HARARE — The Reserve Bank of Zimbabwe (RBZ) has called on citizens to place their trust in the country’s digital currency, ZiG, even as Zimbabwe faces a deepening economic crisis and a persistently weak local currency. The central bank’s appeal comes at a time when public scepticism remains high, and economists caution that confidence in ZiG is fragile, particularly as the RBZ pursues plans to phase out the US Dollar entirely by 2030.
In a statement issued on Thursday, the RBZ said its teams are conducting the “ZiG Perception and Confidence Survey II” across communities nationwide, aiming to gauge public sentiment and experiences with the digital currency.
“Our teams are out in communities across the country, conducting the ZiG Perception and Confidence Survey II! We invite you to interact with them to share your thoughts. Your input will help us understand your experiences with ZiG, measure confidence in our currency, and inform future monetary policy decisions,” the central bank’s statement read.
The survey, according to the RBZ, is designed to provide insights into how citizens perceive the new digital currency, assess levels of trust, and identify areas where awareness and education need to be strengthened. The initiative forms part of the central bank’s broader strategy to promote financial inclusion and ensure that ZiG becomes widely adopted across both urban and rural areas.
However, critics remain unconvinced that surveys and public assurances will be sufficient to overcome widespread scepticism. Many Zimbabweans have grown wary of government-issued financial instruments due to decades of economic instability, hyperinflation, and repeated currency reforms.
RBZ Urges Public Confidence in ZiG Amid Economic Challenges
Economists warn that rolling out a monocurrency system, while the local currency remains volatile, carries significant risks. “Introducing a single digital currency without first stabilising the underlying economy could exacerbate existing financial pressures,” said Dr. Tinashe Moyo, a Harare-based economist. “People may resist holding ZiG if they perceive it as unstable or if it fails to retain value relative to international currencies like the US Dollar.”
Indeed, the RBZ faces an uphill task. Since its introduction, ZiG has been promoted as a convenient, secure, and efficient means of transacting digitally, offering the potential to modernise the country’s financial system. Yet, uptake has been slower than anticipated, with many citizens still relying on cash or the US Dollar for day-to-day transactions.
Observers say that restoring trust in the local currency will require consistent policy implementation, transparent communication, and tangible demonstrations of ZiG’s stability and utility. Without these, critics argue, public buy-in will remain limited, undermining the central bank’s broader monetary strategy.
The RBZ has indicated that the survey findings will be instrumental in shaping future monetary policy decisions. By engaging directly with citizens, the central bank hopes to identify barriers to adoption, gather feedback on user experience, and refine educational campaigns aimed at promoting financial literacy and awareness of the digital currency.
“Feedback from our communities is essential,” an RBZ spokesperson said. “It helps us understand the challenges users face and ensures that our policies are informed by real experiences on the ground. Our goal is to build a currency system that is trusted, accessible, and responsive to the needs of Zimbabweans.”
Despite these efforts, the road ahead is fraught with challenges. Zimbabwe’s economy continues to grapple with inflationary pressures, fuel shortages, and limited foreign exchange reserves, all of which affect public confidence in financial instruments. Analysts stress that the RBZ must take a holistic approach, combining digital innovation with measures to stabilise the local economy, before expecting widespread adoption of ZiG.
For ordinary Zimbabweans, the adoption of ZiG represents both an opportunity and a source of uncertainty. While some welcome the convenience and potential for digital financial inclusion, others remain cautious, citing past experiences with currency instability and the perceived risks of relying solely on a government-backed digital system.
As the RBZ rolls out its survey nationwide, the results will provide crucial insight into the population’s willingness to embrace the digital currency. Policymakers will be watching closely, as the success or failure of ZiG could have far-reaching implications for Zimbabwe’s economic trajectory and the country’s broader goal of achieving monetary sovereignty.
In summary, while the Reserve Bank of Zimbabwe continues to promote ZiG and urges citizens to trust the digital currency, economists and citizens alike remain cautious. The coming months will be critical in determining whether ZiG can gain the public confidence necessary to function as a stable, widely adopted currency in a challenging economic environment.
Source- RBZ
