RBZ Assures Nation of Sufficient ZiG Cash Supply Amid Rising Currency Usage

Reserve Bank of Zimbabwe Building

The Reserve Bank of Zimbabwe (RBZ) has reassured the public of the sufficiency of the ZiG currency in both physical and electronic forms, amid rising concerns about accessibility, particularly in areas outside Harare.

As of June 12, 2025, total ZiG deposits across the economy amounted to approximately ZiG16 billion, with over ZiG207 million held in cash by banks. According to the central bank, this amount is sufficient to support daily public transactions.

The ZiG currency, introduced on April 5, 2024, has seen increasing adoption. In a statement issued on Friday, RBZ Governor Dr John Mushayavanhu acknowledged public feedback about limited access to cash in rural areas but emphasised that robust measures have been rolled out to improve distribution via formal banking channels.

“The Reserve Bank of Zimbabwe (RBZ) has noted concerns from the transacting public relating to the availability of ZiG cash and its usage, particularly from areas outside Harare,” said Dr Mushayavanhu.

He noted a significant rise in local currency usage, highlighting that local currency settlements through the National Payment System rose from ZiG7.86 billion (26 percent) in April 2024 to ZiG56.8 billion (43 percent) by May 30, 2025.

This trend, he said, is underpinned by consistent cash disbursements to financial institutions based on demand. “As of June 12, 2025, the total ZiG deposits in the economy amounted to about ZiG16 billion, with over ZiG207 million available in cash held by banks,” he stated.

To increase accessibility, the RBZ and banks are working together to expand the availability of cash through banking halls and ATMs. Some banks have already activated ATM withdrawals in ZiG, while others are in the process of configuring their systems.

“Encouragingly, some banks have already made ZiG cash available through ATMs, while others are configuring their ATMs to disburse ZiG cash in due course,” the central bank noted.

The RBZ expressed confidence that the current currency and exchange rate stability, combined with government initiatives promoting local currency usage, will reinforce public trust and stimulate broader acceptance of the ZiG.

“The prevailing currency and exchange stability, coupled with measures being taken by the government to increase the usage of ZiG in the economy, is expected to result in greater usage of the local currency in both electronic and physical forms,” said Dr Mushayavanhu.

He further assured the public that the Reserve Bank is fully committed to maintaining price and currency stability in order to safeguard the ZiG’s purchasing power.

The bank reiterated its call for citizens to use formal banking channels for accessing and transacting in ZiG, as part of efforts to enhance the currency’s functionality in both urban and rural settings.

The central bank’s statement comes after IMF mission chief Mr Wojciech Maliszewski commented on the stability of the ZiG, emphasizing the need for the currency to fully function as a national medium of exchange.

“Right now, we see good stability in the official market, and we also see a convergence between the parallel market rate and the official rate, but ideally, we would like to see an elimination of this gap,” he noted.

Mr Maliszewski added that a deeper foreign exchange market would further support price discovery and solidify the currency’s role in Zimbabwe’s economy.