The Reserve Bank of Zimbabwe published a performance update on the ZiG, reporting growth in the reserves backing the currency, greater use of the ZiG and a broadly stable official exchange rate. Foreign currency reserves rose from USD 285 million when the ZiG was introduced in April 2024 to USD 1.7 billion in June 2026. The official rate has remained around ZiG 26 per USD 1 since September 2024, while the premium over rates available through other exchange channels has fallen from 140% before the ZiG’s introduction to 20%. Use of the local currency has increased from less than 20% of transactions at launch to 40%. The central bank is supporting foreign exchange allocation through the interbank willing buyer, willing seller market and can intervene when demand rises sharply. Measures to expand ZiG use include requiring 50% of corporate quarterly tax payments in the local currency and paying government suppliers in ZiG. The banking sector remains well capitalized and liquid, with low nonperforming loans, while national payment systems maintain uptime above 95%. The update also notes that the government has not borrowed from the central bank since 2024, limiting unbacked money creation.
2026-09-08Reserve Bank of Zimbabwe
Reserve Bank of Zimbabwe reports ZiG gains as foreign currency reserves reach USD 1.7 billion and local currency use rises to 40%
The Reserve Bank of Zimbabwe reported that foreign currency reserves increased from USD 285 million at the ZiG’s April 2024 launch to USD 1.7 billion in June 2026, while local currency use rose from below 20% to 40%. The official exchange rate has remained around ZiG 26 per USD 1 since September 2024, and the exchange rate premium has narrowed to 20%. Banks remain well capitalized and liquid, and payment system uptime exceeds 95%.