The Reserve Bank of Zimbabwe recently addressed statements by Advocate Thabani Mpofu regarding the legality of the Zimbabwe Gold currency (ZiG).
Mpofu claimed via his X platform that ZiG is no longer a legal currency due to the expiration of the six-month validity period of the Presidential Powers that established it, causing public confusion and concern.
The Zimbabwe Gold currency was officially introduced through Presidential Powers (Temporary Measures) under S.I. 60 of 2024 as a strategic, one-time currency reform to stabilize the economy. Importantly, currency reforms do not automatically expire when Presidential Powers lapse; the legal framework for ZiG remains intact unless it is specifically revoked by new legislation. Thus, the expiration of the Presidential Temporary Powers does not invalidate ZiG.
Additionally, the recently gazetted Finance Act reinforces the standing of S.I. 60 of 2024, further confirming ZiG’s status within the legal framework. This Act does not establish a new legal basis for ZiG; instead, it acknowledges its existing legitimacy. It is concerning that someone of Mpofu’s stature would continue to propagate the notion that ZiG is illegal, which misleads the public and raises questions about his intentions.
The Reserve Bank of Zimbabwe remains committed to supporting the stability and usage of ZiG, implementing initiatives to boost confidence in the currency. The Bank assures the public that the Zimbabwe Gold currency is still valid legal tender and urges all stakeholders to seek and share accurate information regarding its status.
