Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has presented the country’s new ZiG100 and ZiG200 banknotes to President Emmerson Mnangagwa, marking the completion of the latest series of Zimbabwe Gold (ZiG) currency denominations.
RBZ Governor Dr John Mushayavanhu said the new notes have already been printed and that the central bank will announce their official launch and circulation date at a later stage.
“The 10, 20 and 50 ZiG notes are already in circulation. We will advise in due course on the release of the 100 and 200 denominations,” he said.
The new series comprises ZiG10, ZiG20, ZiG50, ZiG100 and ZiG200 banknotes. According to the RBZ, the notes incorporate the Zimbabwe Bird emblem, wildlife-themed security features and security elements designed to meet international standards.
During the presentation, President Mnangagwa received the first printed copy of each denomination, all bearing the serial number 0001.
Dr Mushayavanhu said the completion of the full banknote series forms part of the RBZ’s plans to strengthen the use of the ZiG currency.
The introduction of the higher-value denominations comes as Zimbabwe continues implementing economic reforms under the Staff-Monitored Programme agreed between the Government and the International Monetary Fund (IMF) in February. Increasing the use of the local currency is among the programme’s objectives.
The RBZ said that, as of 31 March, the ZiG currency was backed by approximately US$1.3 billion in foreign currency reserves, exceeding the total value of ZiG deposits held within the country’s banking sector.
The new banknotes also form part of the Government’s broader strategy to reduce reliance on the US dollar and transition towards a predominantly single-currency monetary system.
President Mnangagwa previously visited the RBZ headquarters in May to inspect the country’s reported gold reserves of 4.48 tonnes. He said the reserves would support the stability of the ZiG and strengthen the country’s monetary framework.
