Since 2003, Zimbabweans have endured a dizzying merry-go-round of currencies: the ill-fated bearer cheques, the infamous trillion-dollar Zimbabwean dollar that collapsed in the hyperinflation of 2008, the short-lived multi-currency system introduced in 2009, bond notes in 2016, the RTGS dollar in 2019, and now the ZiG launched in April 2024 Each was billed as a solution to economic instability, yet most collapsed under the weight of public distrust, inflation, and inconsistent policy In his 2025 Mid-Term Monetary Policy Statement released last Thursday, RBZ Governor Dr John Mushayavanhu claimed the ZiG was bucking the trend, with electronic transactions rising from 26 percent in April 2024 to over 40 percent by June 2025 — a 14 percentage point jump “The improved macroeconomic stability has seen increased usage of ZiG as reflected by the rise in the proportion of electronic ZiG in the National Payments System from 26 percent in April 2024 to over 40 percent in June 2025,” Mushayavanhu said Despite initial volatility after its April 5, 2024 launch, the RBZ says ZiG uptake has been “steadily growing.” The bank now wants the currency available both in electronic and physical form nationwide “The increase in the usage of ZiG has also been accompanied by an increase in the demand for ZiG cash,” said Mushayavanhu “The Reserve Bank has been ensuring issuance of ZiG in line with optimal requirements in the market… banking institutions must hold at least three percent of their ZiG deposits as cash.” The central bank has directed commercial banks to expand ZiG access through ATMs and banking halls, warning that those not already distributing the currency via ATMs must do so by September’s end At present, banks reportedly hold over ZiG200 million in vaults ready for release The RBZ also says the redesign of “modernised” ZiG banknotes is at an advanced stage, with a rollout date to be announced later However, history tempers public enthusiasm Past currencies — from bearer cheques to bond notes — were often rolled out with similar fanfare and assurances, only to quickly lose value and erode savings The public’s persistent preference for the U.S dollar and South African rand reflects deep-seated scepticism, especially with the multi-currency system officially set to end in 2030 Policy consultations for the Mid-Term Review revealed that stakeholders pressed the RBZ for a clear “de-dollarisation” roadmap, expressing fears over the future of foreign currency deposits and contracts after 2030 Source: Zimeye All Zim News is a central hub for all things Zimbabwean, curating news from across the country so no story is missed Alongside aggregation, our team of nationwide reporters provides real-time, on-the-ground coverage Stay informed and connected — reach us at admin@allzimnews.com. Source: Zimeye
