The Reserve Bank of Zimbabwe (RBZ) has issued a strong reassurance to the public regarding the availability and sufficiency of the local currency, ZiG, in both physical cash and electronic forms. This statement aims to address concerns, particularly from regions outside Harare, about limited access to ZiG cash and its usability in everyday transactions.
Since its introduction on 5 April 2024, ZiG has steadily gained traction in Zimbabwe’s economy. As of Thursday, total ZiG deposits circulating in the economy were approximately ZiG16 billion, with more than ZiG207 million held as cash by commercial banks—a figure the RBZ describes as adequate to support daily transactional needs.
In a Friday statement, RBZ Governor Dr John Mushayavanhu acknowledged feedback from the public regarding cash shortages, especially in remote and rural areas. However, he emphasized that the central bank and financial institutions have implemented robust measures to enhance the distribution and accessibility of ZiG cash through formal banking channels.
“The Reserve Bank of Zimbabwe has noted concerns from the transacting public about the availability of ZiG cash, particularly outside Harare,” said Dr Mushayavanhu. “However, the usage of ZiG has improved significantly. The proportion of local currency settlements on the National Payment System rose from ZiG7.86 billion (26%) in April 2024 to ZiG56.8 billion (43%) as of 30 May 2025.”
This growth in ZiG usage is supported by the RBZ’s active disbursement of cash to commercial banks according to demand. Dr Mushayavanhu added, “As of 12 June 2025, the total ZiG deposits stood at about ZiG16 billion, with over ZiG207 million in cash held by banks, which is sufficient to support daily deposits and withdrawals.”
To further improve cash accessibility, the Reserve Bank is collaborating with banks to expand the availability of ZiG through banking halls and Automated Teller Machines (ATMs). “Some banks have already begun dispensing ZiG cash through ATMs, while others are in the process of configuring their machines to do so soon,” the statement added.
The RBZ remains optimistic that ongoing currency and exchange rate stability, combined with government efforts to promote the local currency, will strengthen public confidence and boost ZiG usage across Zimbabwe.
“The current currency and exchange rate stability, along with government initiatives to increase ZiG usage, are expected to drive higher adoption of the local currency in both electronic and physical forms,” said Dr Mushayavanhu. “We assure the public that there is enough ZiG to meet current and future demand and remain committed to preserving price and currency stability to protect ZiG’s purchasing power.”
The central bank also urged the public to continue using formal banking channels for ZiG transactions, as efforts to deepen the currency’s functionality in both urban and rural areas continue.
This reassurance follows comments from the International Monetary Fund (IMF) mission chief, Mr Wojciech Maliszewski, who recently praised the ZiG’s stability but stressed the need for wider usage to establish it fully as Zimbabwe’s national currency.
“For ZiG to become a fully functioning national currency, a deeper foreign exchange market is required to ensure full price discovery,” Mr Maliszewski said. “We currently observe good stability in the official market and a convergence between the parallel and official exchange rates, but ideally, this gap should be eliminated.”
As Zimbabwe progresses with the ZiG rollout, the combined efforts of the RBZ, government, and financial institutions are crucial in fostering trust, accessibility, and sustainable adoption of the local currency.
