Zim GBC News | Business Correspondent
HARARE – The Reserve Bank of Zimbabwe (RBZ) has introduced new higher-denomination banknotes for the Zimbabwe Gold (ZiG) currency, with the ZiG10, ZiG20, and ZiG50 notes set to enter circulation on April 7.
Presenting the 2026 Monetary Policy Statement in Harare on Friday, RBZ Governor Dr. John Mushayavanhu confirmed that the new notes, which feature designs paying tribute to the Big Five wildlife, will coexist with the existing currency. The ZiG100 and ZiG200 denominations will be introduced at a later date.
“We already have the ZiG10 and ZiG20 in circulation, and we’ll be adding new denominations that will circulate alongside them,” said Dr. Mushayavanhu.
He outlined a gradual process for replacing worn-out notes, explaining that banks will return old currency to the central bank to be destroyed and replaced with new banknotes of equivalent value.
“We will introduce the ZiG50, and the ZiG100 and ZiG200 notes will follow when deemed necessary by the RBZ. There will be no increase in reserve money, as banks will exchange electronic balances for physical cash,” the Governor added.
A nationwide education campaign will be launched ahead of the April 7 rollout to familiarize citizens with the new security features incorporated into the banknotes. The currency update is part of a broader strategy aimed at preparing for a potential shift to a mono-currency system once specific economic conditions are met.
A statutory instrument to formalize the introduction of the new notes is expected to be published shortly.
Bank Charges Slashed
In a move aimed at providing relief to the transacting public, the RBZ also announced significant reductions in bank charges.
All banking institutions and deposit-taking microfinance institutions (DTMFIs) have been directed to implement the following adjustments by March 31, 2026:
· Cash Withdrawals: Charges for cash withdrawals at banking halls and ATMs are capped at a maximum of 2% of the withdrawn amount for both US$ and ZiG.
· POS Transactions: Point of Sale (POS) charges are reduced to a maximum of 1.5% of the transaction amount for both local and international cards, capped at US$20 or the ZiG equivalent. No minimum charge shall be levied.
· Balance Inquiries: All charges for account balance inquiries on banking and mobile banking platforms, for both ZiG and US$, have been removed.
· Cash Deposits: All fees on cash deposits for both ZiG and US$ have been scrapped.
· Bank Cards: Fees for the issuance of new and replacement bank cards shall not exceed cost recovery levels.
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