RBZ Governor Dr John Mushayavanhu Issues Important Update On The New ZiG Currency

The Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mushayavanhu, has issued an update on the new ZiG currency as chaos reigns supreme.

Confusion And Chaos Days Into Dr Mushayavanhu’s New Term

On 5 April, the incoming RBZ Governor, Dr John Mushayavanhu, presented the 2024 Monetary Policy Statement. The major highlight of the presentation was the introduction of the Zimbabwe Gold (ZiG) currency to replace the inflation-battered Zimbabwe Dollar (ZWL).

In the statement, he said the new currency takes effect immediately. The ZiG kicked off trading at 13.5616 against one United States dollar. Concurrently, the old ZWL had skyrocketed with multiple exchange rates based on the interbank market, retail shops, kombis, the illegal parallel market and more.

Dr Mushayavanhu said all bank balances in RTGS will convert to ZiG. Banks, mobile financial services, retailers and businesses had seven days from 5 April to configure their systems to ZiG, while the public had 21 days to exchange their ZWL notes for ZiG.

ALSO READ: Here Is What Will Happen To Your Zimbabwe Dollar (ZWL) Following Introduction Of ZiG

Because of this, local currency banking services, mobile money platforms and other payment platforms have been unavailable. People cannot buy ZWL airtime electronically, send money or buy ZESA, among other things, using local currency banking. Some people have been working overnight since Friday, changing their companies’ systems to ZiG.

Some informal traders and commuter operators are declining the local ZWL notes because of the confusion regarding the transition to the new currency.

ALSO READ: Fury Erupts as RBZ Governor ‘Sabotages’ ZiG by Demanding USD Just After Launching New Currency

RBZ Governor Dr Mushayavanhu Gives Important Update On ZiG

RBZ Update ZiG — *RBZ Governor Dr John Mushayavanhu Issues Important Update On The New ZiG Currency*

The RBZ governor has announced that the central bank is still printing ZiG notes and will be in the market at the end of the month.

He said:

“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 to allow 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.”

He added that despite the 12 April deadline, banks and Payment Systems Providers (PSP) are progressing in converting the ZWL$ balances into Zimbabwe Gold (ZiG).

Dr Mushayavanhu said the old ZWL will continue working in the 21 days the public has to convert them to ZiG. He revealed that the ZiG: ZWL$ exchange rate is 2498.7242, applicable on 8 April within 21 days.

The post RBZ Governor Dr John Mushayavanhu Issues Important Update On The New ZiG Currency appeared first on iHarare News.