While the government celebrates the introduction of the new Zimbabwe Gold (ZiG) banknotes, it is a different story altogether in several parts of Matabeleland where there is a thriving rand economy.
On April 7, the Reserve Bank of Zimbabwe (RBZ) introduced a new series of ZiG banknotes to circulate alongside the current notes introduced in April 2024.
Zimbabwe had ZiG 10 and ZiG 20 bank notes in circulation before the latest introduction of the new ZiG 10, ZiG 20 and ZiG 50 notes.
According to the RBZ, higher denominations, ZiG 100 and ZiG 200, will be introduced at a later stage.
ZiG coins will remain in circulation, with banks expected to channel old coins back into the system as part of normal currency management procedures.
However, surveys indicate that physical ZiG notes remained relegated to the sidelines in several parts of Matabeleland where there is a thriving rand economy.
At a certain shop in Bulawayo’s Central Business District (CBD), a radio crackled with news that the RBZ had launched new “ZIG” notes.
A customer, Nkosana Moyo, chuckled.
“Another new note?” he said, indicating that he had no memory of the old ones.
“We never saw them either. The rand took over, and we never looked back.”
“The ZIG might work in Harare, but our pockets answer to Pretoria.”
A significant population from rural Matabeleland such as Tsholotsho, Bulilima, Mangwe, Matobo, Tsholotsho and Gwanda receives monthly remittances from fellow family members living in South Africa or Botswana, thus sustaining the trading in the rand currency.
“I think those who have had sight of the physical ZiG notes are civil servants,” said Betty Sibanda from Plumtree.
“I have never seen the ZiG notes. We are only familiar with the rand and the Pula here.
“Even on days when I visit Bulawayo, kombi drivers and traders there demand either the Rand or the United States dollars.”
A Bulawayo commuter omnibus driver, Ashly Sibanda, said he had never seen the ZiG notes.
“Commuters know that we deal exclusively with the rand and US dollars in our line of business,” Sibanda noted.
“Even if we were to accept the notes, where would we transact with them when almost everything is in rand or US dollars in Bulawayo.
This is why you never get to see the physical ZiG notes.”
An economic commentator said the rand has always been the preferred currency of choice in Matabeleland.
“The economic crisis led to the diasporisation of people who are now remitting different currencies and those currencies are forming their own currencies on the ground and those without access are left a lot poorer…,” the economic commentator said.
“The crisis we face as a country has created pockets of different economies; for the poor and for the rich; for the rural and urban people; for those who have access to the rand and those who don’t.”
A survey, however, in Bulawayo and other parts of Matabeleland indicates that the ZiG is only in demand when people want to pay their monthly utility bills or buy airtime electronically.