RBZ says ZiG circulation guaranteed from today
Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) says the circulation of the Zimbabwe Gold (ZiG) currency is guaranteed from today going into the future amid calls for citizens to focus on value preservation.
On April 5, the Reserve Bank of Zimbabwe introduced a new “structured currency” ZiG to tackle the ongoing economic crisis in the country. The new currency is backed by gold, and other precious minerals, and will circulate alongside other foreign currencies.
The ZiG currency is currently trading at a rate of 14:00 against US$1,00 and is also enjoying a stable exchange rate with less volatility so far.
In an update Monday ,RBZ governor Dr John Mushayavanhu said authorities had finalised the distribution systems.
“We will be seeing the new notes and coins effective Tuesday.All the modalities have been completed and come tomorrow morning , Zimbabweans can beging ton use the currency depending on the logistics of each bank.
“There is that need for Zimbabweans to use the ZiG. I implore the nation to focus on a currency preservation system to facilitate ease and convinience to Zimbabwe.It is all about confience and as the central bank , we are guaranteeing confidence in the economy,” he said.
The developments will cast a ray of hope across the country’s markets following a torrid time which had seen commuter operators shortchanging and shops overcharging citizens by demanding rounded US$ figures when transacting.
