THE Reserve Bank of Zimbabwe (RBZ) has refuted claims challenging the legal status of the ZWG, insisting the new currency's status is well above board.

This follows a viral legal opinion shared by respected Advocate Thabani Mpofu over the weekend alleging the ZWG currency had outlived its legal lifespan.

In his submission the top lawyer said the six (6) months lifespan granted by the Statutory Instrument which launched the ZWG expired on October 4 2024, effectively bringing the SI's life to an end. He said as a result, it was not possible for the statutory instrument once it had lapsed to be validated by legislation.

Mpofu argued that with the statutory instrument having lapsed no further regulations identical to the lapsed ones can be promulgated within six (6) months of such lapse which means that no statutory Instrument extending the life of ZIG can be issued in terms of the Presidential Powers Act.

But in a statement Monday, the RBZ dismissed the opinion, arguing the ZWG currency's legalities remain above board.

"The Zimbabwe Gold Currency, (ZIG) was established through Presidential Powers (Temporary Measures) proclaimed under S.I 60 of 2024, which institutes a one-time act of currency reform. Currency reform measures by their nature do not lapse simply because the instrument that introduced the reforms has lapsed.

"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," said the central bank.

The bank underscored that the Finance Act which has since been gazetted into law, simply declares the provisions of SI 10 of 2024 and is not meant to validate them.

"Thus ZWG remains the country's legal tender and the Reserve Bank will continue to consolidate its use and stability," the RBZ added.