The idea was, however, unsuccessful after the new local currency was devalued in late 2024.
The RBZ has, however, received complaints about the durability of the ZiG notes, prompting Governor John Mushayavanhu to announce plans to introduce new, world-class standard ZiG notes by the third quarter of 2025.
The move aims to address concerns about the current notes’ tendency to tear easily and lack durability.
Mushayavanhu cited the importance of the corporate world embracing the local currency, urging companies to present their audited financial results in ZiG.
This, he believes, is vital for forward planning, providing a clear picture of the nation’s roadmap, and boosting confidence in the local currency.
“The need to come up with a durable currency is of greater importance. Therefore, we have devised a strategy to ensure that the current ZiG notes are replaced by world class notes and such an initiative will also go a long way in addressing the needs of the nation at a time when the public has been sending an outcry that the current notes get easily torn and cannot be durable,” Mushayavanhu said.
“All corporates in any part of the economy embrace their local currency when compiling their financials.
“So it is imperative for the corporate world to embrace the local currency which is therefore vital in terms of forward planning and providing a clear picture of the overall roadmap for the nation and boosting confidence in the local currency.”
The currency has faced criticism for its limited availability and convertibility, with some economists arguing that it needs to be fully convertible and liberalised to hold its value.
