RBZ: Zimbabwe's ZiG Currency Now Used in 43% of Transactions

This was said by Deputy Governor Innocent Matshe while addressing delegates at the Zimbabwe Tripartite Negotiating Forum Global Summit underway in Victoria Falls. The ZiG, a structured currency backed by foreign currency reserves, precious metals, particularly gold, and other valuable minerals, was introduced by the central bank in April 2024 as part of a broader strategy to restore stability to Zimbabwe’s monetary system. Matshe said a countrywide campaign had helped drive adoption and expressed confidence in the currency’s stability. “I am confident that when you wake up tomorrow, the value of your currency won’t have changed,” he said. “For this, we have done a countrywide campaign, and we have seen that the use of ZiG transactions on all platforms has risen to about 43 per cent.” He said the growth in use was positive but had yet to translate into long-term capital formation that would enable banks to mobilise funds for lending and support economic activity. “This is positive, but it’s yet to translate into long-term capital. We accept that, but these things take time. This will not happen overnight,” he said. “In terms of why banks are not performing their traditional role in mobilising and then lending, I think, again, the explanation is time.” Your email address will not be published. Required fields are marked *