The new Reserve Bank of Zimbabwe (RBZ) governor, Dr John Mushayavanhu, introduced a new currency, the Zimbabwe Gold or ZiG, to replace the Zimbabwe Dollar (ZWL)
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The New Structured Currency
He announced this during the Monetary Policy Statement presentation at the RBZ in Harare. The ZiG effectively replaced the Zimbabwe Dollar (ZWL) reintroduced in 2019. The new structured currency trades at 1:13.5616 against the United States Dollar and will work alongside the basket of currencies in the market. Currently, the US dollar accounts for 85% of transactions in the economy, while the ZWL accounts for 15%.
The new currency will come in 25c and 50c coins, as well as 1,2,5,10,20,50,100 and 200 notes.
All ZWL bank accounts automatically become ZiG accounts. Some people have Zim dollar notes in hand and RTGS in their bank accounts. Here is what will happen and what the public should do to convert the currency to the new structured currency.
What Will Happen To Your Zimbabwe Dollar (ZWL) Following Introduction Of ZiG
All Zimbabwe dollar balances held in any account with a banking institution in Zimbabwe are, with effect from today, converted into ZiG balances. Zim dollar notes and coins in circulation are convertible within 21 days from today.
People with Zimbabwe dollar notes and coins may swap them for ZiG notes and coins using the market-determined interbank rate of the day. This means you have until 26 April 2024 to convert your Zim dollars to ZiG.
For accounting and other purposes (including the discharge of financial or contractual obligations), all assets and
liabilities that were valued and expressed in Zimbabwe dollars shall be deemed to be valued in ZiG.
What About Mobile Money And Shops?
RBZ Governor Dr Jonh Mushayavanhu said mobile network operators who offer financial services must ensure that they convert customers’ balances from ZWL to ZiG.
Prices of goods and services will also be converted to ZiG using the interbank rate of the day. Dr Mushayavanhu added that retainers and service must configure their systems to ZiG within seven days.
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The post Here Is What Will Happen To Your Zimbabwe Dollar (ZWL) Following Introduction Of ZiG appeared first on iHarare News.
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