Zimbabwe’s Reserve Bank to Rebrand Devalued Currency
The Reserve Bank of Zimbabwe (RBZ) has announced plans to introduce newly designed ZWG notes, effectively phasing out the old ‘defiled’ versions. Since the ZWG was launched on April 5, 2024, it has faced significant challenges, including a 43% devaluation in September 2024, which undermined its gold-backed status.
In some areas, people have started using the rand for transactions, especially for smaller denominations. RBZ Governor Dr. John Mushayavanhu said that the updated notes will have better quality and durability, explaining that this is a normal modernization rather than a new currency.
However, critics and market observers have expressed scepticism, warning that limited details from the RBZ risk fuelling speculation and undermining confidence in the local unit.
