Tinotenda Hove – Reserve Bank of Zimbabwe Governor John Mushayavanhu has insisted that the planned release of a new family of Zimbabwe Gold (ZiG) banknotes will not trigger price increases, but critics say the public remains unconvinced amid Zimbabwe’s fragile economic environment.

In an interview with The Sunday Mail, Mushayavanhu claimed that the rollout would be strictly backed by “prudent management of the economy” and that notes would only be issued “in line with demand,” supposedly preventing any expansion of the money supply.
He said the central bank would provide full details in the 2026 Monetary Policy Statement later this month, stating:

“As advised in previous Monetary Policy Statements, the upgrading of ZiG banknotes is at an advanced stage, and specific details will be contained in the forthcoming Monetary Policy Statement to be issued in February 2026. The issuance of the upgraded family of ZiG banknotes will not induce inflationary pressures as the Reserve Bank will issue notes based on market demand.”

Despite these assurances, many Zimbabweans are skeptical. After years of repeated monetary interventions and cash shortages, trust in the central bank’s promises is low, and fears are growing that the new notes could exacerbate price instability.

Mushayavanhu explained that the central bank would merely convert electronic balances into physical cash through existing reserve accounts, claiming:

“Ordinarily, the issuance of currency to the banking sector takes place through cash orders submitted by banks to the Reserve Bank. In this regard, the quantity of reserve money will not change as banks use their deposits at the Reserve Bank to buy the desired quantity of cash guided by the needs of their clients. Stated differently, banks will be simply swapping electronic balances for physical notes with no change in the quantity of money. As such, the injection of cash into the market will be demand-driven, linked to the needs of economic agents and changes in economic activity.”

Economists, however, warn that such measures rarely go as planned. One analyst noted that Zimbabweans “have seen assurances before, only to face sudden price hikes, currency instability, and dwindling purchasing power,” raising questions about whether Mushayavanhu’s promises will hold true in practice.

With inflation already biting into household budgets, the rollout of the new ZiG notes has done little to calm public anxieties, leaving many worried that the Reserve Bank is once again prioritizing optics over real economic stability.