HARARE – The Reserve Bank of Zimbabwe (RBZ) has issued a public notice clarifying the legal status of the Zimbabwe Gold currency (ZiG), assuring stakeholders that there are no legal gaps concerning its use as legal tender.
The RBZ established ZiG through Presidential Powers (Temporary Measures) under Statutory Instrument (S.I.) 60 of 2024, as a one-time measure for currency reform. According to the bank, the temporary nature of the measure does not imply that ZiG lapses when the temporary powers expire. Currency reform laws, it stated, remain valid unless explicitly revoked by another legal instrument.
The notice also addressed concerns surrounding the recent enactment of The Finance Act, which reaffirms the provisions of S.I. 60 of 2024. The bank clarified that the Finance Act does not serve to validate ZiG but merely reiterates the provisions already established.
As a result, ZiG remains a legitimate form of currency in Zimbabwe. The Reserve Bank pledged to continue efforts to ensure the currency’s stability and further integrate it into the nation’s financial system.
The notice, dated 28 October 2024, was issued by the RBZ’s Corporate Affairs department.