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RBZ says ZiG conversion progressing smoothly

Business Reporter

The Reserve Bank of Zimbabwe (RBZ) has said the newly introduced currency Zimbabwe Gold (ZiG) notes and coins will begin circulating on April 30.

In a statement, the central bank governor John Mushayavanhu said the old currency known as bond notes will continue working for a grace period of 21 days, while the ZiG is under production.

“Accordingly, the ZW$ notes and coins will continue to be used for transactional purposes at the ZiG: ZWS conversion factor of 2498.7242 applicable on the 8th of April 2024 within the 21-day transitional period.

“The ZiG notes and coins are by these presents declared to be in production and will start circulating in the economy on 30 April 2024”, said Mushayavanhu.

He added that since the introduction of the Monetary Policy measures on April 5, 2024, the RBZ has been working closely with the banking sector and Payment Systems Providers to ensure the smooth conversion of the ZW$ to ZiG in their systems.

“The Reserve Bank of Zimbabwe (the Reserve Bank) would like to advise that the banking sector and Payment Systems Providers (PSP) have made satisfactory progress in converting the ZW$ balances into Zimbabwe Gold (ZiG) balances since the pronouncement of the Monetary Policy measures on 5 April 2024.

“The conversion process will continue for other economic sectors until Friday, 12 April 2024.”

The RBZ will launch a campaign awareness to educate the citizens on the security features of the ZiG.

“The Reserve Bank to undertake an intensive educational and awareness campaign on the key security features of the ZiG notes and coins. The campaign is expected to reach out to a wide spectrum of society consistent with the Reserve Bank’s financial inclusion thrust.”

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