The redesigned
notes will have enhanced security features to combat counterfeiting.
Current ZiG
notes which were introduced in April last year are prone to wear and tear.
The transacting
public has noted that the bank notes quickly fade and become frayed and
difficult to handle.
Merchants and
banks have also indicated that there are challenges in maintaining the
usability of worn-out notes.
The central
bank has only released the ZiG10 and ZiG20 notes into circulation.
It is standard
practice for central banks globally to periodically redesign currency to
prevent counterfeiting, incorporate more durable materials and extend the
lifespan of banknotes, thereby reducing replacement costs.
RBZ Governor Dr
John Mushayavanhu told our Harare Bureau that the rollout date of the improved
high-quality ZiG notes will be announced in due course.
“The redesign
of the ZiG notes incorporates valuable feedback received from stakeholders
during the 2025 Monetary Policy Statement and Reserve Bank 2025-2029 strategy
formulation stakeholder consultations,” said Dr Mushayavanhu.
“Stakeholders
noted that the ZiG had been generally accepted by consumers and businesses, and
it was crucial to improve the quality and durability of the current notes, in
line with international standards.
“For clarity,
the public is advised that the redesign of ZiG notes does not signify
re-denomination or any form of currency reform.
“This
initiative is solely focused on enhancing the quality of the notes.”
Dr Mushayavanhu
added that the redesigned notes will be issued in the same denominations as
those introduced when ZiG was launched.
“As initially
communicated in my maiden Monetary Policy Statement of April 5, 2024, ZiG notes
will be issued in denominations made up of ZiG1, ZiG2, ZiG5, ZiG10, ZiG20,
ZiG50, ZiG100 and ZiG200.
“In this
regard, the redesign of ZiG notes will only consider the current family of ZiG
notes and developments in the use of ZiG in the market.”
The redesigned
notes, he added, should not be misconstrued as the issuance of a new currency.
“I must
reiterate that the Reserve Bank is not going to issue a new currency, and in
this regard, the public should not be apprehensive,” said Dr Mushayavanhu.
“Instead, the
Reserve Bank is merely redesigning the current banknotes to enhance quality, in
line with international standards.
“The rollout of
the improved high-quality ZiG notes will be communicated to the public in due
course.”
Higher-denomination
notes will be introduced only in response to demand in the economy, he said.
“The issuance
of higher denominations is normally assessed in line with the developments of
the purchasing power of the notes with the view to enhance the transactional
convenience of the public. Currently, given that we are in a multi-currency
system, higher-value transactions are mainly undertaken in US dollars.
“As such,
higher denominations of ZiG notes issuance will be determined in line with the
increased role of ZiG cash in the market and developments on macroeconomic
fundamentals.” Sunday Mail
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