By Kelvin Wilson Kasiwulaya
Zimbabwe has introduced a new structured currency called the Zimbabwe Gold (ZiG), available in denominations of 1, 2, 5, 10,20, 50, 100, and 200 notes, as well as half and quarter ZiG coins, Connect Stories has learnt.
The ZiG notes, already printed, are set to be released on Monday next week.
Under the new currency regime, all Zimbabwe Dollar obligations will be converted to ZiG, with a grace period of 21 days for exchanging old notes at local banks.
Marking the launch of the new currency, Reserve Bank of Zimbabwe (RBZ) Governor, John Mushayavanhu, stated, “Individuals holding Zimbabwe dollar notes are required to deposit them into banks beginning Monday. However, those possessing ZWL100,000 worth of notes will be scrutinized to verify the source and reasons for their holdings.”
ZiG is a structured currency, backed by minerals, and was initially introduced to the market as a gold token.
Currently, 1 ZiG is equivalent to 6 US cents.
According to legislation, the multi-currency system will remain in operation until 2030.
This is a developing story, updates will follow as new information becomes available.