• Government suppliers assured continued access to foreign currency despite shift to ZiG payments

• RBZ campaign reaches 610,000 people across 48 districts in first half of March

• Inflation slows to 3.85% in February

Zimbabwe’s Reserve Bank (RBZ) is promoting wider adoption of its local currency, the Zimbabwe Gold (ZiG), as part of measures to strengthen monetary stability and reduce reliance on foreign currency.

The central bank has launched a nationwide education and awareness campaign ahead of the rollout of the Big5 ZiG banknote series scheduled for April 7, 2026. Titled “Meet the People,” the programme had reached 48 of the country’s 64 districts, covering 1,167 urban and rural centres and engaging 610,541 participants as of March 15.

During the campaign, central bank authorities reassured public sector suppliers that access to foreign currency will continue through the willing-buyer willing-seller interbank market, even as government payments shift to ZiG.

Governor John Mushayavanhu said the ZiG is backed by a composite of foreign reserves and gold, designed to stabilise the currency and build confidence.

According to the RBZ, the campaign will continue throughout March via multimedia channels to support adoption of the ZiG and familiarise businesses and citizens with the new banknotes’ security features.

Analysts say encouraging the use of ZiG in government payments could boost the formalisation of economic activity and enhance investor confidence. Some economists believe the move could support long-term monetary stability, improve fiscal management and reduce vulnerability to foreign currency volatility.

The central bank said Zimbabwe’s historical reliance on multiple foreign currencies has exposed the economy to external shocks, exchange rate volatility and inflationary pressures. The rollout of the upgraded Big5 ZiG banknotes is part of efforts to reduce this vulnerability and strengthen economic stability.

In February 2026, inflation stood at 3.85%, down from 4.1% in January. Foreign currency reserves were estimated at around $16 billion in 2025, supporting import financing and price stability.

By Cynthia Ebot Takang