RBZ Stakes Credibility on ZiG Perception Drive

The Reserve Bank of Zimbabwe launches a nationwide survey to test public confidence in the ZiG digital currency (image source)

The Reserve Bank of Zimbabwe (RBZ) has launched a nationwide “ZiG Perception and Confidence Survey II” to test public trust in the Zimbabwe Gold (ZiG) digital currency. The exercise comes as scepticism, persistent currency volatility, and the continued dominance of the US dollar in local trade raise doubts over ZiG’s acceptance as a stable medium of exchange.

Central Bank Outreach

RBZ officials said the survey will measure ZiG’s performance as a store of value, medium of exchange, and unit of account. Teams have been deployed across urban and rural areas, conducting real-time interviews at markets, banks, and digital platforms. Findings will guide monetary policy adjustments and outreach strategies.

A September statement framed the initiative as essential to “understand experiences with ZiG, measure confidence in our currency and inform future monetary policy decisions.”

Public Scepticism and Economic Headwinds

Economists argue that lasting trust in money depends on price stability and predictable exchange rates. Harare-based economist Dr. Tinashe Moyo warned that without stabilising the broader economy, ZiG adoption will remain weak.

“Introducing a single digital currency without first stabilising the underlying economy could exacerbate existing financial pressures,” Dr. Moyo said.

Informal traders at Mbare Musika reported pricing goods in US dollars, citing its reliability for cross-border customers and as a safeguard for savings.

Operational Challenges

Banking executives note liquidity management, merchant acceptance, and ease of conversion as hurdles to wider use. Payment platform operators added that outages and varying transaction fees are eroding trust in electronic ZiG payments. Suggestions from industry players include capping fees, improving system uptime, and incentivising merchants.

Legacy of Currency Distrust

Zimbabwe’s history of hyperinflation and multiple currency shifts continues to undermine confidence in state-backed money. While initial acceptance of ZiG was positive after its April 2024 launch, economic pressures have weakened sentiment. The current survey seeks to assess whether that goodwill has endured.

What Success Would Look Like

Analysts point to measurable benchmarks for building confidence: reduced inflation, narrowing ZiG–USD spreads, visible reserve accumulation, and wider merchant adoption. Consumer protection, stronger redemption mechanisms, and legal clarity in contracts and wages are also key to success.

Next Steps

The RBZ is expected to publish the survey’s findings and propose policy responses in the coming weeks. Observers will be watching closely for concrete steps to stabilise purchasing power and potential incentives, such as interest-bearing ZiG instruments, to encourage savings.