Zim introduces new currency known as ZiG

Nyashadzashe Ndoro

The Reserve Bank of Zimbabwe governor, John Mushayavanhu, has announced the introduction of a new currency known as ZiG.

In his Monetary Policy Statement on Friday afternoon, Mushayavanhu said the new notes are coming in denominations of 1, 2, 5, 10, 50 and 100. Coins will be for half and a quarter ZiG.

“Foreign Exchange Auction is now dead, the last one held in 2023 was the final one. Domestic pricing to modify pricing systems with currency reforms with immediate effect

“With effect from today, banks shall convert the current Zimbabwe dollar balances to ZiG. Zimbabweans have 21 days to exchange ZWL notes for ZiG.

“I don’t believe in taking people’s money. The ZiG will circulate with other currencies in the basket,” Mushayavanhu said.

President Emmerson Mnangagwa on Thursday toured the RBZ vaults to inspect the country’s gold reserves ahead of the announced 2024 Monetary Policy presentation.

The RBZ has been accumulating gold by demanding a portion of mining royalties be paid in the precious metal.

President Mnangagwa emphasised the importance of these reserves, stating: “we wanted to see these assets physically”.

“We wanted to physically see these assets, because in the past we didn’t have any reserves in commodities here. We sold all our minerals. Then I gave an instruction that we need 10% of our minerals kept in solid commodities,” he said.