By A Correspondent

In a significant move amidst ongoing economic challenges, the Reserve Bank of Zimbabwe (RBZ) announced on Monday that the Zimbabwe Gold currency (ZiG) is now recognized as legal tender.

This decision comes as the country grapples with a depreciating currency and rising inflation, triggering widespread concern among citizens.

The RBZ emphasized the legal framework supporting the ZiG, stating, “There is no gap at law regarding the Zimbabwe Gold currency.”

The statement further clarified that the ZiG was established through Presidential Powers under Statutory Instrument 60 of 2024, marking it as a critical step in currency reform.

The bank explained, “Currency reform measures by their nature do not lapse simply because the instrument that introduced the reforms has lapsed.”

This assertion is aimed at reassuring the public that despite the lapsing of the Presidential Temporary Powers that established the currency, the ZiG remains valid. “Legally, currency reform measures are only revoked by another legal instrument,” they added.

The RBZ also addressed recent legislative developments, noting that the newly gazetted Finance Act simply acknowledges the provisions of S.I 60 of 2024 and does not aim to validate them.

As such, the RBZ stated, “ZiG remains the country’s legal tender, and the Reserve Bank will continue to consolidate its use and stability.”