RBZ Claims ZiG Still Legally Valid

RBZ Claims ZiG Still Legally Valid

The Reserve Bank of Zimbabwe (RBZ) has issued a public notice clarifying the legal status of the Zimbabwe Gold currency (ZiG), assuring stakeholders that there are no legal gaps concerning its use as legal tender.

The RBZ established ZiG through Presidential Powers (Temporary Measures) under Statutory Instrument (S.I.) 60 of 2024, as a one-time measure for currency reform.

ZiG No Longer Currency – Thabani Mpofu

According to the bank, the temporary nature of the measure does not imply that ZiG lapses when the temporary powers expire. Currency reform laws, it stated, remain valid unless explicitly revoked by another legal instrument.

The notice also addressed concerns surrounding the recent enactment of The Finance Act, which reaffirms the provisions of S.I. 60 of 2024.

The bank clarified that the Finance Act does not serve to validate ZiG but merely reiterates the provisions already established.

As a result, ZiG remains a legitimate form of currency in Zimbabwe. The Reserve Bank pledged to continue efforts to ensure the currency’s stability and further integrate it into the nation’s financial system.

RBZ Claims ZiG Still Legally Valid

The notice, dated 28 October 2024, was issued by the RBZ’s Corporate Affairs department.

Commeting on the matter in a post on X (formerly Twitter), Advocate Thabani Mpofu the RBZ statement saying that currency is a matter of law. He posted:

“The RBZ needs to step up its game after the recent currency fiasco. A more moral and worthy attitude is the least we can expect from it.

Currency is a matter of law. In terms of what law was the ZIG currency as of the 5th of October 2024?

What is the legal effect of the lapse of the Presidential Powers ZIG instrument? Why was that lapse allowed?

These are issues that the RBZ must be addressing. Beyond that, we need a sordid assurance that these guys will never again sleep on the wheel. 

Now fix the mess and stop throwing your toys around.”