The Zimbabwe Gold (ZiG) currency has undergone major modifications since its initial launch. Dr. John Mushayavanhu had initially announced that ZiG 1 to 5 would be issued as banknotes. However, in a recent announcement, the Reserve Bank of Zimbabwe (RBZ) governor revealed that ZiG 1 to 5 will now be minted as coins. Additionally, ZiG 10 to 200 will be in the form of banknotes.
Governor Mushayavanhu also disclosed plans to introduce smaller denominations of coins to enhance the divisibility of the currency. These smaller coins will include a quarter ZiG, half ZiG, and one-tenth of a ZiG. This move is aimed at making transactions more convenient for the people of Zimbabwe, as smaller denominations allow for more precise pricing and easier exchange of goods and services.
The decision to mint ZiG 1 to 5 as coins instead of banknotes is likely to have been influenced by factors such as durability and cost-effectiveness. Coins are generally more durable than paper banknotes, which can easily become damaged or worn out with frequent use. By minting these lower denominations as coins, the RBZ is ensuring that the currency will have a longer lifespan and will be able to withstand the rigors of everyday use.
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