(3 Minutes Read)
Nearly half of all financial transactions processed through Zimbabwe’s National Payment System (NPS) are now being conducted in Zimbabwe Gold (ZiG), reflecting a sharp rise in public trust and confidence in the local currency, according to the latest Reserve Bank of Zimbabwe (RBZ) survey findings.
The report — “ZiG Perception and Confidence Survey II”, launched in August this year — indicates that national acceptance of the ZiG has risen dramatically to over 90 percent, compared to just 40 percent recorded in June last year. This remarkable improvement signals renewed optimism in the local unit and suggests that efforts to rebuild confidence in domestic money are beginning to yield tangible results.
The RBZ data reveals that the volume of transactions carried out in ZiG — including electronic transfers, ATM withdrawals, and Point of Sale (POS) payments — has grown substantially from 26 percent in April 2024 to 43 percent in May 2025. Overall, usage of the ZiG has expanded by 43 percent over the past year.
This surge in adoption is consistent with the Government’s de-dollarisation roadmap, which aims to re-establish a mono-currency economy within the next five years. To support this goal, the central bank has bolstered the currency’s stability by building a strong reserve base now valued at approximately USD 900 million, composed of both gold and foreign exchange holdings.
RBZ Governor Dr John Mushayavanhu noted that the bank continues to implement measures designed to enhance the ZiG’s appeal, including the review of transaction costs and the modernisation of payment systems. He emphasised that confidence-building in the currency is an ongoing process that requires consistent policy communication, sound liquidity management, and increased use of ZiG in government operations.
“Confidence-building is not an event but a process,” said Dr Mushayavanhu. “We are addressing it through consistent policy communication, improved liquidity management, and the expansion of ZiG usage in government transactions.” The RBZ chief added that the current review of transaction fees and improvements to digital payment infrastructure are central to efforts aimed at promoting both convenience and stability in ZiG usage.
The ZiG Perception and Confidence Survey II differ from the previous study conducted last year, as it encompasses a much broader scope — covering all 10 provinces through comprehensive, face-to-face interviews. This approach provided a more representative snapshot of public sentiment towards the local currency.
Economist Persistence Gwanyanya highlighted that the ZiG’s growing stability has restored critical attributes of money — namely, its role as a medium of exchange, store of value, and unit of account. “The stability of the ZiG has revived its key monetary characteristics, making it a reliable tool for trade, savings, and lending,” Gwanyanya explained. “This has significantly enhanced public confidence in the local currency.”
In line with its broader strategy, the RBZ has introduced several policy measures to promote widespread use of the ZiG. These include enforcing the mandatory acceptance of ZiG for all domestic transactions, increasing access to ZiG-denominated banking and digital platforms, and ensuring the availability of smaller denominations to support everyday purchases.
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Furthermore, the central bank continues to uphold a tight monetary policy to restrain money supply growth, backed by stronger gold and foreign currency reserves that underpin the ZiG’s value. To complement these efforts, the RBZ is also redesigning ZiG banknotes to improve their quality, security features, and durability.
Overall, the latest findings from the RBZ underscore a steady and measurable shift towards renewed confidence in Zimbabwe’s local currency — a key milestone in the nation’s ongoing journey toward economic and monetary stability.
