ZiG remains legal tender, RBZ assures amidst legal debate

By Staff Reporter

Harare – The Reserve Bank of Zimbabwe (RBZ) has moved to quash concerns raised by prominent lawyer Thabani Mpofu regarding the legal status of the Zimbabwe Gold currency (ZiG).

Mpofu had argued that the currency’s legal tender status had lapsed due to the expiration of the statutory instrument that introduced it.

Launched in April 2024 to address Zimbabwe’s persistent currency crisis, the ZiG was introduced through a Presidential Power (Temporary Measures) instrument.

Mpofu contended that this instrument, which expired on October 4, 2024, was necessary to maintain the currency’s legal tender status.

“By law, a statutory instrument promulgated in terms of the Presidential Powers Act lapses at the end of 6 months unless prior to its lapse, the instrument is validated by primary legislation,” argued Mpofu.

However, the RBZ has clarified that currency reform measures, once implemented, do not automatically lapse with the expiration of the initiating instrument.

The Central Bank emphasized that the Finance Act, recently gazetted, merely declares the provisions of the initial instrument but does not revoke them.

“Currency reform measures by their nature do not lapse simply because the instrument that introduced the reforms has lapsed,” stated the RBZ.

“The lapsing of the Presidential Temporary Powers that established the currency does not, therefore, create a gap in the law.

“Legally, currency reform measures are only revoked by another legal instrument.

“Meanwhile it should be noted that The Finance Act which has since been gazetted into law, simply declares the provisions of S.I 60 of 2024 and is not meant to validate them,” added RBZ.

The Central Bank’s statement has been largely perceived as a measure to dispel doubts and encourage continued acceptance of the currency.


Despite the RBZ’s clarification, the ZiG has faced challenges in gaining widespread acceptance due to its fluctuating value and public skepticism.


The recent legal debate could further complicate its adoption, particularly if businesses and individuals exploit the situation to justify non-acceptance.

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