The Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has introduced a new currency, ZiG (Zimbabwe Gold).
Presenting the 2024 Monetary Policy Statement (MPS) this Friday, 05 April 2024, Mushayavanhu said the notes are coming in denominations of 1, 2, 5, 10, 50 and 100. Coins are for half and a quarter ZiG. Said Mushayavanhu:
With effect from today, banks shall convert the current Zimbabwe dollar balances to ZiG. Zimbabweans have 21 days to exchange ZWL notes for ZiG.
I don’t believe in taking people’s money. The ZiG will circulate with other currencies in the basket…
Interbank rate of today, April 5, 2024, will be used to convert the Zimbabwe dollar balances to ZiG.
Those with Zimbabwe dollar notes should deposit them in banks starting Monday, but those with ZWL$100,000 worth of notes have to explain the source and why they were keeping it.
Monetary policy statement highlights:
- Structured currency to be backed by reserves and royalties
- ZWL dollar currencies are to be converted to the new currency
- ZiG to circulate alongside other currencies.
- Multi-currency system is to stay until 2030 as per the law.
- All obligations are to be converted to the new currency.
- All banks are to accept old notes for the next 21 days.
- ZiG notes 1, 2, 5, 10, 20, 100 200
- 1 ZiG is equivalent to 6 US cents
