The Reserve Bank of Zimbabwe (RBZ) has commenced production of redesigned ZiG banknotes, marking a significant step in the central bank’s plan to phase out foreign currencies and establish a mono-currency regime within the next five years.
The new series of banknotes will feature upgraded security measures aimed at reducing counterfeiting, alongside improved paper quality designed to withstand wear and tear better than the current notes. This move addresses widespread public concerns about the existing currency’s rapid deterioration, which often leads to frayed, faded, and damaged notes that complicate everyday transactions.
Banks and retailers have similarly expressed frustration over the high costs associated with handling worn-out notes, fueling calls for more durable replacements.
To date, only the ZiG10 and ZiG20 notes have been in circulation. The redesigned banknotes will expand to include the full range of denominations initially announced when the ZiG currency was launched in April last year.
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