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Reserve Bank Governor Dr John Mushayavanhu has unveiled the much awaited 2024 Monetary Policy Statement today in Harare, he introduced a new currency called ZiG.
According to Mushayavanhu the starting rate will be 1:13 and he instructed all banks to convert all RTGs accounts to ZiG accounts with immediate effect. The currency according to the RBZ governor will be backed by gold and other foreign currencies. The Central Bank governor also announced the abandonment of the auction system.
“ With effect from today , banks shall convert the current Zimbabwe dollar balances ZiG and people have 21 days to convert ZWL notes for ZiG, the ZiG will circulate with other currencies in the basket, I do not believe in taking people’s money”.
He showcased the ZiG notes which are in denominations of 1,2,5,10,20,100 and 200 and quarter and the currency will be available from Monday and he urged people with Zimbabwe dollar notes should deposit them in banks and those with ZWL 100,000 worth of notes have to explain the source and why they were keeping it.
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