By A Correspondent
In a continued effort to address Zimbabwe’s ongoing economic challenges, the Reserve Bank of Zimbabwe (RBZ) has announced plans to redesign the ZiG banknotes.
This move comes as the country grapples with severe economic instability, marked by inflation, currency devaluation, and a significant decline in domestic production.
Zimbabwe’s economic turmoil has left the nation with little room to sustain itself. The government has been scrambling to find solutions, but the country’s economy remains fragile, with production at a standstill.
This economic collapse is highlighted by the crumbling currency system, which is struggling to maintain its value amidst the uncertainty.
RBZ Governor, Dr. John Mushayavanhu, explained that the redesigned ZiG notes aim to address two major concerns: combating counterfeiting and improving the durability of the current banknotes.
“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,” Dr. Mushayavanhu told State media.
The current ZiG notes, introduced in April 2024, have been widely criticized for their poor durability. Consumers and businesses alike have pointed out that the notes quickly become worn and difficult to handle. Merchants and banks have also raised concerns about the usability of the notes as they easily fade and fray, making them hard to accept in daily transactions. Only the ZiG10 and ZiG20 notes have so far been released into circulation, adding to the uncertainty surrounding Zimbabwe’s currency.
According to Dr. Mushayavanhu, the new designs will feature enhanced security features to prevent counterfeiting, a standard practice for central banks around the world. He emphasized, “The redesign of ZiG notes does not signify redenomination or any form of currency reform. This initiative is solely focused on enhancing the quality of the notes.”
While the public might hope that this redesign could signal a much-needed currency overhaul, Dr. Mushayavanhu was quick to clarify that this is not the case. “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,” he said. “Instead, the Reserve Bank is merely redesigning the current banknotes to enhance quality, in line with international standards.”
The Governor also assured the public that the redesigned notes would be issued in the same denominations as the original ZiG notes, which include ZiG1, ZiG2, ZiG5, ZiG10, ZiG20, ZiG50, ZiG100, and ZiG200. The new notes will be rolled out as the need arises in the market.
Dr. Mushayavanhu confirmed that the rollout of these enhanced notes would be communicated to the public in due course. However, higher-denomination notes will only be introduced if there is a clear demand for them in the economy. The focus, for now, remains on making the current banknotes more durable and secure as Zimbabwe continues to battle its ongoing economic crisis.
As the country struggles with inflation and the lack of domestic production, the redesigned ZiG notes serve as a temporary measure in the face of a much deeper economic crisis that is unlikely to improve without fundamental reforms.